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Three years after the murder of George Floyd prompted unprecedented investment in corporate diversity, equity, and inclusion initiatives, the landscape for DEI has changed.
2023 has brought a few key victories for DEI advocates, but also several challenges that will continue to trend into 2024, according to consulting technology company Paradigm's State of Data-Driven DEI report, which gathered responses from 148 companies and hundreds of thousands of employees.
Here's what you need to know about these trends and their impact on companies in the new year:
This year saw a slowdown in several key areas related to DEI support. According to the Paradigm report, fewer companies have budgets dedicated specifically to DEI (down 4 points from 2022) and fewer have DEI strategies (down 9 points from last year).
The report also highlighted a decrease in the number of companies with active DEI programs, including initiatives designed to assess company-wide inclusion, pinpoint disparities, and identify corrective measures. Particularly marked was the decline (a 12-point decrease) in the number of companies collecting employee feedback on DEI efforts through surveys or focus groups.
Employers are also promoting fewer individuals of color into leadership positions. The Wall Street Journal reported yesterday that in 2022, Black professionals of both genders were promoted into their first leadership role at substantially lower rates than white professionals, according to new data from consulting firm McKinsey & Company. First-time promotion rates for Black professionals are now back to where they were in 2019, concluded the WSJ. There is also a lower demand for chief diversity officers, the WSJ reported earlier this year.
This is not to suggest that there was no advancement in 2023. According to the Paradigm report, more companies now have a senior-level DEI leader compared to 2022 (a six-point rise) and more have established specific goals related to racial or ethnic representation (a four-point increase from 2022). Per the report, that means that a fifth of U.S. companies now have these goals.
The DEI slowdown comes at a time when diversity efforts have fallen under scrutiny. Following the Supreme Court's recent decision to ban affirmative action in college admissions, conservative activist groups, including the American Alliance for Equal Rights and America Legal First, began filing lawsuits against VC firms, companies, and governments with DEI programs.
While some firms are winning these anti-DEI lawsuits, this legal landscape may make employers and HR executives hesitant to track certain types of DEI data, the WSJ noted. It could also lead organizations to adjust application requirements and open up positions or opportunities that were previously devoted to specific groups -- as law firm Morrison & Foerster did in the face of the recent AAER lawsuit.
Tensions around DEI will likely only increase in the upcoming year. More lawsuits from conservative groups could arise, given the record levels of funding such groups have gained in recent years. And, as the Israel-Hamas war has shown in recent weeks, business leaders are under increasing pressure to navigate workplace tensions and pressures related to global events. In 2024, the Paradigm report noted, employers will likely have to contend with tensions related to the presidential primaries and election.
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Here Are the Top DEI Trends of 2023 -- and What They Mean for the Year Ahead
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30.11.2023
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Apply Now to Fast Company and Inc.'s New Ignition Schools Program
Three years after the murder of George Floyd prompted unprecedented investment in corporate diversity, equity, and inclusion initiatives, the landscape for DEI has changed.
2023 has brought a few key victories for DEI advocates, but also several challenges that will continue to trend into 2024, according to consulting technology company Paradigm's State of Data-Driven DEI report, which gathered responses from 148 companies and hundreds of thousands of employees.
Here's what you need to know........
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