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Following months of backlash from conservative groups and outcry from individuals like billionaire Bill Ackman about the dangers of diversity, equity, and inclusion programs, prominent trade groups supporting DEI policies are making their voices heard.
On Wednesday, a dozen trade groups representing business owners from various minority groups sent a letter to Fortune 500 CEOs requesting they not give in to political pressure or legal threats from anti-DEI advocates.
"Unfortunately, business decisions intended to capture the value from diversity initiatives have been politicized by a vocal minority of ideologically motivated voices who ignore both facts and the law," said the signatories, which include leaders of the U.S. Black Chambers, the Black Economic Alliance, the National LGBT Chamber of Commerce, National Veteran-Owned Business Association, and the Women's Business Enterprise National Council.
The groups pulled statistics from various studies on diversity, equity, and inclusion initiatives for their argument, emphasizing the business case for such policies. For example, the letter mentioned a 2020 study from McKinsey & Company, which found that "ethnically and culturally" diverse companies book 36 percent more profit per year than their competitors.
The trade groups also pushed for top companies to prioritize supplier diversity programs, which have been under attack. Last year, the Small Business Administration 8(a) Business Development program, meant to help historically disadvantaged groups gain access to government contracting deals, was sued, and a provision of the program shut down.
Since the overturning of affirmative action last year, which has sparked much of the backlash against DEI, more than a dozen lawsuits have been filed in regard to the corporate DEI policies of companies such as Starbucks, Target, and Progressive. In response, some companies -- including Google, Meta, and, most recently, Zoom -- have adjusted their DEI programs or let go of staff once hired to work on said initiatives.
"Opponents are relying on litigation to advance an unpopular, anti-growth, and anti-competitive agenda to undermine your leadership, the will of the vast majority of the population, and the growth and competitiveness of the U.S. economy," the letter said.
"Together, we can overcome these baseless attacks and build a more resilient and inclusive economy that ensures continued prosperity for all."
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Minority Trade Groups Are Calling on Fortune 500 Companies to Stand Firm on DEI Commitments
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08.02.2024
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Following months of backlash from conservative groups and outcry from individuals like billionaire Bill Ackman about the dangers of diversity, equity, and inclusion........
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