Diversity is here to stay for 2024, and companies that double down on their initiatives will reap the benefits into the majority-minority 2040s and beyond.
HR leaders remain committed to DEI initiatives in 2024 according to a new survey from the Conference Board, Fortune magazine reports. None of the CHROs surveyed “plan to scale back their DEI initiatives in 2024”, on the contrary, 63% “plan to focus on attracting a more diverse workforce”. As Fortune notes, DEI initiatives are not only good for customer-facing business, they also lend themselves to employee retention, with 73% of Gen Z and 68% of millennial respondents to a 2023 Ernst & Young survey saying that DEI impacts their choice of where to work.
2023 was undoubtedly a tumultous year for diversity in general, from the Supreme Court’s striking down affirmative action in higher education – leading to the criminalization of DEI in the University of Texas system – to company after company reporting either slashing or eliminating DEI initiatives. One would not be called delusional for thinking that we were seeing the beginning of the end for DEI, or for thinking America had reached a “tipping point” regarding DEI initiatives.
This, however, misjudges the rationale behind DEI in the first place.
Let’s be real: when these CHROs are saying that they plan on continuing with DEI initiatives into 2024, let’s not mince words as to what they intend to do – they intend to reach out to qualified minority candidates. They don’t intend to blindly buy into the meritocracy myth, they recognize that racism and American history play into the world they see today, and they intend to counteract such influences by proactively seeking out talent in diverse communities. Maybe this outreach will be done by a “DEI director”, maybe it will be done by a “HR manager”. Regardless of the title, department or org chart placement, someone will be tasked with seeking out talent from diverse backgrounds at these companies.
Diversity is about more than just percentages; from a business perspective it’s about including the most viewpoints and most diverse skill sets to produce the maximum value for stakeholders. It enables creating the most impactful messaging for the marketing team to attract the greatest number of customers. And it is good preparation for doing business in the marketplace of the American future.
Diversity is here to stay for 2024, and companies that double down on their initiatives will reap the benefits into the majority-minority 2040s and beyond.
Supreme Court precedent notwithstanding, activist lawsuits notwithstanding, conservative public opinion notwithstanding – these CHROs realize that diversity is simply good for business, and good for their companies internally. They see beyond short-term podcast rants and right-wing boycotts, toward their brand’s position in an increasingly diverse world. They realize that the generations of customers they win over will far outweigh the angry X posts of today.
DEI is simply too valuable to erase with an edict, or a series of lawsuits. DEI – the realization that every community has members who bring a unique set of skills and value to the table – is part of the fuel mix for far too many ideas for it to be cast aside.
Diversity is here to stay for 2024, and companies that double down on their initiatives will reap the benefits into the majority-minority 2040s and beyond.
16-year-old Ralph Yarl, a high school junior in Kansas City, another horrific example of an unarmed Black youth being gunned down simply for having the misfortune of being in front of the wrong house.
