Will lawsuits and economic uncertainty be the undoing of DEI?
in university admissions. The decision did not change the laws which govern companies’ hiring and firing decisions. But it did put wind in the sails of those who think efforts by firms to increaseof their workforces have already stepped beyond the rules. Bosses and their lawyers have since scrambled to make sense of the judgment’s implications.
Morrison Foerster is not alone. In the most recent quarter chatter about diversity on big American firms’ earnings calls dropped by more than a third, compared with the same period last year, according to data from Bloomberg. Annual general meetings have lost their revolutionary zeal: support for proposals on social issues declined this year, and companies faced a record number of “anti-woke” proposals.
Mr Blum foresees “a renewed enthusiasm to end these racial quotas”. America First Legal, which is run by a former adviser to Mr Trump, has filed complaints against more than a dozen big American companies.
Another challenge is a slowing economy, which might be expected to have a more immediate effect on companies’ diversity programmes. In leaner times shareholders usually prioritise profits above all else. Employees, including young ones who profess to caring about500 firms has slowed by half since last year. Churn among workers in such roles, both voluntary and involuntary, is around twice what it is for other positions. Other executives are feeling the pinch, too.
The reality is more complicated. McKinsey acknowledges that “correlation does not equal causation” and that “greater gender and ethnic diversity in corporate leadership doesn’t automatically translate into more profit”. Plenty of scholars who have looked for a causal link have failed to find one.
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