Is the Global DEI Movement Really Declining?

A small group of well-known brands have recently scaled back their public diversity, equity, and inclusion (DEI) commitments. In the aftermath of the U.S. Supreme Court’s 2023 ruling that overturned race-conscious affirmative action policies, companies like these have walked away from the pledges they once made to DEI work. Paired with growing targeted attacks on businesses from an organized anti-DEI movement, this backtracking has left many asking: has the global DEI movement gone cold?

But these brands that have reversed course are outliers, not a reflection of the broader global business trend. Contrary to popular alarmist narratives, we are not witnessing a fundamental shift across the global marketplace, nor a widespread erosion of public support for DEI principles. Most companies around the world still recognize that meaningful DEI work benefits both their employees and their long-term business success.

What we actually are seeing is the deliberate hostility of radical right-wing activists, whose core goal is to stir up controversy and confusion by targeting and publicly shaming brands that maintain DEI commitments. This anti-DEI campaign is not pro-business, not pro-worker, and not pro-economic growth. Its only real aim is to polarize society for political gain.

While conservative activists and social media influencers profit from the anger of the culture war, racking up clicks and revenue from outrage-driven content, the vast majority of companies continue to invest in DEI work. The most visible proof of this sustained commitment comes from top corporate leadership: C-suite executives at dozens of Fortune 500 companies, including Jamie Dimon of JPMorgan Chase, David Cordani of Cigna Health, Ryan Lance of ConocoPhillips, and Tim Murphy of Mastercard, are among the many leaders openly reassuring shareholders that their organizations’ DEI commitments remain solid.

Speaking at the Council of Institutional Investors fall conference, Dimon summed up the perspective of many top business leaders: DEI is “good for business, it’s morally right,” and it “makes financial sense to reach out” to diverse communities, including LGBTQ+ employees and consumers.