The second annual Inclusion Barometer, released by executive search firm Bridge Partners, reveals that business leaders remain steadfast in their commitment to diversity, equity, and inclusion (DEI). Despite facing criticisms from prominent figures like Bill Ackman, Elon Musk, and Senator Tom Cotton, a significant 72% of C-Suite and HR leaders in Corporate America plan to enhance their DEI efforts in the next two years, with only 4% intending to reduce or eliminate their programs.
1. Overview of the 2024 Inclusion Barometer:
- Survey Scope: Polled 400 C-Suite and HR decision-makers at companies with over $25 million in revenue or more than 250 employees.
- Timing: Conducted in April 2024, following the inaugural Barometer from August 2023.
- Context: First significant data post the Supreme Court’s decision on affirmative action in college admissions.
2. Key Findings:
- Commitment to DEI: 72% plan to increase DEI efforts, while only 4% plan cutbacks.
- Importance of DEI: 94% believe DEI positively impacts recruiting, hiring, and retention.
- Representation in Leadership: Only 46% feel their executive team reflects their employee and customer diversity.
- Perception Challenges: About 25% of executives view DEI programs as potentially biased or faddish.
3. Political Climate Impact:
- Election Influence: 53% believe the political climate will not impact their DEI efforts, while 47% foresee some impact.
- US House Office of Diversity and Inclusion: 43% see its dissolution as a positive impact on DEI, 23% see it negatively.
4. Demographic Representation in Leadership:
- LGBTQ+ Inclusion: 57% report LGBTQ+ individuals in leadership.
- Other Groups: Lower inclusion rates for people with disabilities, immigrants, formerly incarcerated individuals, and neurodivergent individuals.
5. Stakeholder Prioritization of DEI:
- Internal Advocates: HR (87%) and executive leadership (75%) are the strongest DEI proponents.
- External Prioritization: The board (57%), shareholders (41%), and external stakeholders (35%) show less prioritization.
6. Economic Influence:
- Investment Driver: The economy cited as the largest factor influencing DEI investment at 26%.
Despite challenges and criticisms, Corporate America continues to recognize the value of DEI. The 2024 Inclusion Barometer shows a robust commitment to fostering diverse, equitable, and inclusive workplaces. As Millennial and Gen Z demographics, known for embracing inclusion, rise in the workforce, DEI initiatives are expected to gain even more traction, driving both social and financial returns. With 79% of companies already having DEI programs and more planning to implement them, the future looks promising for inclusive business practices.
