Concerns about the economic slowdown have started to impact DEI initiatives by reducing resources supporting these efforts and shifting company priorities away from DEI initiatives toward profitability. However, supporting DEI initiatives during a recession is critical to long-term profitability because these initiatives can drive innovation and productivity, better connect companies with customers, and improve a company's reputation and brand. Unfortunately, recessions can also exacerbate existing inequalities, particularly for underrepresented groups. Pulling resources now will only undercut the unprecedented momentum that started in 2020.
The layoffs sweeping the technology industry are gutting diversity and inclusion departments, threatening company pledges to boost underrepresented groups in their ranks and leadership...Listings for DEI roles were down 19% last year — a bigger decline than legal or general human resources jobs saw, according to findings from Textio, which helps companies create unbiased job ads.
