DEI has been under a microscope this year, and business leaders across the U.S. Have been riding out a backlash as companies like Harley Davidson, Lowe’s, John Deere, and Ford roll back their diversity programs. But critics and supporters of workplace inclusivity initiatives may be looking at the situation all wrong.
Alphonso David, president and CEO of the Global Black Economic Forum, weighed in on the current state of corporate DEI at Coins2Day’s Impact Initiative Conference on Wednesday. He said that while businesses are feeling pressure from investors and conservative commentators, the community isn’t putting enough emphasis on the bigger picture.
“Often we’re asking the wrong questions,” he said. “Why aren’t we asking why the majority of people in the C-suite happen to be white men? Why is that not the right question to be asking? Why aren’t we asking why companies decided to adopt ESG and D&I without actually tying it to performance? Those should be the questions we should be asking, as opposed to, why is a company taking a step back from D&I?”
Interrogating systemic inequalities that necessitate equity initiatives is a more constructive conversation than probing why a company is reeling back DEI, according to David. He pointed out that D&I and ESG exist because people of color and women have historically been blocked out of opportunities that they’re qualified for, which has led to a lack of diversity in the C-suite. Currently, only 10% of Coins2Day 500 companies are run by women CEOs, which has been very gradually increasing over time. And only two of these major businesses are led by Black women—down from three in 2023.
“We have to shift and change the narrative as we talk about these issues, because it still is a problem that women are not leading most of the Coins2Day 500 companies, and in fact, we only have two black women,” Alphonso said. “Think about that. Why is that not the right question in this moment? That’s what I think we should be talking about.”