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How the 100 biggest U.S. companies have changed their DEI messaging

By
Ruth Umoh
Ruth Umoh
Editor, Next to Lead
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By
Ruth Umoh
Ruth Umoh
Editor, Next to Lead
Down Arrow Button Icon
May 29, 2024, 10:57 AM ET
Companies are changing how they reference DEI in earnings calls and in public documents.
Companies are changing how they reference DEI in earnings calls and in public documents.Brightstars—Getty Images
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Companies are changing how they talk about DEI in earnings calls and public documents. 

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Gravity Research, a corporate reputation insights firm, analyzed nearly 1,000 documents from Fortune 100 companies—issue reports, SEC filings, earnings calls—to see if and how their language changed from 2023 to 2024.

The use of charged terms like “DEI,” “diversity,” and “inclusion” in Fortune 100 issue reports decreased by 22%, while the use of more neutral language like “belonging,” “diverse experiences,” or “diverse perspectives” increased by 59%. This significant shift in language usage was observed across various sectors.

Explicit mentions of diversity-focused executive positions like “chief diversity officer,” “representation targets,” and “supplier diversity programs” also decreased in 2024 issue reports, as companies rid themselves of language cited in “corporate workerism” rhetoric and lawsuits over so-called discriminatory diversity programs. Report mentions of “diversity officer” fell by 49% year-over-year, while references to diversity-focused programs or terms like “representation goal” fell by an average of 52%.

Companies are shying away from specific demographic categories like race, ethnicity, or gender when describing the workforce. The term “underrepresented” saw the biggest usage drop from 2023 levels. Instead, companies are opting for generalized language like “our people” and “talent and culture.”

Zooming in on earnings calls, the share of Fortune 100 DEI references in the first quarter fell compared to 2023 as corporations avoid any such language—even neutral—in communications that don’t necessitate mentions of diversity efforts.

Researchers note that while neutralizing external messaging could provide a short-term protective effect, it’s unlikely to deter the conservative anti-corporate DEI movement and could spark progressive backlash while drawing negative attention from employees, activists, and lawmakers.

Ruth Umoh
@ruthumohnews
ruth.umoh@fortune.com

What’s Trending

Uncivil rights. Florida Gov. Ron DeSantis and the state’s attorney general said they would investigate Starbucks’ DEI practices, arguing that the company’s 2025 targets for people of color violate federal and Florida civil rights acts. CBSNews

Going rogue. The DOJ fined a Virginia tech firm $38,000 for a “whites only” job posting that exclusively solicited U.S.-born applicants. The company blamed the discriminatory listing on a rogue employee. WaPo

On the record. Major League Baseball will officially integrate statistics from Negro Leagues that operated in the 1920s through 1940s into its historical record books. ESPN

Another win. Amazon won a lawsuit in which white business owners challenged the tech giant’s Diversity Grant program. The initiative awards $10,000 in startup costs to qualified Black, Latino, and Native American entrepreneurs. Bloomberg

AI oversight. Meta announced last week the creation of an AI advisory council to offer insights and recommendations on technological advancements. It’s composed entirely of white men. TechCrunch

The Big Think

Nongshim, the maker of Shin instant ramen, is expanding overseas as Korean noodles go mainstream in the U.S. and other Western countries thanks to the growing popularity of K-pop and South Korean dramas. 

South Korea’s exports of instant noodles reached a record $1 billion last year, contributing to an industry that’s now valued at around $50 billion, as reported by the Financial Times. “Nongshim’s most popular spicy noodle product, Shin Ramyun, posted record sales of Won1.2tn ($883mn) in 2023, with nearly 60 percent coming from abroad.”

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About the Author
By Ruth UmohEditor, Next to Lead
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Ruth Umoh is the Next to Lead editor at Fortune, covering the next generation of C-Suite leaders. She also authors Fortune’s Next to Lead newsletter.

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