Elections Could Effect Corporate DEI Programs | PLANADVISER

In the lead-up to a crucial election year, discussions about diversity, equity and inclusion have become increasingly polarized, with many corporate leaders reevaluating their commitment to these programs, according to speakers participating in a Financial Finesse-hosted online panel.

Kristen Eskew, vice president of diversity, equity, inclusion and belonging at OneDigital, is surprised at the intensity of the political climate surrounding DEI issues over the past year.

“Never in 110 years could I have imagined it would be this heavy,” Eskew said during a webinar held on Wednesday, referring to recent events including the rollback of affirmative action.

Eskew, speaking to an audience at financial wellness benefits firm Financial Finesse’s online panel, “DEI: More Than a Buzzword,” noted that many organizations are not just pausing their DEI efforts, but dismantling them. 

Jennifer Rutley, founder of and principal of Hidden Insights Group, a financial services consulting and research firm, emphasized that some organizations treat DEI as a box-ticking exercise rather than a true commitment to inclusion. She also sounded concerns about uncertainty for the future of DEI initiatives, because their popularity seems to fluctuate with national politics.

“If we do elect the first Black and Asian American woman, we have the potential of swinging back,” said Rutley. “I would love to see us start to find some level of continuity where we don’t have this swinging, because diversity and inclusion is so important to the success of this country.”

Many companies that were heavily invested in DEI efforts previously are now reversing course due to shifting public opinion, according to Laura Stamps, head of DEI strategies and engagement at Financial Finesse, the webinar’s host.

“You’re seeing a lot of these retractions: People who said they were really invested— especially in the mid-to-late 2020s—completely do a 180 now,” she said. “That, again, has to do with what’s popular.”

Stamps called for a more consistent and long-term approach to DEI, warning that the cyclical nature of elections could lead to a lack of meaningful progress if the country continues to “upend everything” every four years.

Amy Glynn, managing partner in Viking Cove Institute, said that diversity can be divisive within organizations. Glynn acknowledged that the subject can be a lightning rod for controversy but emphasized the importance of strong leadership in navigating these challenges. She pointed out that her organization has consistently supported women in leadership roles, crediting this success to unwavering support from leadership, which she said is critical in overcoming resistance to DEI initiatives.

“If leadership is devoted to it, and you continue to build around that energy, then naysayers will go somewhere else,” Glynn said.

The resistance to DEI often stems from a lack of understanding about the specific issues facing marginalized groups, said Tania Brown, vice president of coaching strategy at financial wellness platform OfColor. Brown advocated for data-driven discussions to dispel the notion that DEI is unnecessary or divisive.

“The sense of divisiveness is because some people don’t feel there’s a problem,” she said. “But the data is showing there is—so where is your opinion coming from? Get to the data, unpack that, be willing to have uncomfortable conversations and assure people that when you take care of people, everybody rises.”