DEI job opportunities decline, yet colleges persist in promoting diversity studies.
American Universities and Colleges Embrace DEI Programs
American universities and colleges are now offering students degrees or certifications in diversity, equity, and inclusion (DEI). This comes at a time when major U.S. corporations are reportedly laying off DEI-focused senior officers and thousands of employees.
In the wake of George Floyd’s death in 2020, American companies faced immense pressure to address social justice and racial diversity in the workplace. Larry Fink, CEO of BlackRock, a trillion-dollar asset management firm, has used BlackRock’s financial power to coerce other companies into adopting the “environmental, social, and governance” (ESG) agenda. BlackRock proudly stated in its 2020 annual reports that it had voted against management over 1,500 times for “insufficient diversity” in company management.
“In 2018, less than half the companies in the S&P 500 employed someone in the role, and by 2022, three out of four companies had created a position.” – The Wall Street Journal
Responding to external demands and the desire to virtue signal, American companies quickly hired DEI professionals and added Chief Diversity Officers (CDOs) to their leadership teams. The Society for Human Resource Management reported that DEI roles in the workplace increased by 55 percent following Floyd’s death. However, in recent months, Big Tech companies like Amazon and Twitter have led the way in laying off diversity professionals, followed by other well-known corporations. The number of CDO searches has decreased by 75% in the past year.
Factors in DEI Downsizing
The downsizing of DEI professionals can be attributed to several factors. Some companies hastily filled DEI roles without considering qualifications, leading to high turnover rates. Additionally, DEI initiatives have proven divisive and controversial, often alienating employees and reinforcing stereotypes. A recent survey found that only 30 percent of employees place great importance on diversity in the workplace.
Despite the limited return on investment, DEI professionals have been generously compensated, with an average salary of $201,770 for a DEI director in the United States. As businesses face declining revenues and profits, they have targeted DEI-focused employees for cost-cutting measures.
Credentialing Increases
While corporations are cutting back on DEI employment, colleges and universities are experiencing a “credentialing explosion” in DEI programs. Several colleges across the country now offer DEI degree programs or minors. Bentley University is the first to offer Bachelor of Arts and Bachelor of Science programs in DEI. However, students pursuing these programs may face difficulty finding well-paying DEI employment opportunities upon graduation.
Colleges and universities often offer degrees that do not align with market needs, and the DEI program may join the list of overpriced, useless degrees. This could leave graduates burdened with student loan debt and limited job prospects. When unemployed or underemployed DEI students demand student loan write-offs in the future, taxpayers may be responsible for bailing them out.
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