By Sabrina Lynch
- Over 97% of Apple shareholders voted against the ceasing of DEI efforts
- DEI practices see a 50% reduction in employee turnover risk
After a tumultuous two months of watching brands retreat on their diversity, equality and inclusion (DEI) commitments, Apple (AAPL -0.24%) shareholders took a stand by keeping their DEI initiatives intact and within business. After the National Center for Public Policy Research (NCPPR) proposed Apple dismantle its DEI policies under the premise that pursuit of this programming posed a financial risk, it was unanimously shut down. The message sent was loud and clear – DEI will be staying at Apple despite growing political pressure.
Why This Matters: The decision by Apple’s leadership team is a small but mighty win for the future of DEI, especially with the number of Fortune 50 brands that publicly scaled back their DEI efforts such as Alphabet, Disney, and Amazon. Tim Cook, Apple’s Chief Executive Officer, has been steadfast in his support of equality in the workforce, stating that his north star will always be one of dignity and respect for everyone. Cook’s reaffirmation of the importance of DEI is surely welcomed by Apple’s employees – of whom only 12.4% identify as Black and multi-racial, 14.9% Hispanic & Latinos, and 35.3% women (globally).
Companies in the top quartile for racial and ethnic diversity are 35% more likely to have financial returns above their respective national industry medians. Despite the financial benefits, companies are still taking their chances by eradicating DEI initiatives, which in turn exacerbates existing disparities in the communities..
What’s Next: North America is experiencing a heartfelt reckoning over the fallout of DEI, spurred by misunderstanding of what it covers. Due to the way the word ‘inclusivity’ has been weaponized, thousands of people have either found themselves fired from their job, unable to access resource groups or receive healthcare due to restricting coverage from federally funded health plans.
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