Companies are changing how they talk about DEI in earnings calls and public documents.
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
