Some big companies are stopping their efforts to make their workplaces more diverse, fair, and inclusive. But this week, Mark Cuban is supporting these efforts. He’s a billionaire, known for owning part of the Dallas Mavericks basketball team and being on the TV show “Shark Tank.” He said on X (formerly Twitter) that from his experience as a business person and investor, companies that welcome diversity, equity, and inclusion usually do better.
“I own or invest in hundreds of companies,” he wrote. “I know DEI is a good thing because I see how it helps businesses make more money. Many CEOs agree with this too.”
Cuban said this after facing criticism from Canadian psychologist Jordan Peterson and conservative activist Christopher Rufo. They’re both against DEI. In their own X posts, Peterson and Rufo said that Cuban is a rich liberal elite pretending to care about people from marginalized communities.
First of all my arguments are not abstract.
I own or invest in hundreds of companies. I know DEI is a positive because I see it’s impact on bottom lines. Thats been reiterated by many CEOs.
My definitions of D,E and I are not theoretical. They are actually used. Are yours…
— Mark Cuban (@mcuban) April 2, 2024
Cuban and his critics are adding to an ongoing discussion about whether it’s effective and fair to have policies that make organizations more diverse and inclusive. Many companies, colleges, and other groups in the U.S. have been following these principles for years. But the conversation got louder about four years ago when a police officer in Minneapolis killed George Floyd. After that, companies promised to strengthen their efforts to include more people from different races and cultures in their staff.
Lately, though, companies have changed their minds about these promises. They’ve fired their DEI officers and reduced the training they provide on this topic. Big companies like Alphabet and Meta have cut jobs related to diversity, equity, and inclusion, and they’ve canceled training programs meant to help minority employees develop their skills.
Even universities in Florida, Texas, and Wisconsin are scaling back their efforts to promote diversity, equity, and inclusion on campus.
A survey by a U.K. consulting firm called Arrival asked over 100 leaders of big organizations worldwide about their priorities. They found that DEI initiatives have become less important to these executives.
Some people who are against DEI, often conservatives, say these efforts are like racism in reverse because they focus on hiring and promoting people of color. But those who support DEI say it’s about making sure everyone, no matter their race, gender, or abilities, gets a fair chance and is represented equally.
“We might disagree on how to do it, but we can’t give up on the idea that in today’s America, a powerful country, everyone should have equal chances to succeed,” said Marc Morial, CEO of the Urban League, in an interview with CBS New York in February.
Research on the business benefits of diversity, equity, and inclusion (DEI) for companies gives mixed results. One study by marketing firm TechTarget in 2023 found that DEI can make a company’s brand look better, make it more competitive, and increase innovation. However, other research has questioned whether focusing on diversity and inclusion actually helps companies make more money.
