Why DEI Initiatives Struggled and How to Fix Them

In the summer of 2020, a pivotal moment arose when corporate America seemed ready to achieve what decades of civil rights advocacy and the election of the first Black president had not: significant improvement in the economic prospects for Black Americans. Leaders from some of the nation’s largest corporations began affirming their commitment to racial and social justice, initiating efforts focused on diversity, equity, and inclusion (DEI). “Firms have a substantial role to play here — businesses must enhance their efforts,” asserted Michael Dell, founder of Dell Technologies Inc., on June 2, following George Floyd’s tragic death. Al Kelly, then-CEO of Visa Inc., expressed similar sentiments during an investor call in July, stating, “For four centuries, Black men and women have endured various forms of social injustice and discrimination. It is offensive, frustrating, and cannot be tolerated. This must end.”