Partners/investors in the fund include Lowe’s, Merck, Nuveen (TIAA), Salesforce, and Synchrony. Companies need to demonstrate $100 million to $1 billion in revenue and may or may not be currently minority-owned. On BackgroundĪriel Investments closes $1.45 billion “Project Black” fund It’s Ariel’s first private equity fund, with a unique mission: to transform middle-market companies into certified minority businesses of scale that can serve as suppliers to Fortune 500 companies. In fact, our DEI team has only continued to grow year over year, reinforcing our commitment in this space and the impact we aim to create through our efforts.”Įllen McGirt edition of raceAhead was edited by Ruth Umoh. From a statement from Target: “As for our dedicated team of DEI professionals, whose core roles are focused on building and guiding our DEI-specific strategies, we have not made any reductions to that team. In the specific case of Target, whose data appears in the report, the jobs that Revelio Labs examined did not directly correlate with the DEI functions that Target considers part of their primary team. Many companies invested in DEI talent as part of the post-George Floyd pledges to do better, and losing this expertise signals that these were not serious commitments from the start. “This will definitely impact future hires and future employee sentiments at these companies as well,” she says. But the number has climbed precipitously in the last six months, and with it, the report shows, an overall decline in “diverse” hiring as defined by individual companies.Ĭompanies with the largest outflow of DEI talent include Capital One, Amazon, Applebee’s, Wells Fargo, Twitter, Nike, and Intel.Ĭonsidering the typically small size of inclusion teams-the median size for a DEI team among the listed companies is 3, says Ayas-the loss could mean entire departments. It’s been a slow build: Attrition rates for DEI roles in companies eliminating jobs have slowly outpaced those of non-DEI roles since 2020. “It’s definitely a notable number,” she says.

Revelio’s analysis found a 33% churn rate for DEI-related roles at more than 600 companies engaged in layoffs, compared to 21% for non-DEI roles.

“This loss of talent will definitely have stronger effects down the line.” This week, workforce data company Revelio Labs released a new report confirming what many suspected: Diversity, equity, and inclusion roles have been hit hard by company layoffs. “And it’s just the tip of the iceberg because it is currently actively happening,” says Revelio Labs’ senior economist Reyhan Ayas.

I might regret this book