by Sharelle Burt
November 13, 2024
Could there be some truth to this theory?
Diversity, equity, and inclusion advocate John Hope Byrant identifies why he feels America is taking a new direction on DEI efforts and what it will do for the economy, Fortune reported.
The founder and CEO of Operation HOPE said that DEI’s success is critical to the advancement of the U.S. economy – simply put – more white men need to be involved. “There’s not enough white men,” Bryant said while speaking at Fortune’s Global Forum. “Mathematically, there’s not enough college-educated, successful white men to drive GDP (Gross Domestic Product) for 30 years.”
As the founder of HOPE, a non-profit providing financial literacy training, Bryant feels the reality of what the term DEI represents is the reasoning behind its recent politicization. For the country to continue growing and being an economic leader, the nation needs to keep DEI structures going, as it can’t afford to cut off women and minority communities from financial gains. “DEI became weaponized,” Bryant said. “It became political, it became emotional… I like math and inclusive economics, which is my approach. It’s just neutral.”
The financial literacy wiz highlighted that consumer spending takes up 70% of the U.S. economy. The ideal consumer looks different as the demographics of the country change. As Bryant said, “that 70% is going to look different” in the years to come.
Data from a report from the U.S. Census Bureau backs up his theory. By 2044, the United States will be a minority-majority nation, revealing that white Americans will no longer outnumber the combined number of minority groups. As of 2024, minority groups control a heightened purchasing power that is key to the economy. Black consumers are projected to dish out $1.7 trillion in spending power by 2030, with Hispanic consumers accounting for $3.2 trillion in economic output.
In comparison to white Americans, who control 80% of the wealth in the U.S. and are accountable for only 65% of the country’s households, Bryant says bringing minority groups up to par was imperative. “Financial literacy is the civil rights issue of this generation,” he said.
With a new president scheduled to take over the White House, the footprint of the initiative may look different.
President-elect Donald Trump started his anti-DEI agenda prior to leaving office in 2020. According to Forbes, he signed executive order M-20-37 with the subject “Ending Employee Trainings that Use Divisive Propaganda to Undermine the Principle of Fair and Equal Treatment for All.” Following his departure, GOP legislators and allies have increased measures to diminish DEI in the workplace.
However, that isn’t stopping some corporations from carrying on the imperative work that DEI carries. As a majority of companies continue to invest in DEI initiatives and others look at it as an unaffordable luxury, some represent what is called a “magic middle,” presenting an opportunity for DEI to continue to thrive. The key to effective DEI work has been identified as organizations finding a way to integrate it into their culture over professing to be a diverse and inclusive organization out loud.
Such declarations are seemingly looked at as not being genuine and often face backlash.
RELATED CONTENT: Wesleyan University President Slams Trump Policies, Pledges To ‘Redouble’ DEI Initiatives
GIPHY App Key not set. Please check settings