Has your organization website been scrubbed of its DEI policies entirely? While general trends may suggest that Diversity, Equity, and Inclusion policies are going out of style, many companies are reframing DEI rather than replacing it. A multitude of businesses look to the S&P 100 companies to understand how to reframe their own internal practices, whether it comes to layoffs or RTO mandates, and things are no different with the rollback of DEI initiatives.
However, unlike what mainstream conversation might have you believe, the S&P 100’s DEI shift may not involve a complete abandoning of the curated practices and principles that have been carefully developed over the years.
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Companies are Reframing DEI In Subtle Ways to Ensure the Business Thrives
Reporting on DEI policies? That’s enough to get you in trouble in 2025. Since January this year, the administration has been on a mission to curb “illegal discrimination and preferences, including DEI.” An executive order early in the year directed government agencies to target the most “egregious and discriminatory DEI practitioners,” or private sector firms that were still resorting to such policies and programs.
The executive order was the primary reason for the rollback of DEI initiatives, although some companies had begun to retreat even before these regulations. While some businesses, like Walmart and Target, made a bold change away from DEI, others, like Mattel, silently stopped reporting on diversity metrics in their communications to shareholders.
Putting the S&P 100 DEI Shift Into Numbers
Now, a new study by The Conference Board found that 53% of the S&P 100 adjusted their DEI messaging in major filings in 2025, changing what they disclose to the public. Among the biggest firms in the US, the use of the DEI term dropped by 68% compared to 2024 filings, while there was a 21% reduction or removal of DEI-related metrics and targets.
The study also found that not only did the use of “DEI” decline, but the use of other terms like “gender,” “equity,” and “racial” also went down. The discussion of aspects like women in management and within the workforce, or data regarding the race and ethnic composition of the board, also declined noticeably. Despite the DEI disclosures going down, Andrew Jones, coauthor of the report and Principal Researcher at The Conference Board, believes that organizations are not entirely giving up on the DEI practices.
“This shift in public disclosure doesn’t signal that companies are abandoning DEI. Rather, they’re selectively reframing commitments, reducing public exposure, and embedding oversight more quietly yet firmly into governance and human capital management. Looking ahead, leaders must balance legal defensibility and stakeholder expectations with long-term business priorities,” he said in the report.
Companies are Rebranding DEI Efforts to Ride Out the Storm
It is too soon to tell whether the shift away from DEI efforts is a temporary blip in the timeline or a permanent reflection of the future of the worksphere, however, companies are not taking any chances. While some brands like Ben & Jerry, Apple, and Costco have maintained their commitment to these principles to varying degrees, other companies are reframing DEI initiatives to suit the narrative that is playing out today.
Google openly gave up on its diversity, equity, and inclusion hiring initiatives in February this year, but CEO Sundar Pichai also indicated that the company would continue to reflect its global user base. “We’re a global company, we have users around the world, and we think the best way to serve them well is by having a workforce that represents that diversity, and we’ll continue to do that,” he was heard to have said to employees, according to CNBC. “At the same time, as a company, we will always have to comply with local laws,” he added in the statement.
The popularity and subsequent decline in the value of DEI principles are primarily central to the US, but businesses that operate globally also have a responsibility towards their other bases to maintain standards of diversity and representation in their operations. Discrimination lawsuits are a possibility in other regions, making a total withdrawal from DEI-based considerations difficult.
Will More Companies Roll Back DEI Initiatives?
With the threats offered by the executive orders that ended DEI looming over them, many businesses will likely continue to retreat from any overt associations with such practices in the coming months. That said, many organizations have recommitted themselves to inclusionary practices to ensure that their workplace isn’t left with festering wounds of toxicity and discrimination that open them up to other legal challenges.
The death of DEI may have occurred in name, and the consequences felt by those in the targeted communities are alarmingly real, however, there is a general understanding that many companies are reframing DEI practices in a way that keeps them out of harm’s way without disrupting the make-up of their workforce.
Among the public, there appears to be a general desire to support businesses that maintain their commitment to DEI principles. Amidst such discourse, businesses have to balance their reputations and practices carefully to ensure they continue to support their worker base without undue compromises that alienate them.
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