Published on January 6, 2025
The 2025 conversation over diversity, equity and inclusion diverges from the DEI reports issued in 2024.
Of the Fortune 500 publicly held companies, only 36 have published a DEI report last year, many published before the U.S. Supreme Court’s June 2024 decision on affirmative action in higher education. Now, in an environment skeptical of equity goals, corporate America will likely limit any appearance of “woke” to avoid potential political backlash. We expect the reports issued in 2025 to look much different.
Among the Fortune top 50 companies, only 10 produced a DEI report over the past year. Another 14 published their last diversity report a year or more ago. Amazon and other companies present only their diversity disclosures to the federal Equal Employment Opportunity Commission (EEOC), which has required workforce reporting on race and gender since 1966. Some companies have continued DEI reports with a narrow workforce diversity scope.
Top Companies Pull Back DEI Marketing
The 2024 DEI pullback gained a higher profile when Fortune 500 leader Walmart confirmed it would wind down its philanthropic Center for Racial Equity and would not participate in the Human Rights Campaign Corporate Equality Index. Ford, Lowe’s, Harley-Davidson and Molson Coors also withdrew engagement in the index. A conservative activist, Robbie Starbuck, claims that his inquiries influenced the companies’ decisions.
In July, Walmart published its 2024 Belonging, Diversity, Equity and Inclusion Report. Walmart’s midyear update in November was simply a Belonging report. Answering media queries, a Walmart spokesperson indicated that DEI language excludes mainstream audiences. In January 2025, McDonald’s went one step farther, setting aside representation goals and its DEI pledge for suppliers. Echoing Walmart’s change in tone, McDonald’s diversity team is now a Global Inclusion Team.
Companies that dropped their diversity reports now disclose similar data elsewhere, typically within a sustainability framework:
- Apple avoids cliches on an Inclusion & Diversity web page. Animated graphs break down employment statistics by region without clutter for 2022 and earlier. However, executive representation is presented without comparison and 2023 U.S. stats are a footnote. Initiatives to achieve supplier diversity and pay equality are stated simply in a carousel. The web page lacks the the depth of Apple’s Racial Equity and Justice Initiative page. A June 2023 report, which has not been updated, gives substantial detail on Apple’s U.S. education and economic development partnerships.
- General Motors’ DEI web page says the automaker aspires to become the most inclusive company in the world, yet its Diversity and Inclusion Report was folded in April 2024 into a sustainability report.
- Merged reports sometimes nod to their predecessors: Centene published a 65-page C-Index Annual Report: Diversity, Equity & Inclusion in 2023; in October 2024, the healthcare company produced a Sustainability & DEI Report, weighing in at 91 pages, with diversity data in an Our People section.
- Boeing in June 2024 drew equity, diversity and inclusion goals into its 2024 Sustainability & Social Impact Report, replacing the previous year’s Global Equity, Diversity & Inclusion report. Boeing’s U.S. workforce is 7.5% Black, a 17% year-over-year increase toward its goal of 20% in 2025.
The energy company Williams produced a DEI report in August 2023 but its corporate website now directs readers to a July 2024 sustainability report with current workforce statistics. Both show progress in diverse leadership roles and diverse suppliers (now 23% of the total count). Achievements include over $1.6 million in 2023 corporate giving to DEI-focused organizations and the implementation of inclusive technologies like a name pronunciation feature. Williams has 10 ERGs with many of their employees participating in more than one.
2024 Reports Shift to Defense
Since 2020, companies increasingly have expanded diversity disclosures with no regulatory prompting. After the Black Lives Matter protests, companies examined their human relations practices and sought to improve diversity within their workspaces.
Conservative critics argued that these DEI initiatives “constitute racial discrimination” and reflect a liberal agenda or virtue signaling. As high-profile lawsuits push back against corporate diversity programs, companies may have grown cautious about public DEI reporting. Concern about legal exposure prompted the home improvement chain Lowe’s to roll back diversity initiatives, merging its employee resource groups into one and dropping an LGBTQ+ benchmarking survey, while debunking conservative critiques of Black CEO Marvin Ellison.
With both diversity and sustainability coming under fire, some organizations have adopted more anodyne titles to their DEI reports. Lender Fannie Mae last issued a diversity report in 2020 and dropped its ESG report in 2023. Disclosures in July 2024 were found in a Corporate Responsibility and Impact report. AT&T compiles only its Global Reporting Initiative statistics, with inclusion initiatives in a web summary.
Some conglomerates display diversity details from their operating units without issuing a global corporate report.
- General Motors’ GM Financial unit released a standalone “Taking the Lead” DEI report in April 2024, showing increased diversity among senior leadership. The report features GM Financial’s five ERGs and testimonials to DEI’s positive impact, such as Luis Ramirez Rascon’s experience of cultural embrace and April Alvarez’s reflection on Hispanic heritage.
- The Marsh McLennan corporate website features a Black MBA fellowship program and inclusion efforts across business units, but the Marsh agency issued its own reDEI awareness training for aroun 2,500 individuals. Unconscious Bias workshops taught 65% of employees to recognize bias in their workspace. Colleague Resource Groups have enhanced workers’ experience.
Diversity blowback may be reflected in 2025 corporate initiatives and shareholder resolutions. In 2024, an appeals court struck down Securities and Exchange Commission board diversity requirements for public companies, and Starbucks shareholders approved an executive compensation plan that dropped a bonus tied to DEI goals.ers approved an executive compensation plan that dropped a bonus tied to DEI goals.
Analyzing 2024 Data in DEI Reports
In 2024, a majority (278) of companies in the Fortune 500 have never published a standalone DEI report, according to Purpose Brand research. Many make the case for diversity within a broader context of corporate social responsibility. Roughly 60% of the Fortune 500 companies published workforce statistics last year within a standalone DEI report, a report on broad corporate responsibility themes or both.
Fortune 500 companies have issued 36 standalone DEI reports in 2024, representing 2023 corporate activity. Many organizations were prompted to revisit their diversity programs with the Supreme Court ruling, and their diversity marketing represented a DEI pullback. A Purpose Brand review finds many presentations highlight broad workforce recruitment or product innovation initiatives. This framing serves to reverse the political spin opposing corporate purpose.
Companies also highlight DEI programs in annual environmental, social and governance (ESG) reports, corporate responsibility reports, impact reports or sustainability reports. Investor relations strategists design these reports to present a holistic account of corporate achievements. Diversity aligns with sustainability in the evolving global climate reporting frameworks,
Proof points for ther DEI commitments can range from statistics on race and gender in the workforce to employee descriptions of the benefits of diversity initiatives. The standalone reports published in 2024 range anywhere from 2 to 50 pages, with infographics and narratives to convey progress toward workplace equity.
Most reports show women working across leadership roles, a display of progress that can boost corporate recruitment efforts. Reports tell a story of inclusion from the boardroom to the shop floor by breaking down race and gender statistics across management levels.
Many companies kept statistics to a minimum, including only race and gender profiles and not including groups such as veterans or employees with disabilities. Of companies with published statistics, 35% offered only gender statistics, even though the EEOC’s EEO-1 form also collects racial and ethnic reporting by job category.
2025 Reports May Look and Feel Different
Independently or in a broader ESG initiative, public reports show a willingness to be transparent to customers, investors, current and potential employees and the public eye, magnifying the impact of their internal DEI programs. Companies can validate their public DEI statements, showing their impact on employee retention, public awareness and profit.
Companies sensitive about a lack of diversity in hiring progress may win more points by displaying their current inclusion status rather than excluding them. Companies that acknowledge shortfalls in their diversity programs show good faith that they intend to improve results.
The current crop of DEI reports show the impact of employee resource groups, business resource groups and affinity resource groups. BRGs, ERGs and ARGs are employee-led groups typically formed around shared characteristics or interests such as gender, ethnicity, religion or profession.
These groups cultivate a sense of belonging, and companies often sponsor them to improve adherence to workplace diversity objectives and policies. Over 60% of the Fortune 500 companies have ERGs, BRGs and/or ARGs. The number of groups within a company ranges from 1 to over 100.
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DEI Report Examples from Fortune 500 Companies
Listed below are the 36 Fortune 500 companies, in order of revenue, that have published standalone DEI reports in 2024. Reports have a variety of names that range from Diversity, Equity and Inclusion Report to Culture and Inclusion Report. Along with the name of the company are summaries of their diversity progress, achievements and challenges, with links to the reports.
Walmart: The Walmart 2024 Belonging, Diversity, Equity and Inclusion Report frames its DEI efforts under fostering a culture of “Belonging” where all associates feel valued, supported and able to reach their full potential. Some of their progress shown is increasing representation of women and people of color in management and officer roles, with the highest levels since 2021 for both groups. A challenge this company has encountered is improving diversity in technical roles and senior leadership. Currently, their total workforce is roughly 50% women and 50% men with 49.35% of their employees being of color.
ExxonMobil: In a January 2024 Investing in People report, Chairman and CEO Darren W. Woods challenges employees to “contribute fully, maintain courage of conviction, and adhere to the highest standards of excellence and integrity.” The report describes general goals (“Attract the best talent”) with proof points such as a job-offer acceptance rate “exceeding broad market average.” Charts disclose year-by-year performance on workforce, hiring and training since 2016, indicating a reduction in total headcount restraining a persistent drive on inclusive hiring.
Alphabet. The April 2024 Diversity Annual Report aligns Google’s DEI goals with its mission to “organize the world’s information and make it universally accessible and useful.” Some of the key areas within their report include workplace, technology and partnerships, which include Google’s commitments to DEI such as the Stay and Thrive program and Pathways to Sponsorship, which aims to retain and promote diverse talent. Google still has work to do to increase women’s representation in tech, with roughly 33% of women in the total workforce for the United States. In response to this issue, they have created an outreach program, Mind the Gap, which encourages women and girls to pursue tech careers in over 20 countries.
Cencora: A FY23 Diversity, Equity, and Inclusion Progress report, published in February 2024, has three main focus areas: enhancing gender and racial representation, achieving pay equity and providing inclusive benefits. The pharma company formerly known as AmerisourceBergen shows progress in workforce diversity, noting that women represent 51% of the global workforce. Some of its achievements include a perfect score on equality indices and the launch of initiatives like the Health Equity Summit. Visuals, such as the “My Community, My Pharmacy” dashboard, effectively shows their DEI commitments.
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JP Morgan Chase: Published in April 2024, JPMorgan Chase’s 2023 Human Capital and DEI report focuses on workforce diversity, equity initiatives, inclusion programs and accessibility enhancements. It highlights progress in increasing the representation of women and people of color across various levels, noting that women in its global workforce are paid 99% of what men earn. One of the bank’s inclusive achievements include hiring over 3,000 individuals with criminal records and enhancing health benefits. Challenges remain in senior role diversity. The report includes narratives, such as collaborations to grow Black wealth and support for people with disabilities.
Microsoft: At 44 PDF pages with links to interactive features, the October 2024 Global Diversity & Inclusion report is five pages are longer than the 2023 edition. Billed as “our most global and transparent report to date,” it includes a one-page adjusted-pay equity analysis, as well as hiring and exit data. Representation is static in a shrinking core workforce, but a page highlights the growing global data center function, in which roles are less gender diverse but more racially inclusive. Acquisitions are noted separately, with LinkedIn making atypical gender diversity gains at 3% year over year. Employees with disabilities and military veterans are included in self-identified data. A letter from Chief Diversity Officer Lindsay-Rae McIntyre notes expectations for artificial intelligence to be “culturally competent” and Microsoft research linking employee empowerment to a corporate culture of mutual support or “allyship.”
Microsoft describes its DEI report as “our most global and transparent report to date.” Cigna: DEI presentations can be inclusive without being extensive. The 5-page 2023 DEI Annual Report, published June 2024 and shorter than the healthcare insurer’s previous scorecards, focuses on leadership diversity, inclusivity and equitable opportunities. It concisely shows progress in U.S. workforce representation, with increased diversity among directors, executives and managers. Notable achievements include the launch of new mentorship programs such as Building Equity and Equality Program and partnerships with diverse suppliers. Challenges include maintaining momentum and addressing systemic biases.
Wells Fargo: In the August 2024 Diversity, Equity, and Inclusion Report, CEO and President Charles W. Scharf notes DEI commitments “both inside our company and in the communities where we live and work.” More than 99 percent of U.S. employees have volunteered gender, raceand ethnic information, and 26% have joined an employee resource network. Statistics indicate static leadership and higher voluntary turnover among racial minorities. Community programs include a two-year, $20 million collaboration with Native organizations and communities in six states.
Goldman Sachs: Published in June 2024, the 2023 People Strategy report presents hiring and representation “where we have more work to do” to meet 2019 aspirational goals. The investment banker highlights its Diversity and Inclusion Councils and the development of high-performing female associates. A Mental Health First Aiders cohort advocates for counseling and medical interventions in a competitive environment.
Johnson & Johnson: A 2023 Diversity, Equity & Inclusion Impact Review published in June 2024 links DEI and innovation. Chairman and CEO Joaquin Duato noted efforts to increase clinical trial and supplier diversity. A pilot DEI Maturity Model assessed DEI practices across 20 dimensions to tie priorities to business plans. A dozen employee resource groups were featured, including nurse and pharmacist networks.
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Sysco: In the second year of a DEI Roadmap, the food-service supplier’s December FY2024 DEI Report features a timeline with bullet points on steps toward establishing a strategic framework. The “You Are Here“ marker notes the recasting of the diversity vice president as Chief Inclusion Officer (promoting April Love to replace Adrienne Trimble, who took a senior VP role at Visa). Three pages highlight 11 Colleague Resource Groups, including workplace wellness, generational and neurodivergence, which moved to a new governance structure. Gender and racial data tables include promotion by career level, indicating a focus on recruitment and retention under diverse slate requirements.
Caterpillar: Caterpillar’s two-page 2023 Global Diversity & Inclusion Report, dated May 2024, gives workforce statistics and narratives not in its sustainability report, Exhibiting the company’s commitment to embedding DEI principles into business strategy, it touches on workforce representation, inclusive culture, supplier diversity and employee engagement. The agricultural equipment maker’s progress includes a 1% increase in women and racial/ethnic diversity in management, with women now comprising 21% of global executives and U.S. racial/ethnic diversity at 33%. Caterpillar notes its induction into the Billion Dollar Roundtable, a nonprofit organization containing companies that are committed to spending at least $1 billion annually with businesses owned by minorities.
HCA Healthcare: HCA Healthcare’s February 2024 DEI report is a 6-page expansion of its EEO-1 filing, comparing data over time and against industry peers. The report builds a narrative around equitable care, workplace diversity, supplier engagement and community partnerships. HCA created an Executive Diversity Council and committed $10 million to Historically Black Colleges and Universities (HBCUs).
A detail from New York Life’s DEI report cover. New York Life: A 2023 DEI report, published in early 2024, explores the insurer’s recruitment, employee development and community engagement commitments. Progress of recruitment is shown in the representation of women and people of color. Achievements include the launch of new ERGs and diversity training programs. While there are still obstacles, the company reports positive business results linked to these initiatives, including increased employee engagement and improved customer satisfaction.
MassMutual: The insurer’s Diversity, Equity, & Inclusion Journey report reports progress in greater detail than its sustainability report. The 8-page DEI document from April 2024 shows higher representation of women and people of color across directors, executives, management and lower-level positions. Achievements include establishing ERGs and DEI training, while challenges involve addressing systemic barriers. Business outcomes show improved employee engagement and innovation.
BNY Mellon: A 12-page Belonging & Inclusion strategy document focuses on powering sustained engagement, performance, innovation and growth through enhanced employee experience.. The 2024 report highlights progress in diversity representation, with women comprising 39.7% of the global workforce and 40% of board directors, while underrepresented ethnic/racial backgrounds make up 38.6% of the U.S. workforce and 30% of board directors. A goal of theirs is the evolution of employee and business resource groups from networking platforms to business-aligned entities, with 1 in 4 employees participating.
3M: A March 2024 Global Diversity, Equity & Inclusion web report focuses on leadership accountability, social justice, inclusion and diverse talent pipelines. It shows progress in representation, with increases in women and people of color within their workforce. Achievements include a global mentoring program, expanded employee resource networks and a $50 million investment in addressing racial opportunity gaps.
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Amgen: Amgen’s Workforce Diversity, Inclusion and Belonging report holds that diversity leads to better science and business outcomes, aligning with the corporate mission to serve patients. The 2023 workforce report shares content with Amgen’s ESG report published in May 2024 but focuses on women and minorities in leadership roles. Women comprise 53% of Amgen’s global workforce, with 45% at the executive level. In the U.S., minorities represent 47% of the workforce, with 32% at the executive level. Both workforce and ESG reports note the Amgen Career Re-Entry Program (ACRE), which helps professionals rejoin the workforce after career gaps. The workforce report features Jacqueline DSouza, who successfully returned to work after a 5-year break through ACRE.
Southwest: The airline’s corporate responsibility and ESG narratives are consolidated in the One Report, published in May 2024; its companion Diversity, Equity, & Inclusion Report addresses evolving hiring practices, increasing senior leadership diversity and engaging community partners for talent sourcing. The report shows that 20% of the board of directors is female, with 26% of all board members representing diverse racial backgrounds. Some of their company’s achievements include launching a Self-ID campaign that creates an environment for employees to share their personal struggles and maintaining high employee engagement scores. The company has taken measures to track DEI success, including implementing employee satisfaction surveys and DEI training completion rates.
Baker Hughes: The oil-field services company published its first DEI report in June 2024, featuring new training programs and employee resource groups. Baker Hughes is implementing equitable parental leave in 42 countries, launching the #LetsTalkCulture series, and hosting workshops on inclusive leadership. The report highlights impactful initiatives like the all-female field personnel team in Argentina and joint customer events with Chevron and Shell.
McDonald’s: The fast food chain published its annual Diversity Snapshot in August 2024. A 45-page Purpose & Impact report released a month later tracked diversty progress from an ESG standpoint, covering much of the ground of a Global ESG report from 2023. Achievements include increasing board of director diversity, growing women manager rankss and meeting diverse-owned supplier targets for a third straight year.
Block. A February 2024 Workforce Diversity report mainly notes statistics of diversity within the payment platform’s workforce, such as increasing representation of women and people of color, implementing accountability measures and engaging with diverse communities. Narratives and details of DEI programs are found in its Corporate Social Responsibility report.
Synchrony Financial adopts a grayscale format for most of its Equity, Diversity, Inclusion and Citizenship report. Color photos mark its Global Diversity Experience live event. Synchrony Financial: Synchrony’s 2024 Equity, Diversity, Inclusion and Citizenship report shows significant progress in U.S. workforce representation, with an increase in Black representation at senior levels and a high percentage of hires and promotions from underrepresented groups. Achievements include implementing a global diverse talent methodology and hosting conversations on complex topics. The “Women (and Men) Confronting Racism” program encouraged open dialogue on race and bias. Charts illustrate the progression in diverse talent advancement from 2020 to 2024.
Colgate-Palmolive: A May 2024 Diversity, Equity and Inclusion report relates the consumer goods marketer’s 2023 DEI initiatives “reimagining a healthier future for all.” The report focuses on four key pillars: people, community, supplier diversity and communication. Achievements include launching a new e-learning course on inclusivity completed by 97% of salaried and clerical employees and implementing mental well-being initiatives. The report features first-hand experiences from leaders like Catalina Monroy, who express the importance of courage in inclusion.
L3 Harris Technologies: L3Harris’ February 2024 DEI report aligns with its mission to be a “trusted disruptor” through respect and belonging. The report shows five focus areas: DEI infrastructure, representation and talent, inclusion, equity and communication. Progress for 2023 includes women comprising 25% of the global workforce and people of color making up 29% of the U.S. workforce, with goals of 50% women and one-third people of color. Some of their achievements include the addition of two new ERGs, totaling 11, and over 130,000 volunteer hours logged by employees.
U.S. Steel: A May 2024 DEI report shows the company’s dedication to fostering an inclusive work environment aligned with its values of accountability, fairness and respect. The report focuses on Strategy, Culture and Outreach, highlighting significant progress, such as 80% employee engagement in ERG events. One narrative includes František Kiráľ’s successful return to work after a spinal injury and Amber Sikes’ advocacy for inclusivity through an ERG, SteelABILITY.
Micron Technologies: Micron’s March 2024 DEI report, “What Makes Us Micron,” highlights focus areas, including expanding STEM education, increasing diverse hiring and increasing supplier diversity. Micron shows progress in DEI efforts by maintaining levels of women and people of color in various positions. The report features Micron’s initiatives in rural and underserved communities and partnerships promoting diversity in engineering.
Omnicom Group: The Omnicom DEI Downoad posted in June 2024 embraces leadership empowerment, inclusive recruiting, client engagement, community support and accountability. Representation has increased for people of color and women in various roles. Some of their achievements include a 50% increase in ERG membership and the launch of a Gender Transition Toolkit to support their transgender community. The report highlights the success of an annual DEI Retreat and progress on DEI activity timelines.
Fidelity commits to neurodiversity and inclusive workplace practices in its Diversity & Inclusion report. Fidelity: Fidelity Investments focuses on diversity, inclusion, opportunity, transparency and accountability in a 2023 Diversity and Inclusion Report, published in February 2024. Initiatives include the $250 million Invest in My Education program and a $480 million investment in diverse suppliers. The report conveys partnerships with organizations like the WNBA and Invest in Girls, showcasing relevant financial education. Fidelity’s commitment to neurodiversity and inclusive workplace practices is also found within their report with their launching of the Neurodiversity Knowledge Hub, which offers resources, job aids and peer support.
Principal: Published in 2024, Principal Financial Group’s 2023 Global Inclusion report shows an increase in people of color in senior management to 23% and in management positions to nearly 8%, with overall workforce diversity rising to 16.3%. Some of their achievements include reaching 54% female representation globally and significant volunteer contributions. They have made progress in increasing their number of diverse suppliers, which have led their company to improve their competitiveness in the global market.
Eversource Energy: Eversource’s May 2024 DEI report shows increases in women and people of color across various levels from 2018 to 2023. Achievements include recognition by Forbes, expansion of business resource groups and the launch of a supplier diversity mentoring program. The report uses infographics and a DE&I Journey timeline to help readers visualize milestones and progress.
Motorola Solutions showcases the personal impact of DEI initiatives. Motorola Solutions. The government and enterprise technogy firm’s July 2024 DEI report looks back on diverse people, equitable and inclusive culture and global reach in 2023. The report shows progress in gender and race representation, with an increase in women and people of color in various roles over the years. Some of their achievements include the addition of Juneteenth and the National Day for Truth and Reconciliation holidays and a successful Movember campaign. Personal experiences from employees, like Rasheedah Edwards’ experience with National Society of Black Engineers, showcase the personal impacts Motorola Solutions DEI efforts have made
Albermale: The specialty chemical firm’s first DEI report, published in October 2023, outlines a commitment to fostering an inclusive culture aligned with their values of care, curiosity, collaboration, humility, accountability and integrity. Their DEI strategy is structured around three pillars: workforce, workplace and community, focusing on global diversity, equitable culture and community enrichment. High-impact areas include diverse talent recruitment, DEI education and supplier diversity programs.
ServiceNow: The 2024 DEI Report focuses on representation, equity in career development, inclusive leadership and accountability. The report shows progress in diversity across multiple levels, particularly in director and executive positions. Some of their achievements include reaching gender parity in new hires and increasing underrepresented groups in leadership roles. The report also discusses the relationship between artificial intelligence and an equitable workforce. Service Now believes that this pairing can be powerful, especially in terms of “ensuring that a diverse slate is moving through the hiring cycle.”
Franklin Resources: Franklin Templeton’s 2023 DEI report, published in 2024, highlights the asset manager’s strategic imperatives: people, practices and public commitment, relating DEI with its mission to support global milestones. Some of their goals include creating a holistic DE&I framework, establishing a Global DEI Office and prioritizing underrepresented talent. Workforce diversity metrics show women and people of color across the board, including 27.3% women and racial diversity on the board and 37.3% women and 30.1% racial diversity across all employees. Some of their achievements include launching the Global Office of DE&I, BRGs and the Inclusive Education Series. Some of their obstacles involve maintaining education, data collection and accountability.
Bath and Body Works: Bath & Body Works’ first Culture and Inclusion Report exhibited progress in gender and racial representation across leadership levels for the fiscal year ending in February 2024. The company’s DEI strategy is overseen by an Inclusion Council and integrated into talent acquisition and development practices. Some of their achievements include launching a Wellness Center, introducing DailyPay for financial flexibility and hosting community career fairs. CEO Gina Boswell’s messageexpresses the importance of DEI in driving innovation and business resilience.
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