“DEI is a multi-billion-dollar industry. But, with the choppy economic outlook, some companies are starting to pull-the-plug on DEI programs,” - Andrew Crapuchettes, CEO of RedBalloon
(Moscow, Idaho) – According to a new study published by workforce data company Revelio Labs, Diversity Equity and Inclusion (DEI) employee positions are being hit hardest by company layoffs, as CFO’s prepare for an uncertain economic outlook.
US companies spent $9.3 billion on Diversity, Equity, and Inclusion (DEI) initiatives in 2022, according to consulting firm StrategyR, and economists had estimated this number will grow to $15.4 billion by 2026. Surveys also show that the rise in DEI spending correlates with the rise in workplace dissatisfaction and disengagement.
“All the virtue signaling in the world cannot forestall the economic realities of a slowing economy,” said RedBalloon CEO Andrew Crapuchettes. “In a time when bloated Big Tech companies must make budget decisions, it’s no surprise that divisive and polarizing DEI programs are under scrutiny.”
Revelio's analysis found that there is currently 33% churn rate for diversity roles compared to 21% of non-DEI roles.
If you would like to interview Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or isaac@redballoon.work.
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RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator in the technology industry. He has founded several successful tech-focused companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago. He served as the founding CEO of Emsi (now Lightcast) - which brought market-changing innovations to how higher education, corporations, and governments approach the labor market.
In 2021, Andrew founded RedBalloon, which has quickly become America’s largest connectors of employers and job seekers who prioritize workplace culture. Crapuchettes’ is a frequent presenter at technology and business conferences, and a frequent guest on business and technology news and influencer podcasts.
To find out more, explore redballoon.work. For questions or interview requests, contact Isaac Lopez at isaac@redballoon.work.
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