Diversity, Equity, and Inclusion programs (DEI) – which are really just disguised forms of quotas – have been hyped by the woke crowd as “good for business.”

“Study after study has proved that diverse companies perform better than their more homogeneous counterparts,” Inc. Magazine reported in 2023. “Companies that don’t foster an inclusive environment or prioritize diversity initiatives do so at their own peril.”

McKinsey & Company, the management consulting firm always willing to repeat the conventional wisdom, has published four separate studies since 2015 showing that DEI initiatives boost corporate earnings.

But very little of any of this holds up. Econ Journal Watch, a peer-reviewed academic journal, reports that researchers have been unable to replicate the results of all four McKinsey studies.

“[O]ur results indicate that despite the imprimatur often given to McKinsey’s 2015, 2018, 2020, and 2023 studies, McKinsey’s studies neither conceptually … nor empirically … support the argument that large US public firms can expect on average to deliver improved financial performance if they increase the racial/ethnic diversity of their executives,” according to Professors John R. M. Hand and Jeremiah Green.

Other researchers admit to being stumped in searching for DEI’s financial benefits. Writing in the Harvard Business Review, Robin J. Ely, a professor of business administration at Harvard, and David A. Thomas, the president of Morehouse College, point out that “the rallying cries for more diversity in companies” are not supported “by robust research findings.”

DEI is all about shaming corporate America to divert money to the race hustler industry that is getting rich off liberal guilt. This is why the left has come to despise the idea of a color-blind society. How do you make money off of that?