Financial heavyweight BlackRock Inc. is ditching its diversity quotas and overhauling its DEI structure. The world’s largest asset manager is joining a growing list of major corporations backing away from progressive hiring policies amid shifting legal waters and mounting conservative pressure.
At a Glance
- BlackRock Inc. has ended its “aspirational workforce representation” goals and merged DEI staff into a new team
- Hiring managers will no longer be required to interview a diverse slate of candidates
- The company will not renew its workforce representation goals that expire in 2024
- The change comes in response to significant shifts in the U.S. legal landscape concerning DEI initiatives
- This follows President Trump’s Executive Order directing federal agencies to investigate corporate DEI programs
Major Asset Manager Abandons DEI Targets
BlackRock Inc., the world’s largest asset manager with approximately 21,000 employees, has officially ended its “aspirational workforce representation” objectives. This significant policy shift reverses the company’s previous Diversity, Equity, and Inclusion (DEI) goals that had been criticized by many conservatives as promoting hiring based on identity rather than merit.
When even BlackRock is ditching DEI, you know the western world is turning a corner. Are we returning to sanity?
Under the new policy, BlackRock hiring managers will no longer be required to interview a diverse slate of candidates when filling positions. The company is also combining its Talent Management and DEI teams into a newly formed “Talent and Culture” group, effectively removing the explicit DEI designation from its organizational structure.
Response to Changing Legal Landscape
The dramatic policy reversal appears to be a direct response to mounting legal and political pressure on corporate DEI initiatives. BlackRock’s announcement comes on the heels of an Executive Order by President Donald Trump that instructed federal agencies to investigate corporate DEI programs for potential civil rights violations.
The asset management giant had previously championed DEI initiatives in its 2023 annual report, but noticeably shifted course in its latest report by omitting gender and racial demographics, instead providing only a geographic breakdown of its workforce. This change in reporting mirrors similar moves by other major corporations like McDonald’s, Ford, and Walmart.
While abandoning specific diversity targets, BlackRock insists it remains committed to what it calls an “inclusive culture.” The newly formed global Talent and Culture team will be co-led by Nick Avery and Michelle Gadsden-Williams, according to company statements. BlackRock’s employee networks, which reportedly include over 90% of employees, will continue operating as internal resources.
They won’t fully admit they were wrong, but this is a start.
