The practical justification for corporate diversity, equity and inclusion programs — as opposed to the more idealistic one — has always been pretty straightforward: Hiring for diversity is just good business. It’s now clear, however, that this is not the case. DEI may not be bad for business, but it’s not good, either.

DEI can mean many different things, but the most controversial aspect of it entails companies going out of their way to hire women and members of ethnic and racial........

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