In 2024, the Post reports, members of the S&P 500 “recorded the fewest DEI references in their 10-K filings since 2020 — when companies were under pressure from investors and the public to use their considerable resources to effect social change.”

Today, the pressure is coming from the anti-DEI forces  and keeping executives “up at night,” according to Gravity Research, leading Fast Company to a conclusion comparable to the Post’s: “Over the past year,” Fast Company reported in March, “a growing number of corporate employers have shown signs of backing away from diversity, equity, and inclusion efforts in the workplace, amid mounting social pressures and the risk of litigation from right-wing activists. President Trump’s recent executive orders — which explicitly threaten legal action against the private sector over ‘illegal DEI’ practices — have only exacerbated those concerns,” leading to a range of responses.

This is tricky territory, and responses, including those from Fortune 500 companies, have varied. More than six in 10 (64%) are “redefining or rebranding” their DEI functions, and slightly more than that (65%) just aren’t as explicit about these efforts in their external communications. “That can mean curtailing mentions of ‘equity’ or the acronym DEI, opting instead for terms like ‘inclusion’ and ‘belonging.’”

This doesn’t mean, however, that businesses are backing off from commitments they have made and believe are important. “We know terminology matters, but the work is more important,” one executive told Gravity Research. “We are striving to communicate in a way that won’t attract undue attention so we can protect the work versus having to defend the work with external actors.”