Costco, a retailer facing criticism from some companies and states, has doubled down on its Diversity, Equity, and Inclusion (DEI) policies despite concerns raised by attorneys general in 19 states. The company’s decision comes as more businesses have rescinded their DEI policies amid concerns over potential backlash.
O’Leary Ventures Chairman Kevin O’Leary was critical of Costco’s stance, calling it “nuts” and warning that it’s “bad for business.” He urged the retailer to find a resolution and comply with the law. O’Leary believes that diversity can be achieved through merit-based hiring practices, where individuals are judged on their capabilities rather than their background.
The billionaire investor pointed out that he expects employees to perform their jobs well, regardless of their personal characteristics. “We don’t care if you’re gay or transvestite, or you have tattoos or fishhooks in your eyelids,” O’Leary said. “Those are the people we advance.”
O’Leary’s comments reflect his views on how businesses should approach DEI policies. He argues that companies should focus on merit-based hiring and promotions, rather than trying to enforce specific identities or characteristics.
While Costco shareholders recently rejected an anti-DEI proposal, O’Leary is a minority shareholder who disagrees with the company’s stance. His comments highlight the growing debate over DEI policies in the business world and the challenges companies face when balancing competing interests and values.
Source: https://www.foxbusiness.com/media/oleary-rips-costco-bucking-dei-trend-bad-business