Brewer Molson Coors (TAP) says it is ending its diversity, equity and inclusion policy, joining a growing number of companies that are moving away from the practice.
Molson Coors, which is co-headquartered in Montreal and Chicago, said it will take a “broader view” when it comes to hiring and will continue to ensure that all employees feel welcome at the company.
Specifically, the maker of beer and spirits said that it will no longer have specific “representation goals” in its hiring process.
Additionally, Molson Coors will no longer participate in a ranking program administered by the Human Rights Campaign, an advocacy group that scores companies on how inclusive their workplace practices are towards the LGBTQ+ community.
Molson Coors is the latest company to end its diversity, equity and inclusion policy in recent months.
Microsoft (MSFT), Meta Platforms (META), Tesla (TSLA), Home Depot (HD), Wayfair (W), and Deere & Co. (DE) have also reduced or eliminated their diversity, equity and inclusion programs.
Corporate America is moving away from the workplace policy that became popular following the 2020 killing of George Floyd and subsequent “Black Lives Matter” campaign.
Thousands of companies around the world moved to hire more diverse employees and improve equity and inclusion within their ranks after the May 2020 death of George Floyd, a black man, at the hands of police in Minneapolis, Minnesota.
Floyd’s death sparked riots and calls for change across the U.S., and publicly traded companies were quick to respond with diversity, equity and inclusion hiring practices.
But now, Molson Coors says it will instead rely on its own internal metrics as well as employee feedback to develop a “strong workplace.”
Some right-wing organizations have campaigned against corporate diversity programs and practices that support the LGBTQ+ community, leading companies to move away from what can be construed as political stances.
Molson Coors rival Anheuser-Busch (BUD) faced a boycott by social conservatives of Bud Light beer after the company struck a promotional deal with a transgender influencer on social media.
The stock of Molson Coors has declined 14% over the last 12 months and currently trades at $55.77 U.S. per share.
