In my sub-40 years of existence, I’ve witnessed multiple market bubbles and collapses that in hindsight were predictable, but the warning signs of inevitable failure were obviously ignored.
People disregard the few naysayers because their desire to be a part of an in-vogue fad outweighs any common sense.
But when the bubble finally bursts, the sound of an industry defeat ultimately wakes these people up from their hypnotic belief that the good times will never end.
The latest bubble isn’t overinflated stocks being propped up by Wall Street but instead an overinflated diversity, equity and inclusion industry whose importance was pumped up by a corporate America reacting to the death of George Floyd.
Between 2019 and 2022, DEI positions skyrocketed 170%, according to LinkedIn, with much of that acceleration happening in the wake of nationwide protests and riots in 2020.
“There was an urgency and a national narrative driving that demand,” notes Jason Hanold, CEO of Hanold Associates, an executive search advisory firm.
But that demand quickly leveled, leading to a third of “diversity professionals” out of a job in 2022.
Hellbound and Down 