If the US wants to achieve economic growth, empower the best talent and have a fair and just society for all, it must embrace diversity, equity and inclusion (DEI). Otherwise, we can simply devolve into a backsliding democracy ruled by a billionaire class that pillages our wealth as it divides us through manufactured culture wars.

On cue, conservatives are blaming DEI for the devastating fires currently ravaging California and for a recent terror attack in New Orleans committed by a US citizen.

If you listen to Donald Trump, Maga Republicans and lazy comedians, DEI is the modern-day villain. It’s a wicked and terrifying Trojan horse of wokeness that is seeking to “replace” Americans and indoctrinate our children with a subversive agenda. It’s allegedly orchestrated by transgender people, immigrants of color, Muslims, Black people, Jewish people and feminists – anyone that isn’t straight, white and Christian. According to the president-elect, the rest of us are “poisoning the blood of our country” and destroying it.

DEI is an easy, direct and convenient way to package all of these fears. If you fall for this narrative, it can be terrifying and feel unfair. Events such as the collapse of the Silicon Valley Bank, the problems with Boeing aircraft and the destruction of the Francis Scott Key bridge in Maryland were blamed on DEI.

This was a con.

Instead of pointing to a corrupt system and deregulation that benefits the wealthy at the expense of many, DEI was seen as the culprit. The bad-faith talking point is that had DEI not existed, these tragedies would not have occurred and real Americans – who are not “woke” – would be safe and economically prosperous.

Unfortunately, the deception works as companies such as McDonald’s announced this week that they are renouncing their previous commitment to DEI. It was just revealed that anti-DEI shareholder proposals have tripled since 2020.

In reality, DEI refers to three simple but important words: diversity, equity and inclusion.

Diversity is an outcome. Equity is the path to get there. Inclusion ensures we travel that path together. Diversity represents varied identities and differences, including race, ethnicity, gender, sexual orientation, socioeconomic status, disability and veteran status. That means white people, Black people, straight people, gay people, rich people, poor people and more. Equity is the allocation of resources and opportunities and the elimination of barriers to create a path towards equality. The concept of equity acknowledges that there is not a level playing field. Inclusion is creating an environment where everyone is welcome, respected, supported and valued. It is about bringing people together and creating safety and belonging. It is, by definition, the opposite of exclusion.

The “industry of DEI” has grown significantly over the last several decades (and has existed in some form since the civil rights movement of the 1960s). However, growth in DEI exploded following the murder of George Floyd when corporate America decided it was finally time for a racial justice reckoning. Corporations responded to the cultural moment from Nike to Google to Lululemon and decided to at least pretend to improve the world. Many organizations created new DEI departments and hired DEI professionals. The rationale was that organizational DEI efforts could lead the movement to build a more racially just society. This was an unfair and unreasonable premise, but the DEI movement accepted the challenge.

Several years later, we see that organizational commitment to DEI has waned. For example, in addition to McDonald’s, Harley-Davidson and Ford recently announced that they will curb some of their DEI efforts. With the continued rightwing political onslaught against DEI and Donald Trump’s election, this could be the moment when many organizations decide to pull the plug entirely.

This would be a major mistake.

For organizations considering this decision, we would like to remind you that DEI impacts your talent lifecycle, your culture and your economic success in significant ways. We need to remind US workers about the benefits of DEI as we risk losing them entirely.

First, companies have to find and recruit the best talent and as such they will naturally have to cast a very broad net. DEI encourages and helps this outreach. Talent is everywhere, not just among children of politicians, the privileged class or those lucky to attend Ivy League schools and live in wealthy zip codes. DEI encourages us to look beyond traditional (and often archaic) measurements of success, such as SAT scores, and consider the hidden jewels of talent that exist everywhere.

Second, because hiring is so expensive and time-consuming, DEI helps organizations try and retain their valued employees. Equity is a key component that recognizes everyone has different skill sets, talents, strengths and weaknesses. By recognizing this, addressing it and supporting it, DEI helps employees maximize their potential. Studies have repeatedly shown employees are more likely to stay when they feel like they can grow, advance and continue to break through glass ceilings.

Third, DEI can be considered synonymous with maintaining a healthy and respectful organizational culture. When a company is committed to inclusion, one of the most important results is a shared sense of belonging. DEI helps employees stay engaged with each other. No one wants to feel excluded, left behind or “replaced”. Culture manifests itself in the thousands of small interactions between people, such as how people greet each other during religious holidays and how they support one another during a personal crisis. A healthy organizational culture is created and maintained when these interactions are supported by a commitment to DEI.

Finally, DEI is ultimately a pie-expansion exercise. DEI can help grow opportunities, create more success, and ultimately, strengthen the bottom line. If you are hiring the best talent, allowing them to flourish and building a positive and healthy culture, then money is bound to follow. The color green still trumps all other colors in the US. The more success you create, foster and nurture, the more the company and organization will grow.

Costco is an example worth following. Their board unanimously recommended that its shareholders reject a proposal that would require Costco to report on the risks of its diversity and inclusion goals. In making this recommendation, Costco noted that DEI efforts help the company attract and retain employees and improve its products and services.

Those who make DEI into a bogeyman paint society as a zero-sum game: a slice for you means no slice for me. But, that is a narrow vision fueled by fear, greed and ignorance. Unlike Trump, DEI views America as generous and limitless. It’s in the best interest of corporations, organizations and US workers to adopt such a vision if we truly want to become great again as a nation.

• Wajahat Ali is a writer, attorney and consultant. He is the author of the play The Domestic Crusaders and lead author of the investigative report Fear Inc: The Roots of the Islamophobia Network in America. Yusuf Zakir leads diversity, equity and inclusion efforts at a national law firm. With nearly a decade of DEI experience, Zakir has helped propel these efforts in the legal industry and beyond.