CRAINSNEWYORK.COM I FEBRUARY 19, 2024
Are company DEI investments built to last? Diversity and inclusion officers were the most coveted C-suite hires. Now they are leaving their roles. By Jack Grieve
51%
Just two years ago the role of chief diversity and inclusion officer was the single fastest-growing position in the C-suite, as documented by LinkedIn. Now, many of those same officers are leaving their jobs. Appointing a director-level position in charge of diversity, equity and inclusion, or DEI, initiatives had become a go-to
of DEI officers say business leaders fail to take ownership for driving DEI outcomes. Source: CV Viverito
168.9%
symbol of an organization’s commitment to diversity in the workplace after the police killing of George Floyd and the nationwide racial reckoning that followed. However, in the initial race to create DEI-focused roles, organizations often failed to dedicate sufficient support to sustain DEI staff in the long term. Now,
Growth in diversity and inclusion officer positions from 2019 to 2021. Source: analysis from LinkedIn
mounting legal pressure, political backlash and personal burnout are eroding the ranks of corporate DEI officers. “In 2020 there was a reactive investment without necessarily building up the foundation and structure to support that See DEI on Page 19
-4.5%
Diversity and inclusion officer positions declined by 4.5% in 2022. Source: analysis from LinkedIn
New York’s Film Production Credit, newly expanded to $700 million annually, gives the state back just 31 cents for every dollar it spends on the tax break, a new state-commissioned report found. | BUCK ENNIS
New York’s generous film tax credit is a failure The $700 million incentive is a “net negative” that fails at its main goal, according to a new state-commissioned report By Nick Garber
New York’s newly expanded tax credit for film productions is a “net negative” that fails to give taxpayers a return on their investment, even as state leaders have continued pushing to expand it, according to a new study commissioned by the state itself. New York’s Film Production Credit was
grown in last year’s state budget to cover as much as $700 million in costs annually for film and television productions that opt to locate in the state, forgiving 30% of eligible costs for each movie and show. Lawmakers, at the urging of Gov. Kathy Hochul, also extended the program through 2034 — despite longstanding complaints from watchdogs that the incentive may not achieve its stated goal of
spurring economic activity and attracting more well-paying jobs. Those claims are bolstered by the new study by the financial advisory firm PFM Group, which was commissioned by the state’s Department of Taxation and Finance to look into each of New York’s economic development tax credits. The study was required by a 2022 state budget provision and was put together over the course
of 2023. All told, New York gets back just 31 cents for every $1 it invests in film productions through tax breaks, the study concludes after considering the program’s pros and cons. The program has cost the state some $5 billion in the last decade, making it the largest of New York’s many tax incentives. See CREDITS on Page 22
VOL. 40, NO. 7 l COPYRIGHT 2024 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
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ELECTION RESULTS Democrat Tom Suozzi beats Republican Mazi Pilip for George Santos’ former seat in the U.S. House.
CHASING GIANTS A startup on the Upper West Side aims to provide a support group for any life challenge.
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GOTHAM GIG The MTA’s chief customer officer looks for fresh ways to keep people informed. PAGE 23
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