Known colloquially as DEI, these initiatives are designed to create a fair and inclusive workplace with diverse people, where the playing field is levelled and all feel welcome.
Since his most recent election as United States president, Donald Trump has wound back government DEI programs with many private sector companies following suit.
But the former head of the Australian Retailers Association, Paul Zahra, wants Australian businesses to take a different path.
Recently appointed patron of Pride in Diversity, an organisation that supports employers in all aspects of LGBTQ workplace inclusion, Mr Zahra said the need for diverse visibility had never been greater.
When appointed chief executive of David Jones in 2010, he was the only openly gay leader in the ASX 200.
During his time at the retailers association, Mr Zahra then championed DEI by signing retailers up to gender and LGBTQI equity statements and advocating for First Nations peoples.
"I bring lived experience and I understand the complexities," he told AAP.
"For LGBTQI people there is still a social taboo and it's not always socially acceptable."
But rather than going down a rabbit hole of winding programs back, diversity, equity and inclusion should represent an opportunity for employers.
"People need to see it as an economic imperative and what is happening in the US means Australia can position itself advantageously," Mr Zahra said.
"While Washington rolls back DEI initiatives ... Australia has a unique chance to position itself as a global leader in inclusive business practices and reap the substantial economic benefits that come with it."
The White House has defended its shutting down of DEI programs within government, calling the framework a form of discrimination and says its transgender policy protects women by keeping transgender women out of shared spaces.
But Mr Zahra, who led the retailers association through the COVID-19 pandemic which was one of the toughest periods in retail history, said he had seen time and again how diverse leadership teams outperformed homogeneous ones.
"As this continues in the US, more of the talent will be forced out and Australia has a real opportunity to capture that talent," he said.
"When your competitors abandon proven business practices, Australia can capture the talent that values inclusion."
Recent Diversity Council Australia research shows some progress has been made in Australian workplaces towards diversity and inclusion but opposition to these efforts has doubled to seven per cent since 2017.
Despite having more ways of reaching colleagues than ever, the Inclusion at Work Index found workers report feeling less connected and able to contribute to their teams.
Some 71 per cent of the 3000 employees surveyed said they felt part of a team, a decrease from 77 per cent in 2021 and 78 per cent in 2019.
Similarly, 68 per cent felt able to contribute to discussions so that different views inform decisions, a drop from 76 per cent in 2021 and 78 per cent in 2019.
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