In a corporation, this is a person who was hired solely because of the color of their skin, or their sexual identity, as opposed to their actual skills or contributions to the company. This person is usually employed for reasons including company PR or lower government taxation.
Jerry: "Which one of us was the useless simpleton who organized all these files incorrectly?"
Harry: "It was Terry, the diversity hire."
Jerry: "If we screwed up as much as he does, we'd be fired."
Harry: "Sadly, Terry is a homosexual black man, so HR won't touch him."
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