Stakeholder theory has received greater scholarly and practitioner attention as organizations consider the interests of various groups affected by corporate operations, including employees. This study investigates two dimensions of psychological climate, specifically perceived pay equity and diversity climate, for one such stakeholder group: racioethnic minority professionals. We examined the main effect of U.S. professionals' of color pay equity perceptions, and the influence of perceived internal and external pay equity on turnover intentions. We also investigated the interactive effect of perceptions of pay equity and diversity climate on turnover intentions. Results indicated that pay equity perceptions were negatively associated with turnover intentions. Our findings showed that perceptions of internal pay equity influenced turnover intentions but perceptions of external equity did not. Further, perceptions of pay equity and the diversity climate interactively influenced turnover intentions. Participants who reported an unfavorable diversity climate and a low perceived pay equity were most likely to report turnover intentions. Simple slope analysis for moderate pay equity also was significant. When perceived pay equity was high, favorability of the diversity climate did not affect turnover intentions. The findings have useful practical implications. When pay was perceived as equitable, participants appeared to pay less attention to the diversity climate. Employee pay equity perceptions may be malleable; sharing information with employees about pay levels during performance reviews may enhance perceptions of pay equity. The findings suggest that, consistent with stakeholder theory, organizations should attend to perceptions of both pay equity and diversity climate when striving to minimize the turnover intentions of professionals of color. Keywords Corporate social responsibility Á Perceived pay equity Á Diversity climate Á Turnover intentions Á Professionals of color Abbreviations CSR Corporate social responsibility DC Diversity climate TI Turnover intentionsStakeholder theory has received greater scholarly and practitioner attention as employers consider the interests of various groups affected by corporate operations, including employees. In recognition of the stakeholder interests of racioethnic minority group employees, many U.S. organizations espouse a positive diversity climate, as evidenced by both the plethora of diversity-related information on their websites and the increasing number of chief diversity officers (Anderson and Billings-Harris 2010). However, minority employees, the sample for this study, tend to turn over at higher rates than majority employees (Hofhuis et al.