Common meaning:

Racism that is embedded in the regulations and laws of an organization.

Hidden meaning of the Equity religion: 

Discrimination that occurs simply because white people are employed by institutions.

Discussion:

The Equityists believe that all white people, even if they don’t realize it, are actually an integral part of a systemically racist system. There are not some white people who are racist and some who are not. All white people are racist and all non-white people can never be racist.

When the Equity believers say a problem is systemic, they mean that it is contained within the oppressive group. When the Equity faithful talk about systemic racism, they’re not talking about regulations and laws that are racist but that the white people are all racist. 

The Equityists have convinced themselves, despite a total lack of evidence, that there is a grand conspiracy of all white people to abuse all people of color. They consider any gap between white people and people of color to be proof of systemic racism but conveniently ignore the hundreds of other factors that could have caused the variation.

It is possible for a society to implement systemic racist ideas in institutions, but that has not been common in the West recently, or at least not until companies started following Equity beliefs and began to discriminate against white people.