Corporate Initiatives In Tech
Most enterprises recognize the value of a forward-thinking initiative across the company. Many fundraising efforts and HR educational workshops have gone into generating more awareness for employees about the societal climate. With the COVID-19 pandemic and different societal movements, every crevice of America, from the public sector to the private sector, has felt the implications.
The tech industry has not been immune to mirroring society. Some sociologists and talking heads elevate the tech industry to be one of the more progressive business sectors. Just think about the Silicon Valley titans, like Elon Musk and Mark Zuckerberg, with their quests for transcending the human experience with experimental science. Tech has embraced the bold thinkers, visionaries, and innovators and promised them a better tomorrow in exchange for original thinking and incubators.
One of the more prominent initiatives in tech is diversity. It has become a popular buzzword for West Coast executives, but does it work?
What Diversity Means For Tech
As the tech industry focused more on diversity, some questions came to the forefront about being more inclusive in the workplace. What have been the contributions and innovations of minorities in tech? Can the tech sector provide better opportunities for minorities? Would tech advancements benefit from a more inclusive workforce?
Research shows that a more diverse workforce correlates with higher revenues and more creative teams. For the tech industry, intentional diversity practices amount to an extra $400 billion in annual revenue. The increase in cash flow creates opportunities that were nonexistent before. It also shows that tech companies behind the curve in diversity are operating from a loss perspective.
The tech giants have been slow to respond despite extraordinary financial gains made by diversity. At Google and Microsoft, the number of blacks or
Latino US tech employees rose by less than 1% since 2014. Apple reported that black tech workers accounted for less than 6% of the total US workforce. Better gains were made for female employees in tech. The trailblazers like Sheryl Sandberg at Facebook and Elizabeth Theranos of the eponymous, notorious company brought more public-facing awareness to women innovating in tech. As a result, both Facebook and Google reported an 8% increase in female employees.
Why Diversity In Tech Matters
Change is hard. When change involves millions of dollars, hiring practices, and challenging the status quo, it becomes a cause. Diversity in tech is a worthy cause that is going to make the workplace better, more productive, and innovative. Take for example the story of Charley Moore. Charley is the founder of one of the nation’s preeminent black-owned businesses, Rocket Lawyer. Rocket Lawyer began as an idea to make legal services affordable to anyone from anywhere. These days, Rocket Lawyer is an online service that helps entrepreneurs with legal advice at a fraction of the cost. Moore had the vision to grow his company into a global operation. Now, Rocket Lawyer has 20 million subscribers, created 100,000 business contracts a month, and resolved a tremendous number of legal issues.
The benefits of a diverse workplace can push tech innovation and advancement to greater heights while making the world a better place.