At the Global Entrepreneurship Summit this week, Intel CEO Brian Krzanich, along with senior leadership from other Silicon Valley companies, signed a Tech Inclusion Pledge that resolves to take action to make the technology workforce fully representative of the American people.
The commitments of the Pledge align with Intel’s $300 million Diversity in Technology initiative and 2020 goal to reach full representation of women and underrepresented minorities in its workforce.
Intel and Silicon Valley companies participated in a roundtable event held in conjunction with the Global Entrepreneurship Summit. The roundtable event provided a forum for technology companies to discuss efforts to advance inclusive entrepreneurship and tech diversity as well as a report conducted by Intel and Dalberg Global Development Advisors on the business case for workforce diversity.
Barbara Whye, deputy director, Diversity in Technology Initiative at Intel Corporation, revealed findings from the report, “Decoding Diversity: The Financial and Economic Returns to Diversity in Tech.” The document provides the first-of-its-kind analysis quantifying the economic impact of improving diversity in the tech sector. It looks at data from 167 U.S. technology companies and concludes that increased representation of African-American, Hispanic and female employees has significant economic implications, including productivity, growth and revenue gains in the technology sector.
According to the report, a global productivity boost of $430 billion to $530 billion could be generated through closing the global tech industry’s female leadership gap.
Other highlights from the study include an additional $470 billion to $570 billion in new value, based on a combination of higher revenues and increased market values, could be achieved for the U.S. technology sector through full representation of racial and ethnic diversity and full representation of gender diversity among leadership. Additionally, every incremental percentage point in African-American and Hispanic representation at NASDAQ-listed tech companies can represent a 3 percent increase in revenues and a potential $300 billion to $370 billion annual increase in revenue for the technology sector.
Pictures courtesy of Intel