The Diversity Imperative: Why Tech Companies Must Prioritize Inclusion to Thrive

Diversity is a crucial factor in modern talent acquisition strategies. In today's world, companies need to focus on building diverse teams to ensure they're hiring the best talent, no matter their background or ethnicity. This is especially true in the tech industry, where there has been a long-standing issue with a lack of diversity. By focusing on building diverse teams, businesses can bring in new perspectives and ideas, improve employee engagement, and ultimately, drive better business outcomes.

Diversity by the Numbers

Statistics show that diverse teams are more innovative, perform better, and are more profitable. McKinsey's report "Diversity Matters" found that companies in the top quartile for racial and ethnic diversity are 35% more likely to have above-average financial returns. Additionally, a study by the Boston Consulting Group found that companies with above-average diversity scores generated 19% higher innovation revenues.

Tech companies have been notoriously lacking in diversity. According to a 2021 study by the National Center for Women & Information Technology, only 26% of the computing workforce in the US is female, and only 3% of computing-related jobs are held by African American women. Similarly, the same study found that just 1% of the computing workforce is made up of individuals with disabilities. The situation is not much better when it comes to race and ethnicity. According to a 2021 report by the Kapor Center, only 8% of the tech workforce is Black, and 7% is Latinx.

Three Strikes Against Homogeneity: Why Diversity is Key

The lack of diversity in tech is a problem for several reasons.

1. It leads to a lack of innovation. Homogeneous teams tend to think and act similarly, which can stifle creativity and prevent new ideas from emerging. By contrast, diverse teams are more likely to consider a variety of perspectives and come up with unique solutions to problems.
2. The lack of diversity can also result in bias in decision-making processes. A team that lacks diversity may inadvertently make decisions that are not inclusive of certain groups, leading to products or services that do not meet the needs of all customers. This can ultimately result in lost business opportunities.
3. Employee engagement can dwindle due to lack of diversity. Individuals from underrepresented groups may feel excluded or marginalized, which can lead to low morale, reduced job satisfaction, and ultimately, high turnover rates. In contrast, organizations that prioritize diversity and inclusion tend to have higher employee engagement and retention rates.

Building a Diverse Dream Team: Strategies for Inclusive Talent

Creating a diverse and inclusive workplace is crucial for any company in the tech industry looking to thrive and stay competitive. To achieve this goal, companies need to take a multifaceted approach that includes sourcing talent from a wide range of sources, looking beyond traditional pipelines, and fostering an inclusive workplace culture. Here are some key steps companies can take to build diverse teams and create an inclusive work environment.

• To build diverse teams, companies need to recruit from a wide range of sources, including universities and colleges that serve diverse student populations, attending career fairs focused on underrepresented groups, and partnering with organizations that promote diversity in tech.
• Companies can broaden their search for talent by looking beyond the traditional "pipeline" for tech talent, which has historically been limited to a certain demographic. Candidates with transferable skills, such as those from non-traditional tech backgrounds like the arts or humanities, can also be considered.
• Fostering an inclusive workplace culture is crucial to building diverse teams. Companies can create an environment where individuals from diverse backgrounds feel welcome and valued by providing them with the support and resources they need to succeed.
• Employee training on unconscious bias, mentorship opportunities for underrepresented groups, and establishing employee resource groups (ERGs) for individuals from diverse backgrounds are some ways companies can foster an inclusive culture.
• ERGs can provide a safe space for employees to connect with others who share their experiences and offer support and guidance to one another.

Diversity and Talent: Axiom's Winning Combo

Here at Axiom Global Technologies, we are committed to promoting diversity and inclusion in the tech industry. We actively partner with organizations that share this mission, including High Tech High Heels, a nonprofit that empowers girls and women to pursue STEM careers. As a founding circle member of the Silicon Valley Chapter and with our CEO on the board, we take great pride in supporting their programs and initiatives. Many of our employees volunteer their time to further this important cause.

Our expertise and resources can help companies achieve their diversity and inclusion goals, resulting in more innovative, high-performing, and profitable teams. To learn more about how we can help your organization, visit our website at axiomglobal.com.