New Intel’s report quantifies the impact of improving diversity in the tech sector
Intel’s new report, “Decoding Diversity: The Financial and Economic Returns to Diversity in Tech” provides a quantification of the economic impact of improving diversity in the tech sector. Based on publicly released data from 167 U.S. companies, it indicates that the representation of female employees – and underrepresented minorities such as African-American and Hispanic- in the sector could potentially create $470-$570 billion dollars in value thus adding 1.2-1.6% to the national GDP.
According to the report, more diverse companies are 14-17% more likely to earn revenues above industry medians. This growth takes place as an effect of changes in the labor and consumer markets, increasing job creation and better quality products.
In the global level, the analysis points out that bridging the gap in women tech leadership would generate USD430 to USD530 billion dollars thus promoting an increase of 0.5-0.6% in the global GDP. However, to make sure these returns exist, it is suggested to focus on three main actions: sharing data, collecting evidence and making investment decisions based on the evidence. As well, it invites managers to hold diversity goals, formalize sponsorship programs and integrate race/ethnicity/gender blind recruitment systems.