The tech industry is known for large investments and low minority hires. In 2015, Intel looked to bridge this gap by investing in its future. So far the investment has seen mild gains. With a goal towards a workforce reflecting the American population in 2020, Intel currently stands at 25.4% female employment and 13.1% underrepresented minorities employment (includes blacks, Latinos, and Native Americans).
“This year we have set the goal of 45% diverse [female and underrepresented minority] hires, and we’re not quite there yet, at 43.4%." Danielle Brown, Intel’s chief diversity and inclusion officer stated to Fast Company. Despite the slow gains in recruiting, retaining, and promoting women and underrepresented minority employees, Intel has all but accomplished goals in female pay gap (now 100% equal to white males), and underrepresented minority pay gap (99% equal to white males).
In addition, Intel is also looking to invest in female and minority led firms. Since 2015, Intel has invest $25 million "into pipeline development programs that promote STEM education at the high school and university levels, and dedicated another $125 of the Intel Capital Venture Fund over five years toward investing in startups run by women or underrepresented minorities.” With a goal of spending $1 billion annually with diverse suppliers by 2020, Intel is on track to meet its 2016 goal of $400 million.
Only time will tell how well this investment will work, but if Intel’s bet is successful, this will set a precedent for diversity workplace issues. As with any growth strategy investment in time, resources or money is needed to truly create a solution. This is an awesome first step by Intel and I can’t wait to see where it goes.