Diversity doesn’t matter in tech!
There has been a lot said recently about how diversity is important in our society but is it really? Is it helpful or harmful for a tech company to become more diverse when the main purpose of a company is increasing revenue? Let’s take a look below and see if we can answer a few “workplace diversity” questions.
- Morgan Stanley recently reported that, “a more diverse workplace deliver[s] better returns and less volatility.” McKinsey also stated that, “In the United States, there is a linear relationship between racial and ethnic diversity and better financial performance: for every 10 percent increase in racial and ethnic diversity on the senior-executive team, earnings before interest and taxes (EBIT) rise 0.8 percent.” Furthermore, companies with a more diverse workplace are more likely to have higher financial returns to a counterpart who lacks diversity. When it comes to revenue and profitability diversity matters but if you don’t care about your tech companies revenue and profitability then I guess it doesn’t really matter.
- In 2015, more than 6.7 million people were employed by a tech firm. Today the tech industry is one of the fastest growing industries in the nation. As the industry continues to grow, so will the need for new talent which in turn means you inevitably must tap into a diverse option of resources to attract such talent. In order to meet future workforce needs you have to understand the world and its growing diversity. But if aren’t worried about meeting your workforce needs then diversity doesn’t really matter in tech.
The bottom line is if you care about profit and workforce expansion, diversity matters. Period!