4 Effective Strategies to Help Solve Tech’s Diversity Problem
Despite the fact, that a recent McKinsey & Company survey revealed that diverse companies experience 15 percent more profitability and outperform competitors, diversity remains one of the Tech industry’s unsolved issues. If your company is looking to remain successful and competitive, you’ll need to step up and implement strategies that help solve Tech’s diversity problem; creating more inclusive spaces, and closing the talent gaps that stand in your way.
Why Tech’s Diversity Problem is Your Problem
Surveys from both the Peterson Institute for International Economics and a McKinsey & Company revealed that companies with greater gender and ethnic diversity experience up to 21 percent more profitability. If your company isn’t taking on this issue and actively working towards solving Tech’s diversity problem, you’re missing out on profits and hurting your business’s bottom-line.
According to the Equal Employment Opportunity Commission, the Tech industry has only half as many minority workers and less than three-quarters as many women as the nation’s overall job market. Not only will you harm your bottom line, but you’ll also miss out on talented Tech talent that can help create an array of solutions and products that can appeal to different demographics and increase your consumer base.
Practical Tips to Fix Tech’s Diversity Problem
If you’re looking to enhance your business’s productivity, efficiency, and grow your consumer base, here are a few practical strategies that your company can adapt to help solve Tech’s diversity problem:
- Recognize The Issues. First and foremost, before your company can help solve this crucial issue, you must acknowledge it’s an issue that is impacting your work culture and your business processes and revenue. Diversity and Inclusion are no longer just buzzwords; to get buy-in from your entire company, you must be willing to address the complex issues that have appeared due to the lack of diversity across the industry. You have to recognize that underrepresentation is real and make an effort to understand all of the aspects of a culture lacking diversity.
- Hire a CDO. If you’re looking to cultivate a culture where all employees feel they have a safe space to grow professionally, you’ll want to consider on-boarding a Chief Diversity Officer (CDO). The CDO is responsible for building more efficient teams, creating more inclusive products, and developing creative workspaces that promote continual innovations. With a CDO your business can boost your revenue, enhance productivity, and retain the in-demand Tech professionals you’ll need to remain competitive.
- Understanding Intersectionality. You may or may not know what intersectionality is, but if you’re going to create a diverse industry, you’ll need to uncover its meaning and how it can help. Intersectionality is acknowledging that your employees’ problems are multifaceted, and determined by their age, ethnicity, gender, and orientation. Simply put, adopting an intersectional lens will reveal that a Caucasian man who identifies as gay will need different strategies to meet his specific needs versus those an older African American, cis-woman would need. Intersectionality is crucial in creating inclusive spaces.
- Owning Your CSR. Is your business prioritizing corporate social responsibility (CSR)? If you answered no, then you’ll need to work on improving your company’s CSR by volunteering or giving back to your community. A study by Cone Communications found that more than 60 percent of consumers hope businesses will drive social and environmental change in the absence of government regulation. Prioritizing CSR and assisting in the industry’s social issues will help solve Tech’s diversity problem, and also enhance your consumer appeal and positively impact your brand reputation.
Is your business ready to step up and assist in solving this industry-wide diversity problem? If you answered yes but aren’t sure where to start or how to access a more diverse talent pool, contact Mondo today. Our experienced recruiters are connected to Tech talent of various ages, genders, and ethnic backgrounds, and can provide the diverse talent you need to create more inclusive solutions that appeal to a larger consumer base.