SAN FRANCISCO, June 9, 2020 /PRNewswire/ -- Companies in the tech industry have an unprecedented opportunity to advance diversity throughout their organizations and finally deliver on the promise of a culture of equality with a diverse workforce.
Diversity continues to elude the Tech Industry according to exclusive research on the Tech Industry's Diversity Hiring Practices released today by Female Founders Faster Forward (F4) an independent non-profit 501(c)/3 organization. The report reveals that 95.5% of tech company job seeking candidates reported that discrimination was the factor for not being hired. Since 71% of the surveyed candidates are under-served minorities, it elucidates tech companies' ongoing struggles to create an equitable hiring process. The lack of diversity in hiring is reflected in the workforce demographics across 30 Major Companies in the Tech Industry where 88% of employees are Caucasian and Asian and 64% are male. The research also shows that ethnic minorities continue to be underpaid compared to their Caucasian and Asian counterparts, demonstrating that the culture of inequality persists even after under-served minorities are employed by tech companies.
While current events reshape companies and industries, business leaders need to think beyond survival and recognize opportunities for growth. Never has diversity been more important to growth – the new environment requires new ways of thinking and better connections to customers. Visionary tech leaders can select from a larger, more diverse pool of talent and lay the groundwork for post-crisis recovery and growth. Unfortunately, most companies make the mistake of uniformly freezing hiring in crises, instead of taking advantage of the amazing hiring opportunity, sprinting away from competitors, and never looking back.
"This is an extraordinary opportunity for business leaders in the tech industry to lead for equality, act for diversity. The time is now to hire diverse talent for lasting greatness," stated F4's Founder June Manley. "As we emerge from this unfolding tragedy, it will be the long-term visionary leaders who invests and advances equality and diversity today, their organizations who not only survive but thrive, tomorrow."
About the Research
The Tech Industry's Diversity Hiring Practice research was conducted by F4 for the EQUALITY FOR ALL initiative (www.equality4all.org), between March 5th and March 12th, 2020. The research was conducted using an online survey focusing on active job seeking candidates who had interviewed for a job at a tech company.
Female Founders Faster Forward (F4) is an independent non-profit research, policy and advocacy organization dedicated to championing equal opportunity for all. www.f4capital.org
SOURCE Female Founders Faster Forward