An inclusive work environment offers opportunity for growth and achievement to a broader range of works. This is an important step towards creating more resilient communities and a more equitable world.

Companies know the importance of diversity. In fact, Workforce Management estimates that collectively, companies are spending billions on diversity and inclusion efforts. Yet, 68% of business leaders report a lack of diversity in their tech workforce.

There’s still a lot of work to be done to improve diversity both in the tech industry and in tech-based roles and professions in other industries. In this article, we’ll share why diversity in tech is so important, and what companies can do to improve it.

What exactly is diversity in tech?

Diversity in tech is all about bringing more perspectives to a traditionally homogeneous and often non-inclusive industry. Today, women and people of color lack representation — Google, for example, reported that just 5.5% of new hires in 2020 were Black+ (and just 6.6% were Latinx+). Diversity rates have been increasing over the years, but not quickly enough.

Why is diversity in tech important? 

You may be wondering why diversity in tech is so important. There are moral reasons, such as increased equality, for emphasizing diversity in tech. However, there are also important business reasons for promoting diversity in the workplace.

When a company has a diverse workforce, they can understand their customers better. Consumers today have higher expectations of products and services that meet their specific, and diverse, needs and preferences. At the same time, employees have higher expectations for workplaces that are inclusive of their needs and value the diverse perspectives, skills, and experiences they bring to the table.

The world itself is overflowing with diversity. Without diversity in tech, our tech-based world can’t tap into the full range and richness of that  diversity.

There are many examples of companies who have created products without input from women or people of color. This is bad for business. Women alone, for example, control about $20 trillion in consumer spending. The most interesting part? Women report that they feel majorly underserved. This means there is a huge opportunity for companies who make diversity in tech a focus.

That isn’t to say that only women can create products for women, or that only Black people can create products for Black people. However, more representation from women will inevitably lead to better products for women. More representation from people of color will lead to products that better serve the needs of their respective communities.

In addition, having a more diverse workforce means diverse opinions, backgrounds, and perspectives. With a team of diverse employees, you will have access to more creativity and wider skill sets. Plus, more diverse ideas for solving business problems, which will help your company grow.