This year, the Consumer Technology Association (CTA)®embarked on its first-ever Diversity and Inclusion Study to understand how the technology industry is incorporating diversity and inclusion (D&I) initiatives into their business models. We assessed companies’ strategic priorities and evaluated the challenges the technology industry faces in implementing changes to promote diversity and inclusion.
We found that diversity and inclusion in the workplace is not only important to our members, but also increasingly viewed as “essential” for attracting and retaining top-tier talent. Increased diversity drives employee productivity, performance, engagement, fosters innovation and positively impacts recruiting and retention of employees.
Companies are focused on recruitment, training and employee development initiatives to increase representation among historically underrepresented groups. These groups include racial and ethnic minorities, women, acknowledged LGBTQ+, individuals with disabilities, veterans, individuals over age 50 and religious minorities. In fact, 80% of those surveyed are systemically widening recruitment pools to tap new sources of talent, while 78% are providing employee development and training to improve the potential advancement of underrepresented people.
These same companies are measuring accountability through employee feedback and companies’ own internal data. While most organizations (45% of those surveyed) indicate their company is on track to meeting their diversity and inclusion goals, leaders recognize there is still work to be done.
While each company has its own unique challenges, 61% of CTA member companies agreed that employee development was the easiest activity to change, followed closely by recruitment initiatives (55%). However, leaders expressed concern about potential workforce and hiring challenges. As we move beyond the early days of the pandemic, flexible work, including remote and hybrid options, are increasingly important for retaining and attracting talent and suggest that recruitment is not necessarily bound by geography.
Our study shows that diversity and inclusion initiatives directly impact innovation, creativity and productivity. To create greater access and mobility for underrepresented voices, CTA is investing $10 million in venture firms and funds investing in startups led by women, people of color and other underrepresented populations. Additionally, CTA’s Diversity and Inclusion Working Group is a platform for member companies to share best practices, address challenges and develop strategies to create a diverse and inclusive tech ecosystem.
CTA's Diversity and Inclusion Working Group is responsible for deploying this inaugural study and we are excited about the work this group will undertake to continue fostering greater diversity and representation in our industry.
Diversity and Inclusion: Driving Sustainable Change in the Workplace is now available to download.