Intel Expands Efforts to Diversify Workforce
Intel is making an aggressive push to diversify its workforce as well as the industry. In January, the company announced that it will spend $300 million over five years on the effort, and in June, it unveiled the Intel Capital Diversity Fund, through which it will spend $125 million to help startups run by women and minorities. "It's time to step up and do more," Intel CEO Brian Krzanich said during the 2015 Consumer Electronics Show while announcing the $300 million program. "It's not good enough to say we value diversity, and then have our workforces and our industry not reflect the full ability and talent pool of women and underrepresented minorities." According to Intel's numbers, 24 percent of company employees are female, 8 percent are Latinos and 3.5 percent are black. Other tech vendors also are making moves to increase the number of women and minority employees. Google this year announced a $150 million workplace diversity initiative, with about half of the money going to outside organizations and the rest to internal programs efforts. Google officials also said the company spent about $115 million in 2014 to promote diversity. In June, Apple CEO Tim Cook said that diversity is "the future of our company," adding, "The most diverse group will produce the best product. I firmly believe that."
A recent report by Babson College found that only 15 percent of venture capital-funded companies in the United States have a woman on the executive team, and that companies whose CEO is a woman receive only 3 percent of total capital venture money. In addition, citing industry surveys, Intel officials have said that fewer than 1 percent of the founders of companies in California's Silicon Valley are African-American or Latino, and nearly all of funded founders are white or Asian.