December 4th 2023.
The tech industry is one of the world's most profitable sectors, yet there has been little growth in Black Americans' prosperity in this area. According to a recent report, only 8% of the nine million tech workers and 3% of executives in the U.S. are Black. Moreover, it is projected that the collective loss of wages from tech jobs among Black households is predicted to reach an estimated $350 billion by 2030. This amount makes up roughly one-tenth of Blacks' overall wealth by 2023.
These findings indicate the need to take action to improve hiring, recruitment, retention, and providing resources to close the talent gap in the tech industry. Unfortunately, 77% of Black employees are not satisfied with their current tech roles. This lack of satisfaction is compounded by the costly education associated with IT courses, which many Blacks in poverty cannot afford.
In addition, 51% of Black adults lack the financial resources to apply for tech jobs. The wage gap for Black individuals in tech positions is anticipated to increase by nearly 37% in the next seven years.
Despite these statistics, the CompTIA global technology trade group presents a different story. On their website, it states that 8 in 10 high-tech industry workers are satisfied with their organization's diversity efforts and 44% say that diversity is a high priority for their employers. However, 45% also agree that the industry has failed to promote diversity. This failure is evident in the fact that the tech industry's workforce is predominantly white and male, with fewer African Americans, women, and Hispanics compared to non-tech industries.
Research has proven that tech companies with above-average diversity in their management teams have 19% higher innovation revenue and can boost their revenue per employee by 2.5 times. These results further emphasize the need for inclusivity in the tech industry. David Lee, a chief evangelist and visionary for tech diversity, has comments on this issue, saying, "The more diverse perspective a tech company has, the stronger the product it produces. Tech is used by everyone, so it should be created by a representation of everyone."
Lee is also the author of "The Only One in the Room: The Unwritten Rules of Being Black in Tech," which focuses on the lack of racial diversity in the field and explores ways to help change the disparity. He suggests that tech companies should engage with the local community, such as HBCUs and Black tech organizations, in order to create pipelines for Black talent.
Tech companies can also hold themselves accountable for achieving meaningful progress in diversity, equity, and inclusion. Lee suggests that for every carrot, there should be a stick. He recommends tying diversity goals to leadership bonus packages and incentive programs and making it costly when those goals are not met.
It is clear that there is much work to be done to increase the representation of Black Americans in the tech industry. By taking a proactive approach and engaging with the local community, tech companies can help create a more diverse and inclusive environment and build a successful and prosperous future.
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