Intel, fueled by its aggressive mission, sets to create a diverse U.S. workforce by 2020. In order to accomplish this, the company is investing $300 million diversity fund to achieve the employment and retention of women and underrepresented minorities.
Intel CEO Brian Krzanich announce that mission during his keynote speech at the Consumer Electronics Show in Las Vegas on Tuesday, January 7, 2015. Krzanich stated, “It’s time to step up and do more. It’s not good enough to say we value diversity.”
The company now aims for its U.S. workforce at the all available levels to mirror the talent available in America in the next five years. Krzanich also stated the compensation of Intel leaders would be directly tied to the progress they make in reaching that diversity goal.
“This isn’t just good business. This is the right thing to do,” Krzanich stated about the diversity fund.
Rev. Jesse Jackson was sitting in the front rows during the keynote and applauded the announcement of Intel’s “parity 2020” initiative.
Jackson said, in an interview regarding Intel, “It’s a huge first step.”
Silicon Valley seems to have a diversity problem. Companies in that area are staffed by white men and Asian men – as much as they are trying to appeal to diverse users. Whites are expected to become a minority in the USA by 2044 with Latino and African-American buying power on the incline.
The leading technology company released data that they underemploy African-Americans and Hispanics, trailing behind Corporate America. Those groups make 5% of the companies’ workforce, compared with 14% nationally.
Jackson and his Rainbow PUSH Coalition have been pressing companies to set goals and timetables for recruiting and retaining more underrepresented minorities.
Jackson, along with his leadership team, and Krzanich met last month.
Intel said it will tap a $300 million diversity fund to create a higher employment for female and underrepresented engineers and computer scientists through the diversity fund.