Major American firms have partnered to form the Catalyze Tech coalition focused on boosting diversity among workplaces.
- Some 31 tech companies such as Alphabet Inc.’s Google, Twitter Inc., Snap Inc., and about two dozen firms have joined the group, seeking to improve underrepresentation in Silicon Valley.
- The coalition aims, to hold members responsible for taking action on the representation of women, people of color, first-generation college graduates, and the LGBTQ among their respective firms.
- The commitments include acknowledging diversity as a major business imperative and working to enhance the pipeline of young talent, as well as considering equity concerns including suppliers, product design, and hiring.
- The establishment of the group comes as investors have cited race and cultural issues among workplaces, with tech firms facing backlash over inequality in firms and products.
The commitments are highlighted in a 116-page document outlining the issues concerning the tech sector.
VGT is up 0.79%, GOOG down 0.59%, TWTR down 1.17%, and SNAP up 1.34%.
Source: Bloomberg
