was a value of theirs from the very beginning .
Diverse companies perform better and are more successful than those that aren ’ t , according to a McKinsey study , and 70 % of diverse organizations are more likely to capture new markets , according to the Harvard Business Review . Successful companies are diverse companies because you get greater innovation and more creativity when you have different perspectives and experiences at the table . You need different races , different ethnicities , different religions , different educational backgrounds — that ’ s how you get to greater innovation and greater revenue .
Last year 63 % of HP ’ s US hires were from underrepresented groups — up from 57 % in 2018 — including women , ethnic minorities , veterans , and persons with disabilities . HP ’ s 12-member Board of Directors is 42 % women and 58 % racial minorities , making it one of the most diverse in the United States . But HP is committed to doing more , particularly by fostering new talent at HBCUs ( historically Black colleges and universities ). This is the fourth year of the
HBCU Business Challenge , a business school competition , with the National HBCU Business Deans Roundtable . About 85 of the more than 100 HBCUs are invited , providing students the opportunity to develop solutions to real business problems while gaining hands-on industry experience and a chance to earn an internship . This year the challenge will focus on “ Distance Learning ,” asking students to come up with creative solutions to the problems of working and attending college in an all-digital environment .
But it ’ s not just about HP recruiting students . We also build relationships with the colleges so that both our needs and their needs are met . Now we ’ re starting to expand that to engineering schools as well .
Earlier this year the students told us they needed to be able to do research with companies , not only internships , and this was an opportunity for us to provide them with apprenticeship-like programs on campus . We placed HP Multi Jet Fusion 3D printing equipment on the campus of North Carolina A & T State University and made a commitment for internships and apprenticeships to the university ’ s College of Engineering and College of Science and Technology . This pilot learning
program will help us plan for a broader program with other HBCUs . HP has also contributed to the
HBCUvc ’ s Student Relief Fund to help students during COVID-19 .
I call this an end-to-end solution that is a win for us , a win for them . It is about building this very inclusive partnership that meets the needs of both organizations , and they already know that we ’ re committed . So far almost 300 students have participated in the Business Challenge , and our goal is to find talent , bring them in for internships , and then hire them . And now we see the effect . For example , Delaware State won one year and now Delaware State interns at HP are serving as a recruiting force for us . Once students have a good experience with your company and feel a sense of belonging , they tell others .
Some perception exists that because HBCUs don ’ t have the partnerships with industry leaders that other schools do , those students may not be on top of the latest code or JavaScript . But the reality is that smart people are smart people regardless of whether they graduated from MIT , Stanford , a community college , a predominantly white institution , or an HBCU . The goal is to expose our management and leadership to good talent that comes from different places .
At HP and for me , it ’ s always been about the work we ’ re doing . The company is now hyper-focused on these issues . Post – George Floyd I see leaders taking a bolder stance . For example , Kim Rivera , HP ’ s President of Strategy and Business Management , helped
3.5 %
Percentage of engineers and tech professionals who are Black
SOURCE : EQUAL EMPLOYMENT OPPORTUNITY COMMISSION
1 %
Startup founders receiving venture funding who are Black
SOURCE : HARVARD BUSINESS REVIEW
HP / INNOVATION / FALL 2020 29