Intel has pledged $300m to increase diversity across all levels of its workforce by 2020, citing the technology industry's need to hire more women and minorities.
Chief executive Brian Krzanich highlighted the positive effect of a more diverse and inclusive workforce during a keynote speech at CES 2015.
"One word that I can think of that can change this industry for the better is inclusion," he said.
Krzanich was launching Intel's Diversity in Technology initiative, which aims to have full representation of women and under-represented minorities across the company.
"Tonight I'm announcing Intel's intention to lead by example, and invite the entire technology industry to join us," he said.
Krzanich added that the lack of a workforce that mirrors diversity in the general population presents Intel with missed opportunities in understanding and designing products for its customers.
"This is not just good business, this is the right thing to do," he said, citing examples such as the GamerGate scandal and discussions concerning the position of women and the lack of diversity in the technology industry.
"The confluence of industry events has brought this issue to the centre stage. From the threats and harassments that have characterised the debate in the gaming world, to the publication of hiring data and diversity statistics in the tech industry, this is a highly relevant issue and one that we all need to address," he said.
"It's time to step up and do more. It's not good enough to say we value diversity and then have our workplaces and our industry not reflect the full availability and talent pool of women and under-represented minorities."
The $300m investment will be used to create a 'pipeline' of female and ethnic minority engineers and computer scientists for Intel's workforce, with a focus on retaining these workers as well as hiring new staff.
The fund will also be used to support programmes that encourage more positive representation of minority groups in the technology and gaming industries.
Krzanich said that the pay of Intel's leaders will be tied to the success of the diversity initiative to ensure that the drive for diversity is achieved over the next five years, rather than simply discussed.
The company has also pledged to report on its hiring figures with full transparency.
"This is going to be difficult to achieve, which is why we are making a significant investment to support diversity and inclusion in our industry," he said.
The subject of diversity, particularly the role of women in the technology industry, was much discussed last year. Companies such as Amazon were found to be lacking a diverse workforce despite the global scale of its business.
However, many see the tide turning for women in technology. High-ranking Salesforce executive Melissa Di Donato recently told V3 that the IT industry needs more visible female role models to actively encourage women to join.
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