When it comes to a recruiting pipeline this is critical. If you are tapping members of your team to help finding candidates from their networks and your team lacks diversity, you are going to just build out your team with more of the same.
The same goes for where you are looking for candidates outside of your team. If you are only targeting a small number of schools it's really easy to end up with a homogenized set to pull from. I know from experience working at some of the big tech powerhouses, they'd target a handful of schools and only hire college grads from there - which means they miss out on recruiting from state schools, historically black colleges, and other pockets where things are more diverse.