A new report by RMIT Online and Deloitte Access Economics has found that increasing women's participation in technology careers could represent a $6.5 billion opportunity for Australian businesses.
The Women in Tech: How Skills and Talent Diversity Drive Business Success report focuses on on how to solve the tech talent shortage Australia is set to have by 2030 and outlines how tapping into the current female workforce can help close this gap.
One of the report's main conclusions is that upskilling or reskilling women to work in technology is a practical and fast solution to bridging the skills gap by improving gender diversity within the industry from its current 30% female versus 70% male split.
According to the report, women who successfully transition into tech can also benefit significantly, estimating they can earn $31,100 more annually, representing a 31% average salary boost to the individual and a $4.3 billion positive wage impact overall.
Reskilled workers generate additional profits of $16,400 each on average. Together with the wage premium, this suggests medium-sized businesses stand to gain a benefit of $278,700 annually, while large companies could see a $1.8 million dividend per year by attracting women into tech roles.
RMIT Online CEO Nic Cola said Australia's tech talent shortage was a growing challenge, and reskilling women presented a practical, high-impact solution.
"Gender representation drives profitability, innovation and performance, Cola said.
"With over six hundred thousand women in roles that could transition into tech with the proper training, the opportunity is clear.
"However, businesses can't do it alone. The data shows an urgent need for greater collaboration between industry, educational institutions and government to accelerate upskilling efforts to attract women into tech."
Rhiannon Yetsenga from Deloitte Access Economics explained that while the emergence of Generative AI and other technologies presented an enormous opportunity for the country, Australian businesses could not capitalise on the benefits of new and emerging tech without access to the right skills.
"Reskilling women would help fill an urgent and growing skills gap while improving gender diversity in the tech workforce, Yetsenger said.
"This in turn will support economic growth and productivity across Australia's economy more broadly."
RMIT Online and Deloitte's analysis identified 661,300 women in Australia who, based on their current occupations and careers, could reskill into tech roles within approximately six months through short courses or on-the-job training.
The report also explores the views of Australian business leaders on gender diversity and its impact on business performance.
In addition to identifying the potential for higher revenue and salaries, the data showed that among the Australian businesses that achieved higher diversity in technology roles, more than half (59%) have experienced improved team dynamics and performance, and 58% have seen improved creativity and innovation because of diverse workforces.
Despite the positive views, most business leaders (67%) interviewed believe the tech sector should do more to encourage women to enter the field, and 68% said the government could also do more to support these efforts.
Other key findings from the Women in Tech report:
Benefits of gender representation, according to business leaders
- 59% experienced improved team dynamics and performance.
- 58% experienced improved creativity and innovation.
- 56% were able to attract higher-quality staff.
- 52% experienced greater customer satisfaction rates.
Barriers to gender representation, according to business leaders
- 68% say the government could do more to support efforts to attract women into the tech industry.
- 67% of business leaders believe the tech sector should do more to encourage women to enter the field.
How business leaders are overcoming barriers to gender representation
- 62% have a DE&I policy to promote gender diversity in their tech workforce.
- 56% have a fair and inclusive hiring process designed to minimise the impact of unconscious biases.
- 45% offer reskilling and upskilling opportunities to promote gender representation in their tech workforce.
- 44% of business leaders say they're aware of - and actively addressing - the need for greater representation of women in tech roles.
Download the full Women in Tech: How Skills and Talent Diversity Drive Business Success report here.
