With Australia needing another 1.3 million tech workers by 2030, a recent report by RMIT and Deloitte Access Economics has identified upskilling women into technological fields as a "practical and fast solution" as well as a $6.5 billion opportunity. 

The Women in Tech report found that two in every three business leaders from large companies believe the tech sector should do more to encourage women to enter the field, yet 36 per cent face backlash or resistance if they implement policies to address talent and skills shortages through the hiring and retention of female talent.

Currently the sector has a gender split that is heavily skewed towards men at 70 per cent, and one in five surveyed businesses for the report doesn't believe that gender diversity in technology is a problem.

The report's researchers have drawn on detailed skills similarity data from O*NET across more than 350 occupations to find opportunities for upskilling into core technology roles, concluding there are 661,300 women with a ‘short-term skilling pathway’ through a short course or on-the-job training within approximately six months.

The report estimates women who successfully transition into tech can earn $31,100 more annually, although this is unlikely to transpire immediately as they gain experience in a new sector.

In addition, it forecasts reskilled workers will also 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. 

The report's estimates are not based on all the potentially eligible upskillers making the switch to tech, but has used modelling to see what would occur if the gender gap in tech were improved from 30 to 39 per cent, implying an estimated 137,300 additional women joining the technology workforce.

In addition to identifying the potential for higher revenue and salaries, the data shows that among the Australian businesses that achieved higher diversity in technology roles, more than half (59 per cent) have experienced improved team dynamics and performance, and 58 per cent have seen improved creativity and innovation as a result of diverse workforces. 

Over half of surveyed businesses believe fair and inclusive hiring processes have the largest impact on improving gender diversity, while offering reskilling and upskilling opportunities was also ranked as highly effective.

However, research implies that while organisations are prioritising hiring more women, many are neglecting to focus on retaining and promoting women in technology internally. Research suggests that more than 50 per cent of women who join the technology industry are likely to quit before the age of 35.

The report authors claim that "diversifying the technology workforce, which has historically been a male-dominated industry due to gender stereotypes, will become essential for embracing technological change and subsequently achieving desirable business outcomes".

But there are still significant challenges to be overcome. 

"The majority of surveyed businesses reported insufficient internal opportunities (e.g. lack of reskilling/ upskilling opportunities, unclear paths for promotion or career progression) as the primary challenge faced when attempting to retain women in technology roles," they wrote.

RMIT Online CEO Nic Cola says Australia's tech talent shortage is a growing challenge, and reskilling women presents a "practical, high-impact solution".

"Gender representation drives profitability, innovation and performance," Cola says.

"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 of Deloitte Access Economics says improving gender diversity in the tech sector will support economic growth and productivity across the broader Australian economy.

"The emergence of generative AI and other technologies presents an enormous opportunity for Australia," Yetsenga says.

"Australian businesses cannot 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."

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