How skills and talent diversity drive business success
Women comprise just 30 per cent of the Australian technology workforce. Reskilling more women into technology occupations is good for women and good for business.
Exponential technology shifts have fundamentally changed the way we work. Yet Australia is not taking full advantage of emerging technologies because the workforce – both workers using digital skills as part of their role, and technology workers specifically – lack the required skillset.
According to the new Women in Tech report released by RMIT Online and Deloitte Access Economics, more than a third of surveyed businesses say their workforces lack or have outdated generative AI and digital transformation skills.
On top of that, Australian Computer Society (ACS) analysis estimates the country’s businesses will need 1.3 million tech workers by 2030, or 100,000 more than the current federal government’s target. That’s a difference equivalent to 10 per cent of the technology workforce today. So how do we bridge that gap and fully capitalise on the economic opportunities that arise from big technological shifts?
One way is by tapping into an underutilised pool of talent in Australia’s technology workforce: women.
Women comprise just 30 per cent of the Australian technology workforce, compared with 44 per cent of the professional workforce. Worryingly, the past decade has seen the share of women in technology roles increase by just two percentage points.
Reskilling more women into technology occupations is good for women and good for business.
For women, the report estimates that reskilling into technology could increase their earnings by $600 weekly or $31,100 per year, representing a 31 per cent average wage boost.
Reskilled workers also generate additional profits of $16,400 each, on average. Together with the wage premium, this represents a $6.5bn opportunity for Australian businesses. Conservatively, we estimate medium-sized companies stand to gain a benefit of $278,700 annually, while large companies could see a $1.8m dividend annually by attracting women into tech roles.
Most businesses recognise the need to improve gender diversity in technology – according to the research, three-quarters agree this is a problem and 44 per cent are doing something about it.
The benefits are clear for businesses addressing the diversity of their technology workforce. More than half have experienced improved team dynamics and performance alongside improved creativity and innovation.
For businesses in doubt, the report offers a way forward. Drawing on skills similarity data across more than 350 occupations, it estimates over 661,000 women in Australia with a “short-term skilling pathway” into technology.
This means these women could reskill into tech roles through a short course or on-the-job training within approximately six months, benefiting both the economy and them.
Halving the gender gap in Australia’s technology workforce would see 137,300 more women joining this workforce and helping to support the growth of the workforce to 2030.
There’s an enormous opportunity associated with reskilling women in technology roles to build the stock of digital workers in Australia. This bold ambition has been identified before, and businesses, industry bodies and governments have made efforts.
However, businesses continue to face roadblocks to tackling this issue. A third say tackling gender diversity in tech is either not a priority or an issue they don’t know how to address. Research also shows that while some organisations are already prioritising hiring more women in tech roles, many are neglecting to focus on retaining and promoting them. Data reveals that more than 50 per cent of women who join the technology industry are likely to quit before age 35.
Investing in learning is useful to promote retention, but it’s not enough. Businesses also need to address the systemic and cultural issues which may prevent women from advancing in their careers, including biases in promotion processes, lack of development opportunities, inflexible work policies and non-inclusive workplace cultures.
It is paramount to recognise the value that reskilled workers provide – for example, by drawing on their diverse career experiences to offer unique and innovative solutions to business problems.
This is not just the responsibility of businesses. Governments and industry also have a role to play.
While the technology sector and Australian state and federal governments already have some initiatives in place, more must be done. For instance, we need programs that build on skills throughout an individual’s lifetime and ensure programs that meet the needs of diverse groups. We should also improve the accessibility of skilling programs to meet the needs of diverse groups, and pair skilling programs with opportunities for mentoring/ networking.
With 84 per cent of businesses currently adopting new technologies across generative and agentic AI, quantum computing, biotechnology, advanced robotics and more, it is critical for Australian workers in all fields and disciplines to have the skills needed to harness emerging essential technologies.
Reskilling women would help fill an urgent and growing skills gap while improving gender diversity in the tech workforce. This in turn will support economic growth and productivity across Australia’s economy more broadly.
Rhiannon Yetsenga is associate director at Deloitte Access Economics and Nic Cola is chief executive of RMIT Online.
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