Increasing women’s participation in technology careers could represent a $6.5 billion opportunity for Australian businesses with women retraining and transitioning into the sector also standing to receive a $30,000 wage bump.
The figures come from a new RMIT Online and Deloitte Access Economics report. The report found that reskilled workers 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 news comes at an interesting time for Australian tech businesses. The world’s largest tech companies are in the midst of rolling back DEI policies while Australia faces up to a drastic shortage of tech workers. According to analysis from the Australian Computer Society (ACS), businesses will need 1.3 million tech workers by 2030, or 100,000 more than the government’s target for 2030.
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.
“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. 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,” said Nic Cola, CEO of RMIT Online.
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.
Despite the positive views, most business leaders (67 per cent) interviewed believe the tech sector should do more to encourage women to enter the field, and 68 per cent say the government could also do more to support these efforts.
Rhiannon Yetsenga, Deloitte Access Economics’ associate director, explained: “The emergence of Generative AI and other technologies presents an enormous opportunity for Australia. Yet, 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. This in turn will support economic growth and productivity across Australia’s economy more broadly.”
