The Women Leading Tech Awards, presented by Atlassian, invites women across all areas of the tech industry to apply for a chance to have their contributions recognised. But there has been a notable absence this year and last: entries to the Finance & Accounting category. We have one question for you, B&T readers: where are they? Let’s start a conversation.
As of late 2024, a Deloitte report found that just 23 companies listed on the ASX100 have female CFOs. It illustrates the need for more accessibility, accountability and opportunities for women to enter the executive position.
Even though Australian business bachelor degree graduates are almost 50/50 split between men and women, less than one in four CFOs representing companies from the ASX100 list are women.
That’s not all, we’re facing an unprecedented tech workforce challenge. According to the Department of Industry, Science and Resources, Australia has seen a 3.7 per cent decline in tech jobs while the broader labour market grew by 2 per cent.
To be clear, one doesn’t need to have the specific ‘chief financial officer’ job title to enter. As with B&T‘s CMO Power List, job titles are nebulous and we are just as likely to have chief customer officers or chief engagement officers as chief marketing officers these days.
If the finance buck stops at your desk, you’re eligible for the CFO category.
“Tech is integral to our professional and personal lives, and the pandemic has only reinforced its importance. Tech companies continue on the fast track for growth and women want to be part of the story,” Karen Hartje, CFO of buy-now-pay-later platform Sezzle said.
So, what’s making it so hard for them to participate in CFO roles?
Women face several barriers in the industry that are stopping them from entering and accessing these roles. Many of these barriers challenge us to rethink what traditional CFO roles look like, so that they can work for women just as well as they do for men. One of these is the organisations themselves; having policies in place to create a stronger pipeline for diverse leaders makes all the difference.
Biotech company CSL’s CFO Joy Linton used the example of parents, especially mothers, returning to their careers after taking parental leave. It’s not just about having flexible options, but also giving them “meaningful” work that will support their growth and rise to leadership.
“When people return from maternity leave, it’s super important that you give them intellectually challenging work that is meaningful, and then right-size the role for whatever the work arrangement is,” Linton said.
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Women tend to take on greater caring or domestic roles and responsibilities; that’s why work-life balance for women in leadership positions is imperative.
Kate Beattie, Endeavor Group’s CFO said navigating work and life isn’t just about “obtaining a work-life balance”.
“It’s about integrating work and life into a cohesive whole. They’re intertwined and it’s up to you to find a way to navigate both successfully”.
A back-end developer by trade who has always loved working in tech, Code Like a Girl founder and CEO Ally Watson often experienced first-hand the isolation and barriers associated with being a woman in a male-dominated industry.
She noted some of the fairly common headwinds women face when looking to embark on tech careers. These include difficulty breaking into the tech space with an educational background that isn’t technology- or science-based, and low confidence in skills and about venturing into a male-dominated space.
Building healthy support networks, both within work and outside of work, is important. Community – and supporters who cheer you on – can make the difference between going for an opportunity or not.
A Women’s Agenda survey found that most women tell their friends outside of work (64 per cent) or their immediate family (57 per cent) about how they want their career to progress. Only 31 per cent tell their managers/leaders in the workplace, and 28 per cent tell leaders in the industry about their career goals.
“Lack of confidence is obviously not just a female thing – it’s across the board. Not all females feel like they’re not confident, but it certainly came through in the research,” Deloitte lead report author Andrea Abusah said.
“There was an interesting observation around the ability to express ambition, and that females often felt hesitant to express their ambition, so that they’re not perceived to be kind of pushy, and that they’re likely to stay silent on those genuine aspirations.
“That was one of their key learnings – around self-advocating on their journey,” Janelle Hopkins, CFO of REA Group, advised future leaders in finance to “take control of your career” and go for everything.
“Don’t wait for people to come to you saying you’re the right person for the role,” Hopkins said.
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Samantha Douglas, Coles EGM Finance, stressed the importance of advocating for yourself and for any leadership opportunities.
“One of the most important relationships I’ve had throughout my career is the one with myself… having the ability to back myself and to know I could get to where I wanted to,” Douglas said.
Having the confidence to advocate for yourself sometimes begins with someone doing it for you, or at least showing you how.
There is a huge gap in the lack of mentorship opportunities for women. In a survey conducted by Women’s Agenda, while 62 per cent of survey respondents have never been sponsored before, many agree that this would be the key to unlocking women’s potential. In fact, 63 per cent of survey respondents said they would sponsor someone if given the opportunity.
Mentorship doesn’t have to be sourced from a formal program within the organisations – although many of the research participants encouraged organisations to have a program available – as mentorship can occur through the course of natural working relationships.
“Many of my mentors and sponsors were actually the ones who helped me build my own self-confidence,” Clare Lezaja, Deakin University CFO said.
So, readers, we challenge you to look around and ask: Where are all the women Financing & Accounting leaders?
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