Corporate workplaces are still plagued by a diversity deficit that goes far beyond. Let’s run an experiment, shall we?
Imagine a VP of a well-known tech company stepping out for a business lunch. What are they wearing? Business casuals? What are they driving? Are they getting several notifications and calls on their trendy smartwatch? Do they own other enviable wearable technology? Conjured a picture of them? If you pictured the VP as a woman, you’re the anomaly.
Even in 2022, it’s very rare that we see women championing heavyweight positions across leading technology companies. But for tech organisations, or for that matter, any organisation to thrive, they must support an inclusive workplace and make it a gender-balanced ecosystem.
You might also be interested to read: Women In Technology: These Factors Weigh Them Down
Why gender equality is the only way forward
- It enables more productivity at work
- It contributes to national economic growth
- It promotes a diverse and perceptive workforce
- It helps retain talent
- It contributes to the reputation of the organisation
Glass half full?
According to 451 Research, women now make up 43% of the IT workforce in India. The gender ratio gap is not all skewed as it used to be and STEM graduates are now almost at 50:50. This, in turn, is fueling the IT labour force in India.
Whether in the workplace, the entertainment industry, or sports, it’s no secret that women are paid significantly lesser. Hiring women in tech roles is crucial. For starters, it helps equalise the pay gap. A Harvard Business Review article emphasises the need for diverse teams. Organisations with diverse teams become a powerhouse of innovation, resulting in unprecedented leaps in creativity and problem-solving.
But that’s not the only reason why. Women in the workplace, apparently, breed money, even when men have had the upper hand. BCG collaborated with MassChallenge to observe how women-led businesses fare. While male-dominated businesses received significantly more funding, women-led businesses generated more income over five years–approximately 10% more in cumulative revenue.
Another Harvard Business Review article also shed light on why female entrepreneurs are critical to economic growth. Women are equally adept in leadership positions as men, if not more, but the only thing holding them back is not their lack of skill but a scarcity of opportunity.
Diversity deficit: The higher we go, the lower we fall
While women are filling more STEM-based roles in the workforce and bridging the gender disparity gap, it seems that as they go higher up the rung, fewer opportunities are created or presented to them.
McKinsey & Company’s Women in the Workplace 2022 report in partnership with LeanIn.org reveals that women are switching jobs in large numbers to get what they want elsewhere. One of the major reasons for this switch is microaggressions and often being judged by their juniors for their decision-making. Women in leadership roles also look for flexibility, employee well-being, and an active effort from the organisation to equalise diversity deficit.
The same report shows that women are increasingly becoming aware of their capabilities and are happy to switch to greener pastures. It brings about a sense of empowerment and a pattern women in junior positions are willing to venture into. If companies don’t take serious steps now, it could be detrimental to their business.
References:
- ‘Diversity deficit’: Tech talent market still male-dominated | People Matters | November 17, 2022
- Does Diversity Actually Increase Creativity? | Harvard Business Review | June 28, 2017
- Why Women-Owned Startups Are a Better Bet | BCG | June 06, 2018
- What is workplace gender equality? | Australian Government | Workplace Gender Equality Agency
- Women in Tech: India Leads the Way | 451 Research
- Women in the Workplace 2022 | McKinsey & Company | October 18, 2022
- Research: Women Score Higher Than Men in Most Leadership Skills | Harvard Business Review | June 25, 2019
You might also be interested to read: Widening Gender Pay Gap and Why It Needs Fixing Now
