By DeVry University
You may be well aware that women in the tech industry are highly underrepresented.1 In fact, only 29% of individuals in the technology field are women.2
But why is gender diversity critical – and what benefits can it bring to an organization? Read on to learn more about the importance of women in tech and the value they can add to the industry and the companies who employ them.
The Value of Women in Tech
From fresh perspectives to a direct impact on a company’s bottom line, the importance of women in tech can span far and wide. Here are just a few of the ways that adding women to the IT workforce can help organizations be better equipped to achieve their goals.
Improved Financial Health
Studies from the Credit Suisse Research Institute found that more women in leadership roles increased the likelihood of better financial health for a company, further proving gender diversity is indeed a valuable asset.3
So it’s no surprise that the study shows that firms who employ women in leadership roles are likelier to have:
- A higher return on equity than those who do not.
- A higher net income growth rate.
And the findings don’t stop there. Companies who had women involvement on a board averaged 14% net income growth over the past six years as compared to 10% for the companies with no women board representation.
Another study, published in a Peterson Institute for International Economics paper, found that firms can deliver better outcomes on average by including more women in corporate leadership.4
A Like-Minded Approach to Product Development
Women inclusion in companies may be crucial to success. Here’s how women in the tech industry can help add positive value.
Despite women making up nearly 50% of our total population,5 there is a lack of women in the tech industry who can influence the design of consumer products. When men design products for women, they are less likely to understand women-specific needs.
More roles being filled by females in information technology, as mentioned above, leads to better organizational outcomes. Job growth for women in tech could mean women are:6
- More likely to influence their company and its culture.
- Better able to represent women and their needs as a consumer.
As technology continues to make appearances in American households [i.e. Internet of Things (IoT) devices], this consumer base and where they choose to spend their money could greatly impact the success of some tech companies. Higher gender inclusivity in the tech industry can not only create value for consumers that identify as women, but may also help boost the economy.
Diversity of Thought
Women in the tech industry also create value through diversity of thought. Collaboration between different genders, sexual orientations, ethnicities and races can lead to enhanced problem solving and increased innovation.
Research shows us that diversity among teams helps them make better business decisions 73% of the time.7 Gender diversity sheds more light on an organization’s opportunities and vulnerabilities. This heightened awareness means gender-diverse teams can be more efficient and better able to make crucial decisions twice as fast and with half of the meetings.8 Adopting gender diversity can help companies experience these far-reaching benefits.
Why Does the Tech Industry Need More Women?
It’s simple. If 50% of our population is missing from the conversation, organizations may miss the opportunity for enhanced creativity, innovation, efficiency and more. They may also miss out on untapped markets. Adopting gender diversity can help companies experience these far-reaching benefits.
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1National Science Board, State of U.S. Science and Engineering, 2020: Women & Underrepresented Minorities