Businesses that are serious about harnessing technology like AI to achieve transformative, positive impact need significantly more women at the table. Here’s why: women are good for the bottom line. Research shows that companies with more women in senior leadership positions deliver significantly better performance outcomes.
To bridge the gap between gender diversity and technological advancement, it is crucial for businesses to recognise the pivotal role of women driving transformative outcomes, particularly in AI. A study published in the Harvard Business Review underscored the correlation between gender diversity and innovation, highlighting the importance of integrating diverse perspectives in the development of AI.
As AI continues to revolutionise industries, integrating diverse perspectives including those of women, is not just advantageous but essential for shaping a sustainable and impactful legacy for generations to come. This will not only help address potential ethical, social and economic challenges, but also create exciting opportunities to use AI to build a better, fairer world, including:
- Enhanced personalisation, using algorithms to customise education and skill development, and medicine and health
- Medical advancements
- Environmental monitoring and greener tech
To build a future where AI is embedded in our systems in ways which create health and wealth, research shows that having more women leading this charge, crafting strategy and decision-making will be crucial. The insights generated by AI will shape all our lives, and it is important that there is representation of women who will bring diversity of thoughts and skills to all aspects of its design, from ideation through to implementation and regulation.
Gender diversity directly correlates with stronger results and increased profits
In the evolving tech industry landscape, a compelling report by the Department of Industry, Science and Resources has emerged with different pathways for greater gender diversity in STEM as a catalyst for stronger results and increased profits.
Numerous studies have consistently highlighted the favourable impact of having more women in tech, shaping a narrative that goes beyond social responsibility to one grounded in economic success and higher performance.
A 2020 study by the National Bureau of Economic Research (NBER) focused on the economic implications of gender diversity in the tech industry. The research demonstrated that by encouraging more women to pursue careers in tech, the industry can tap into a broader talent pool. Tech companies benefit from diverse skills, experiences and ideas, resulting in a more adaptable and resilient workforce. This adaptability translates into a competitive advantage which contributes to increased profitability.
As we stand on the cusp of the AI Age, the evidence shows that having more women in the technology sector is a strategic imperative. Embracing diversity is not only a moral obligation; it’s a key driver of sustained economic success for our businesses, our people and our clients.
How PwC AU will meet the moment
As recently reported in the media, PwC is leading the way in reducing the pay gap for women. To support this PwC has committed to pay transparency by being the first large consultancy firm to publish our pay gap details. Each year these details and other D&I data are published in our Transparency Report. The latest report highlights PwC Australia’s employee gender pay gap for total remuneration is 6.5%* and the median pay gap is 3.9%* (reported by WGEA). While this is significantly lower than the professional services industry average, the firm’s leadership has committed to reducing this gap further.
The firm also focuses on:
- Cyclical inclusive leadership training to reduce bias
- Equity in remuneration through gender pay gap audits
- Continued emphasis on the importance of an inclusive mindset in performance moderations
- Regular reviews of performance ratings, pay, incentives and promotion equity
- Established D&I targets
- Fixing systems and processes that discriminate and are biased against women. Our new Parental Leave policy which we have increased from 18 weeks to 26 weeks also ensures male and female staff can take time off as primary carers equally, allowing women to return to work if they choose (considered gold standard according to the Australian Financial Review)
The power of employee networks
Networks created by employees for employees are pivotal in driving change and building the right culture in the day-to-day. Research by the Harvard Business Review has shown that women in tech rely more heavily on networks for support in order to make it into leadership positions. Ergo, it follows that having workplace networks that support female talent will help to increase the number of women technology leaders.
That’s why networks such as PwC’s She's Here in Cyber & Technology – the firm's flagship networking group for women in STEM – is so important and why I am delighted to have recently accepted the role of Sponsoring Partner for this fantastic network. With 350+ members and representation across all major capital cities in Australia, the She’s Here group runs mentoring programs, university events and dedicated campaigns to promote females in technology and champion gender diversity across the industry. Most recently, the network launched their 2024 International Women’s Day campaign which highlighted the importance of financial literacy for women and having a network to support and invest in careers, plus role-models in the workplace.
What you can do
In order to uplift women in the workplace and facilitate an environment that brings more women to the table, organisations can:
- Establish clear and realistic gender diversity targets
- Create policies that promote gender equality from the top down
- Provide avenues for mutual support through networks and communities
Businesses which will best thrive in the ever-evolving tech industry, and deliver sustained economic success for their clients will be the ones who act now to develop, hire, and champion more women in STEM.
