As I reflect on my career thus far and think of all those who have supported me along the way, I also think of the thousands of women who fought tirelessly for equality and inclusion for more than a century before I joined the professional world. In the last two generations, we have witnessed a radical shift in focus on equal opportunities for women. Today, the majority of companies recognize the problem, understand the basic facts and are finally taking steps in the right direction, but there is still a long way to go. While I am extremely grateful for the efforts and tenacity of the women leaders before me who have fought hard battles to crush stereotypes and break glass ceilings, the onus is now on us to pick up the baton and continue to strive for true gender equality for women. Who comes next?
First, let's paint a picture of where we currently stand, it's not pretty.
Investment investment in Australia doubled to A$10 billion in the 2021-2022 financial year compared to the previous year. Of this amount, less than 10% went to startups run by women, and less than 15% went to startups with mixed founding teams. The remaining venture capital funding went to startups founded by all-male founders – the equivalent of A$8.5 billion.
If you dig into any of this data more deeply and look at the impact on women of color, women from low socioeconomic backgrounds, or people with disabilities, the data is devastating.
Women in technology are rare, let alone those in senior positions, and are not paid as much as their male counterparts. A recent landmark WGEA report into the professional, scientific and technical services industry found that the pay disparity between men and women was the fourth highest of any sector, at about 22.8 percent. When defending this gap, many tech leaders point out that there simply aren't enough women in senior roles. The same report confirms this, noting that women make up only 35.2 percent of managerial positions – an important issue in itself. In addition, nearly 30 percent of companies do not have female representation on their boards.
The good news is that there are great benefits available to companies when women are given a voice. Workplace Gender Equality Agency (WGEA) research shows that increased women's participation in the workforce leads to greater economic growth and often leads to more sustainable and inclusive business practices.
This International Women's Day is a good time to reflect on the work that still lies ahead of us, particularly in the technology sector. There is still significant work to be done in the face of these significant disparities, but we must pave the way for the next generation of female leaders in technology.
There are three main areas that need our immediate attention.
- investment The above statistics are very depressing, but we can change them. To encourage young women to enter the industry with innovative, often life-changing ideas, we need to support them and show that securing investment is possible. VC firms need a shake-up because they are missing out on ripe opportunities to back profitable women-led companies that will generate profits in the long term.
- Education – We need to continue investing in education, specifically targeting parents and girls in schools, colleges and universities who are trying to decide which career path to follow. We need to highlight lucrative career opportunities in technology and industry and invest in employment programs designed specifically for women.
- Mentors – Government and big tech companies need to consider how they can mentor, support and mentor women-led tech companies as they navigate relatively uncharted territory. In male-dominated industries, female mentors will be great contributors to the success of other females.
Government, investors and technology leaders, male and female, must come together and reflect on their individual contributions to empower women in technology to venture into leadership. They need to look at how they are standing in the way of progress, whether through unconscious bias or blatant favoritism, and make changes today that will benefit the women of tomorrow.
