3 reasons why we need more women in tech

Women continue to make strides in the workforce and break down barriers. Millions of women work in industries they may have never thought possible. Yet, despite the progress we see in today’s business landscape, we still don’t see enough women in tech.  

Many tech companies are launching initiatives to bring more women into the industry, but numbers still need to grow. 

Technology has proven to be an equalizer for many women today, but there’s still work to be done when it comes to closing the gender gap in the tech workforce.

Part of the reason we see such a low number of women working in the technology space might be because businesses don’t truly understand or recognize the value a female workforce can bring to their team. We’ll cover 3 reasons why increasing the role of women in your company will promote growth at every level of your organization. 

1. Improve company revenue and performance

Companies that promote women to leadership positions significantly improve their profitability and bottom line. A study from the Peterson Institute examined 21,980 businesses across 91 countries, and the data shows a favorable correlation between females in C-suite positions and profitability. 

The study approaches the issue from two angles: women in CEO positions and women in C-level positions. According to the data, there wasn’t much of a difference in profitability between companies with female CEOs and their male counterparts. But, when we look at C-suite positions, a different trend emerges. More women in C-level positions directly correlates with higher profitability. 

2. Close the tech talent shortage

Another reason we need women in tech is the global IT labor shortage. Countries worldwide are struggling to fill essential tech roles within their organizations. The growing talent gap can be attributed to the demand in our industry growing, as the talent pool continues to shrink.  

Many businesses are turning to freelance workers or outsourcing to meet growing demand. But they likely have workers with the necessary skills right under their noses—women in tech.

In addition to boosting revenue, women improve other aspects of the IT industry. Bringing more women into the workforce leads to greater innovation within tech organizations.  

However, we also need to address the issue beyond the current job market. The shortage of women in tech begins as early as women’s college choices and even their advisory sessions in high school. Studies show that only 16% of women receive suggestions to pursue an IT career. Compare that to 33% of college-age men, and it’s easy to see why there’s a growing disparity in representation. Bridging the gender gap in the industry starts with figuring out how to get women interested in tech (or see entering the tech industry as an option) earlier in their careers.  

3. Produce better products and reach a wider audience 

Statistically speaking, women purchase more consumer goods than men. Women make over 80% of purchases and purchase influence. And so, women have a much better pulse on what’s in demand and what’s happening across marketplaces. They bring a breadth of experience based on their consumer wealth. 

Since women spend more in a consumer goods-driven world, their thoughts, input, and innovation can help your products and services reach a broader audience—one of the many reasons we need to get women in tech. 

The lack of women in tech jobs leads to an underrepresentation of female consumers in the tech marketplace. Women use technology, but products that cater to their needs are often overlooked. Economic experts also feel that increasing women’s representation in the industry could significantly affect the worldwide economy. According to a recent article from Hackathon, giving women an equal voice in the innovation and product development process could increase ‌global gross domestic product by 3 to 6%.

Wrapping things up

Providing more opportunities for women to hold positions in tech can only make the industry and its companies better. Unique perspectives, diversity of thought, and skills provide countless opportunities for growth within the industry worldwide.  Intuit is doing its part to bring women to the forefront of the industry. Between our initiatives to help women get jobs in tech and our women in tech-focused initiatives, the rate of women working in tech at Intuit will likely go up from here.