More than 660,000 women could reskill into tech careers within months, according to new modelling that puts the economic windfall of a more diverse Australian tech sector at $6.5 billion.
A mass career shift has been flagged as one of the most practical ways to meet the estimated need for 1.3 million tech workers by 2030, up from around 1 million today.
The option has been explored in a new report by RMIT Online published on Tuesday, and arrives as policy makers mull an overhaul of diversity programs.
The head of a review of existing STEM diversity programs has flagged the pure economic opportunity of addressing a tech sector that currently has seven men for every woman in it, and on Monday called for a bipartisan push.
Analysis released a day later by RMIT Online and Deloitte Access economics found the unbalance could be addressed relatively quickly.
The analysis by RMIT Online, which sells short courses for reskilling and career shifts, identified 661,300 women in Australia who could reskill into tech roles within approximately six months through short courses or on-the-job training, based on their current careers.
The women that make the shift would earn $31,100 more annually, representing a 31 per cent average salary boost to the individual and a $4.3 billion positive wage impact overall, according to the new report.
The influx of new reskilled female tech workers is also estimated to increase tech sector profits by an average of $278,700 annually for medium sized businesses and $1.8 million for large organisations.
“Australia’s tech talent shortage is a growing challenge, and reskilling women presents a practical, high-impact solution. Gender representation drives profitability, innovation and performance,” RMIT Online CEO Nic Cola said.
The research also revealed business leaders don’t think the sector is doing enough to drive change and that the government also has work to do.
Industry and Science minister Ed Husic, who has adopted a 1.2 million tech worker goal for 2030, this month backed all recommendations from a landmark STEM diversity review.
However, the response took a year to arrive and is yet to be formalised, while the federal opposition is yet to comment on the review’s recommendations.
Sally-Ann Williams, the Cicada Innovations chief executive who led the review this week, this week said the economic opportunity alone is enough for policymakers to act quickly.
“It’s not just a moral imperative… You can come at it from a lens of its an economic imperative that we actually get this right,” she said.
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