A recent report has revealed a concerning trend: women in tech and finance are facing a higher risk of job displacement due to AI and automation, and the situation is more complex than it seems.
The report, published by the City of London Corporation, highlights how experienced women, especially those in "mid-career" stages, are being overlooked for digital roles in these sectors. This is despite the fact that these industries traditionally have a lower representation of women.
But here's where it gets controversial: the governing body found that female applicants are facing discrimination during the hiring process. Their CVs, which often showcase career gaps related to caregiving responsibilities, are being screened out by rigid and sometimes automated systems. These systems fail to consider the valuable professional experience these women bring to the table.
To address this issue, the corporation is urging employers to focus on reskilling female workers who are currently not in technical roles. This includes clerical positions, which are at a higher risk of being automated. By doing so, companies can not only retain talented employees but also save on redundancy payments, which could amount to a staggering £757 million over the next decade.
And this is the part most people miss: upskilling staff allows employers to look beyond past technical experience and focus on candidates' potential. It's estimated that up to 60,000 women in tech leave their roles annually due to various reasons, including lack of advancement and recognition.
Dame Susan Langley, the mayor of the City of London, emphasizes the importance of investing in people and developing digital skills. She believes this approach will not only strengthen teams but also ensure the UK's continued leadership in innovation and digital excellence.
Recent surveys back up these concerns. A poll by Randstad found that a quarter of UK workers fear their jobs could disappear within the next five years due to AI. Union leaders are calling for companies to invest in workforce skills and training.
The City of London Corporation's findings are even more alarming when considering the talent shortage in these sectors. Despite over 12,000 digital vacancies going unfilled in 2024, companies are struggling to find suitable candidates. Simply increasing wages above the national average won't solve this problem, as the report warns of a widening digital talent gap that could last until 2035, potentially costing the UK over £10 billion in economic growth.
So, what's the solution? How can we ensure that women in tech and finance are not left behind in this digital revolution? Share your thoughts and let's discuss potential strategies to bridge this gender gap and create a more inclusive future for all.
