Despite a global pandemic, the tech market is booming with tech venture capital investment in the UK hitting a record high of 15 billion, according to Tech Nation. Yet women are missing out on this entrepreneurial success, making up just 19% of the tech workforce. To compound the issue further, according to Computer Weekly the number of women in the tech sector has barely moved over the past 10 years, which may be due to the fact that only 3% of females say a career in tech is their first choice, a fact highlighted by PwC.
This disparity in the percentage of male and female workers in tech also exists in Product Management roles. Many have argued that the shortage of women could be down to the fact that many tech and software firms are run by men and that female role models are scarce, as 78% of students can't name a single famous female working in tech, according to study by PwC. Though if you're lacking gender diversity in your Product function, then you're missing out on ample benefits that could let you 'one up' on your competition.
Obstacles to female leadership in the Product space
Although there has been much research highlighting the benefits of having a more inclusive culture, it's important to understand the barriers women face in the Product space to prompt action. As well as the obvious challenge that the industry is male dominated, making it difficult for women to create a supportive network, other obstacles include but are not limited to:
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The 'broken' career ladder
Women are prevented from advancing to senior positions due to a 'broken rung' on their career ladders. According to research by Trust Radius, women in tech are four times more likely than men to see gender bias as an obstacle to promotion and 66% of women felt there was no clear path forward for them at their current company, which was further compounded by:
- 39% citing limited budget as a major problem
- 29% of women felt there was a lack of trust in their ability
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Higher churn
Churn in tech is much higher for women, as according to study by Harvard Business School, 41% of women leave a decade after starting in tech, compared to 17% of men.
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Lack of female mentors
According to Women in Product report, women are 35% more likely than men to report challenges based on a lack of mentorship when entering the field. Not having a strong support system in the field makes it hard for young women entering the profession as they don't have anyone they can identify with or look up to as a leader.
Benefits of female leadership in the workplace
According to research by Mckinsey, companies in the top quartile for gender diversity are 15% more likely to have financial returns greater than their respective national industry medians. Not only can gender diversity improve business performance and drive growth, having women in leadership roles can provide:
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Different perspectives
Women bring unique perspectives and experiences to the table that enrich conversations and lead to better decision-making in business as they encourage intersectional thinking.
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Greater employee satisfaction
According to study by Medium, happier workers are 55% more likely to report greater diversity in their office. This leads to improved staff retention as having an inclusive culture boosts team morale and provides opportunity for learning through greater collaboration.
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Improved employer branding
Having an inclusive workplace will do wonders for your talent acquisition strategy. According to research by PwC, 85% of female millennials look for employers with a strong record of diversity, equality and workforce inclusion.
Tips to building inclusive teams
Although there are no quick fixes to these challenges, there are steps that businesses can take to address the underrepresentation of women in the Product space, like eliminating bias in hiring and offering a competitive and fair salary, as according to survey by Hubspot the pay gap between male and female Product owners in 2019 amounted to 35k.
Other methods to eliminate bias from your recruitment process and promote diversity amongst your teams are:
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Reviewing existing hiring practices
Review your job requirements and eliminate anything that may reduce the pool of women who could be attracted to your position. Often businesses look for a rigid set of job requirements that don't always reflect what's necessary for success and should consider other transferable skills that make great Product Managers.
To ensure the hiring process is fair, try testing applicants on their skills using exercises and tasks to ensure they are reviewed on their ability to do the job, as well as having a female present during the interview process to make female candidates feel more comfortable.
Organisations should also consider personally approaching women in Product Management and explaining why you think they are well-suited to the role, as well as encouraging them to apply.
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Offer female-focused benefits
According to Trust Radius, 55% of women want the offer of equal maternity and paternity leave when asked what companies should do to better support them in the tech industry. When looking to hire, consider benefits that are attractive to women such as policies for post-maternity support for mothers returning to work, as well as childcare and paid family leave.
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Conduct unconscious bias training
Helping your employees to better understand their implicit biases and investing in ongoing education will start to reshape deep-rooted biases and change behaviour. Consider incorporating regular and clear communication on what is expected from employees and the benefits of an inclusive culture, as well as reminders on how bias can affect women in the workplace.
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Offer flexibility
According to study by Timewise, 91% of women either work flexibly already, or say that they want to. Consider initiating hybrid working models to attract more women to your company, as well as providing existing female Product Managers the opportunity to advance in the business whilst maintaining a healthy work-life balance.
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Provide learning and development opportunities
Provide women with training and consider leadership programs either outside of your business or internally, as well as ensuring they have access to a supportive network where they can ask questions and seek support. Businesses should also set out a clear progression path to VP or CPO for those aspiring to leadership roles, as many women cite an undefined development plan as a major obstacle.
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Promote more female leaders
The industry needs to make more effort to increase the visibility for women in tech, including actively hiring more women and increasing the number of women in Product leadership roles. This will inspire young women to enter into the industry, as it will show them that it is possible to be recognised as effective Product leaders and advance in the field.
Develop a more inclusive recruitment process with Target Alliance
Our entire company is geared to supporting Product leaders within Technology and Telecoms businesses. We know how to maximise your opportunity and limit any challenges you'll face within the recruitment process, including incorporating greater diversity when scaling your Product teams.
We advise and liaise in the way that best suits you and do all in our power to deliver your ideal service from start to finish. However complex your Product Management requirements we'll introduce executive and diverse talent to drive your strategic goals and add real value to your organisation.