Forecasting a Cost-Effective, Diverse Tech Industry for 2023

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Forecasting a Cost-Effective, Diverse Tech Industry for 2023

Another year is coming to a close with an IT industry that still hosts hundreds of thousands of job openings with little diversification, meaning there are hundreds of firms not realizing the increased revenue performance that accompanies a diverse workforce. I look to recent research from TEKsystems about diversity, equity, and inclusion to illustrate what the future of tech looks like across America and how it will create profit for businesses. 

To put it simply, the tech sector has an opportunity to be diverse and increase revenue performance, we just have to put commitments into action. Creating a work environment that is equitable and inclusive for everyone, while setting your firm up for deeper performance outcomes that you would not realize otherwise, is pertinent when hiring diverse talent. With Per Scholas’ industry outlook and TEKsystems’ DEI data, the hiring landscape in the tech industry can improve for the better.

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What does the tech industry look like?

The tech industry is one of the fastest growing industries in the country that, despite an impending recession and major layoffs, has continued to provide job openings for technologists. Such uncertainty has led to pressure on leadership to deliver results and prioritize the top projects, with a greater importance to deliver on vital IT initiatives like digital transformation and tech strategies. In a strong industry with hundreds of thousands of job openings throughout the country, the need for diversity and filling those jobs with skilled, diverse individuals will benefit overall business performance and productivity for high-performing firms and positively impacting workforce and economic equity. 

I think DEI efforts have made positive impacts on organizations, but there are still major diversity gaps among IT talent. TEKsystems’ report demonstrates a clear disconnect between perceptions and the reality of solutions meant to cultivate a diverse, inclusive culture. While many organizations have demonstrated their commitment to DEI initiatives and seem to understand the importance, they appear to be failing to make systematic changes that generate results. While 73% of IT decision-makers say DEI has increased (team) productivity, only 46% of organizations have advanced or mature DEI programs in place, meaning there is a missed opportunity for innovation and profit in the industry. 

We need to invest in dependable resources and sustainable tech talent pipelines.

Tackling systematic change in the IT industry involves purposeful, innovative approaches powered by partnerships across enterprises. We believe these approaches, however, are not independent from an organization’s business goals—they align and help to empower business. Studies have shown inclusive teams make better decisions, and diverse teams produce more revenue. In partnership with TEKsystems, we’re working to build tech talent pipelines to help accelerate business outcomes, and we’re increasing access to opportunity through rigorous technical training across the U.S., equipping thousands of immensely qualified and diverse technologists with the in-demand skills to succeed.

Per Scholas learner

By investing in tech talent pipelines that are diverse and purposeful with DEI work, the tech industry will lead with increased innovation and productivity. Diversity is good for business, individuals, and the economy, so why not put leaders’ words into action by hiring skilled, productive, and diverse technologists for the thousands of job openings in the tech industry? 

The future of technology shows opportunity for diversity — especially with women in tech.

The TEKsystems DEI research shows that there is tremendous opportunity for investment in the upcoming year for women in the technology sector. Here are some key details from the research that highlights stark differences between women and men in tech:

Woman in tech training course

  • 45% of women indicate DEI programs have positively impacted their career, as compared to 70% of men.
  • 55% of women feel they have growth opportunities at work, as compared to 89% of men.
  • 58% of women have a sense of belonging at work, as compared to 85% of men.
  • 4 out of 10 women don’t believe they receive fair compensation for their work, presenting an opportunity for organizations to improve their workplace experience. 

With disparaging results, companies need to focus on DEI programming that helps all team members and programs effectively change the culture to be more inclusive of women in tech. Per Scholas, in partnership with TEKsystems, aims to increase access and opportunity by training entry and mid-level IT professionals for high-growth careers. With the creation of Per Scholas’s Tech Women of Color cohort in Columbus, the Women in Software Engineering cohort in our National Capital Region campus, and our current year’s learners sitting at 40% women, we are paving the way for diversity in tech for women.

 

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