The importance of diversity in technology cannot be overemphasized!
Gender diversity, specifically, is imperative to the growth and development of any technology company and the industry as a whole. It is common knowledge that women have significant purchasing power and controls the majority of consumer spending. Therefore, if women are not able to make relevant decisions regarding the products they consume, such as product features, design, user experience, etc., companies run the risk of not innovating as quickly and effectively as their competitors who embrace gender diversity. According to research conducted by McKinsey and Company, they found that “companies in the top quartile for gender diversity on executive teams were 25 percent more likely, to have above-average profitability than companies in the fourth quartile.” Leaving such significant profit potential on the table simply makes no sense from a business standpoint!
Diversity drives innovation. Gender diversity propagates a diversity of thought and broadens the scope of ideas needed to create the most relevant and useful products. To stay competitive in today’s market, one must be innovative. A company that wants to succeed must encourage innovative ideas from its employees. If there is no gender diversity, and everyone is from a similar background, their ideas will be similar or the same. Having identical perspectives, backgrounds, and preconceptions among all team members and executives will inevitably produce the same results. To avoid falling into homogeneity and encourage truly innovative teams, diversity is important.
Gender diversity ensures that a company or industry is attracting and retaining the top relevant skills and talents needed for its growth. It is no news that men and women possess different, yet equally important skills. For example, from personal experience, it has been observed that women are better able to diffuse heated situations which may come up in any work setting. Women are better multitaskers and introduce a creative perspective that may be overlooked by men. Having both genders balance out processes increases productivity, innovation, and creativity which benefits the company and allows them to perform better than their counterparts who shun gender diversity.
Technology companies should continue to strive to achieve gender diversity not only because it is the right thing to do, but because it is also good for their bottom line. How are you encouraging gender diversity in your organization?