A new report shows that we need to tap into a more diverse pool of employees to address the tech skills shortage.
Microsoft’s report, Break down the barriers, developed by Accenture, shows how important it is to unlock a more diverse talent pipeline. This includes women, people living with a disability and First Nations people.
Yet 90 per cent of ads for STEM roles still require a bachelor’s degree or higher. This means many companies overlook historically under-represented groups and the value they bring to businesses.
The report has set a target for organisations to hire 20 per cent of early-career tech workers through alternative pathways by 2030. This would unlock an more 31,000 workers from diverse backgrounds and have a significant impact on business performance and Australia’s economic outlook.
Key findings and highlights :
By increasing support for alternative employment pathways into Australia’s technology sector could help close the talent gap and unlock a potential pool of 1.1 million workers.
By hiring 20 per cent through alternative pathways, the impact on business performance and Australia’s economic outlook include:
😍 Five times more applicants for each advertised tech role, expanding the talent pool $250 million in more tax revenue for the government as Australians shift to more productive segments of the economy
😍 Businesses can increase worker productivity by 14 per cent, save $800,000 from improved retention rates, and grow annual revenue by $2.3 million.