The technology and financial services industry have had ongoing issues with maintaining diversity within the workforce. Women and ethnic minorities are often under-represented in fintech and banking alike.
Wiley Edge’s Diversity in Tech Report 2023 dove into how Gen Z is treated in the tech industry and how diversity in tech can be encouraged. Numerous
recent shifts in the industry, such as the recent instability and major layoffs within Big Tech companies such as Amazon and X (formerly Twitter) and the integration of hybrid working post-pandemic has led to significant adjustments by companies and a desire
for more change within the workforce by employees.
What can Gen Z do to get hired?
The skyrocket in layoffs that took place this year in Big Tech companies such as
Amazon,
X, and
Meta did not aid the situation – making clear that the tech sector was unstable. However, Wiley Edge highlighted in the report that there are roles available to new professional in smaller tech companies outside the Big Tech field, in healthcare, finance,
retail, and at smaller firms.
When speaking to Finextra Khadijah Pandor, head of partnerships at emerging talent and reskill training provider at Wiley Edge, outlines how Gen Z can break into the tech industry and how companies are trying to diversify their workplace.
“Those looking to kickstart their career should broaden their search beyond ‘typical’ roles at the better-known Big Tech companies. Today, almost every industry relies on technology in some capacity, so great career options can be found in sectors previously
unthought of for tech roles, such as logistics and retail. This can be a great way to break into tech and start developing their skills. It can also help to forge a career in an area which they hadn’t initially been aware of or even considered,” Pandor explained.
“But those setting out on their career journey should be aware that employers don’t expect them to know everything from the outset. Some job descriptions come with a seemingly endless list of requirements and appear intimidating at first, but there will
be plenty of time to develop skills and further knowledge once in a job. Demonstrating a willingness to learn and a passion for pursuing a career in tech can go a long way when it comes to securing a first role,” She added.
The report found that 27% of businesses only hire candidates who have graduated from top universities, which while restricting to the business, also constitutes an unfair advantage to those who come from higher income households, who are more likely to have
access to higher education. While highly rated universities offer a range of experienced and skilled candidates, they are not the only source of talented employees.
Over 50% of Gen Z professionals surveyed took from 4 to 9 months to secure a role in tech in the current, volatile job market and 18% took 10 months or longer. Pandor highlighted that these recruitment processes are also at fault for the difficult job market
that Gen Z is currently facing.
Pandor recommends that candidates brush up on their soft skills for entry-level roles: “Our research suggested that more than a quarter (26%) of businesses offering tech roles think candidates applying for entry-level positions lack soft skills. Being able
to collaborate with colleagues, listen to requirements, and understand where their role sits in the business enables talent to bring real-world value to an employer from day one. In fact, skills like communication and commerciality are listed as ‘essential’
or ‘desired’ for many different roles as they’re completely transferable for almost any graduate job. Graduates should aim to enhance and evidence these power skills in their applications.”
On tech qualifications that can demonstrate technological capability and skills, Pandor says that they are good to have on candidate resumes for employers:
“Qualifications are a great way for candidates to demonstrate knowledge or skills which have been verified by a third party. For example, in technology, there are a plethora of courses and accreditations to demonstrate an individual’s abilities in specific
areas. Meanwhile, degrees can demonstrate a candidate’s commitment and analytical capabilities to an employer. With this being said, qualifications shouldn’t be ‘demanded’ as this can unfairly discount capable talent who sadly have not had the access or opportunity
to secure accreditation. Our report suggested that 42% of businesses think candidates with the right formal qualifications are scarce.”
Inclusivity must be prioritised
The report revealed that 39% of Gen Z workers found the technology sector male-dominated, and 62% struggled to find their first role in the industry. Commenting on the gender pay gap, Pandor stated that businesses are taking employee feedback and making
moved to re-evaluate compensation and address the gender pay gap, however, tech is an industry that has a long way to go.
While ethnic diversity has been prioritised in the recruitment process, with more and more organisations offering BAME only opportunities and having interviewers take anti-bias training, she states that ethnic diversity nearly halves in executive positions
in the tech industry. 96% of employers found that the use of an anti-bias hiring strategy positive on the state of diversity in their company.
Anti-bias hiring strategies were found to have a positive effect on the state of diversity for 96% of employers surveyed.
Pandor states that she is cautiously optimistic about job prospects in 2024, saying that the innovation in AI and the likelihood of new companies being developed in the next year are ample, therefore more tech professionals will be in demand.