AI Threatens Women's Jobs in Finance & Tech

Women in the tech and financial services sectors are increasingly vulnerable to job displacement due to AI and automation, according to a report from the City of London Corporation. The study reveals that "mid-career" women, possessing at least five years of experience, are being overlooked for digital roles. This is attributed to rigid hiring processes, including automated CV screening, which often fail to account for career breaks taken for family care.

The report estimates that approximately 119,000 clerical positions within these sectors, largely occupied by women, are projected to be automated in the coming decade. To counter this trend, the corporation advocates for employers to invest in re-skilling female workers, particularly those in at-risk clerical roles. This strategic reskilling could prevent substantial redundancy payments, estimated to be up to £757 million, and foster more resilient teams.

Furthermore, the report indicates that up to 60,000 women in tech leave their positions annually due to factors such as limited career progression, lack of recognition, and inadequate pay. Addressing these issues through upskilling and focusing on candidate potential rather than solely past technical experience is crucial for retaining talent and maintaining the UK's global standing in digital innovation. The widening digital talent gap is expected to persist until at least 2035, potentially costing the UK over £10 billion in economic growth.