08 March 2024  —  Acronis

Women in tech have FOMO because they are missing out

Acronis
Have you experienced workplace FOMO?
Other languages available: 日本語

Fear of missing out (FOMO) has roots in social media, but this phenomenon, as it is called, existed long before the advent of social media. And while most people refer to FOMO as a false perception driven by anxiety or envy of others, including their careers and lifestyles, that is not always the case.

For women in tech, FOMO is the result of long-term lack of inclusion, and it has both career and personal ramifications. Women who do not receive sufficient training or advancement opportunities drop out of tech in staggering numbers and also experience anxiety, low job performance and burnout. Women in tech are not afraid of missing out. They are missing out.

Gender disparities in tech

The disparity between women and men in the technology workplace is a reality that few deny. According to research by the Women in Tech Network, women occupy only 25% of c-suite positions and 5% of overall leadership positions in the U.S. Additionally, for every 100 men promoted to manager, only 87 women are promoted to manager. Below are a few more statistics:

·       Women make up 28% of the technology workforce.

·       3.7 million women hold technology jobs, while 23% of the labor force is in the technology sector.

·       1.7 million women in Europe hold technology jobs, while 19% of the labor force is in the technology sector.

·       2.3% of women-led startups receive funding.

·       69.2% of tech workers laid off in 2022 were women.

The COVID-19 pandemic and the economic fallout had a global and devastating impact on women. An August 2020 survey from Qualtrics found that 34% of men working from home with children said they received a promotion, while only 9% of women reported a promotion. Additionally, 29% of men reported a pay raise, compared to 13% percent of women.

Finally, women in technology across the globe were hit with the “motherhood penalty” (the phenomenon by which women's careers are adversely affected because of child care responsibilities) at staggering levels. According to Tech Talent Charter, 40% of women who left the technology sector in 2023 did so because of “caring” responsibilities.

Have you faced workplace FOMO?

Inclusion is good business

Inclusion refers to a business environment in which all employees can make meaningful contributions to the business. But women who are left out of meaningful conversations or initiatives cannot make such contributions, and by neglecting women in the workplace, businesses are also missing out.

According to McKinsey, companies in which women are well represented report 50% higher profits than companies with low representation, and highly diverse companies are 48% more likely to outperform companies that are less diverse.

The above statistics show that diversity, equity and inclusion is not just a corporate responsibility program. It is a proven driver of positive business outcomes that affects not only women’s careers but also a business’s bottom line.

Fostering an inclusive environment in which women can make meaningful contributions requires taking real steps to support women in their careers. McKinsey identified three “enablers” that will help women advance from technical roles toward early career promotions:

1.      Skills: Providing women with access to the information and competencies required to develop advanced skills.

2.      Support: Offering women in technical roles a support network of mentors, sponsors and role models that will advocate for them.

3.      Structure: Ensuring equal opportunities for advancement by implementing the required policies, practices and procedures.

Combatting workplace FOMO for women in tech requires providing women with opportunities to participate in meaningful conversations and initiatives, build necessary skills to advance in their careers, and learn from women in leadership positions. Without these crucial elements, women will continue to feel FOMO because they will continue to be left out.

The Acronis commitment to women in tech

Acronis is currently celebrating Women’s History Month, including International Women’s Day on March 8, with a number of internal activities and programs for our employees, including a virtual event on overcoming workplace FOMO and regional events with our global women’s network. But Acronis is committed year round to creating an environment in which women in tech can thrive, including the following programs and initiatives:

·       Women in Tech (WiT) Mentorship Program: Designed to support the professional growth, career development and cross-company connections for women at Acronis to cultivate the next generation of leaders.

·       #CyberWomen regional chapters: Aims to build a global network of local support groups, supported by Acronis management. The Regional Chapters encourage networking and help to identify future tech leaders.

·       #CyberDiversity: Creates an inclusive and equitable environment where we value, and respect different cultures, backgrounds, genders, religions, ages, origins, sexuality and skills.

·       #CyberWomen: Offers career development, mentorship, community and beyond to support women at Acronis both personally and professionally. Driven on both global and regional levels, we offer virtual and in-person meetups, workshops, trainings and networking opportunities featuring Acronis women, executives and external participants.

·       Global Women in Tech Mentorship Program: Supports the professional growth, career development and cross-company connections for high potential women at Acronis to cultivate the next generation of leaders.

Have you experienced workplace FOMO? Acronis is launching a FOMO research project internally and externally to better understand how all people in the workplace experience the feeling of missing out amid a fast-paced industry, increased remote work and ongoing gender disparities.

Have you faced workplace FOMO?

About Acronis

A Swiss company founded in Singapore in 2003, Acronis has 15 offices worldwide and employees in 50+ countries. Acronis Cyber Protect Cloud is available in 26 languages in 150 countries and is used by over 20.000 service providers to protect over 750,000 businesses.

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