Despite the Promises of AI, Gender Bias Remains a Problem

In a recent article, I shared findings that predict generative artificial intelligence (AI) has “the potential to generate value equivalent to $2.6 trillion to $4.4 trillion in global corporate profits annually.”

It’s no secret that AI is growing exponentially and is poised to transform nearly every industry in the world, but it’s important to acknowledge that AI modeling is far from perfect. The reason: Like all of us, the people who do AI modeling are imperfect.???

Read Susan's analysis on why companies leveraging technologies such as AI and robotics might make smart investment choices.

In 2021 Genevieve Smith and Ishita Rustagi warned us about one way this imperfection was manifesting itself in AI. In “When Good Algorithms Go Sexist: Why and How to Advance AI Gender Equity,” they wrote, “AI systems are biased because they are human creations. Who makes decisions informing AI systems and who is on the team developing AI systems shapes their development.”

In other words, the people who develop AI systems bring their biases to work (as we all do), but in the case of AI, such biases can trigger real-world consequences.?

“Many institutions make decisions based on [AI] systems,” Smith and Rustagi wrote. “These systems inform how much credit financial institutions offer different customers, who the healthcare system prioritizes … and which candidates companies call in for job interviews. Yet gender bias in these systems is pervasive and has profound impacts on women’s short- and long-term psychological, economic, and health security.”?

What is the reason for the gender bias in AI? Smith and Rustagi believe it’s because “only 22 percent of professionals in AI and data science fields are women — and they are more likely to occupy jobs associated with less status.”?

However, that was three years ago. Since then, the global AI market has more than doubled, making it easy to imagine that the gender bias has flattened.?

But that doesn’t appear to be the case. Earlier this year, Zeki, a U.K.-based talent platform, released Women in AI 2024, a report that surveyed more than 33,000 female professionals in 109 countries. Although Zeki found female professionals are “making their mark” in AI (especially in the U.S., which is the “main driving force behind most of the discovery and development … in AI today”), it also determined that only about 7,000 women in the U.S. are currently active in AI, which represents 22 percent of global female AI talent pool. Meanwhile, women account for 36 percent of the AI workforce in Taiwan and 26 percent of AI workers in Australia are women.?

Even more discouraging: Zeki found that “despite the consistent quality of the research contributions, women in AI gain less visibility and recognition as their careers progress.”?

The fact that women continue to play supporting roles in AI innovations might explain why they feel less invested in the technology.???

In 2024’s How Generative AI Is Transforming Business And Society, Oliver Wyman determined that 59 percent of male workers between the ages of 18-65 around the globe use generative AI tools at least once a week, while only 51 percent of their female counterparts use them. This disparity is even greater among younger workers: 71 percent of men ages 18-24 leverage generative AI weekly, compared with 59 percent of women.

Meanwhile, Oliver Wyman predicts that generative AI is on track to contribute nearly $20 trillion to global GDP by 2030 while saving employers $300 billion in work hours annually.?

These projections only apply if companies and workers fully embrace the technology. For AI to live up to its full potential, a greater effort must now be made to ensure that more women have a place at the AI innovation table.????

Do AI and other cutting-edge technologies have a place in your investment strategy? Contact Avestix to Find Out.?

About Susan Lindeque

Susan is a visionary entrepreneur, futurist, and thought leader with over 35 years of experience in business, finance, investments, real estate, wealth creation, and technologies.

Her Massive Transformation Purpose is:

“Working to Inspire Abundance for Humanity & Invest in Exponential Technologies.”

She is the founder and CEO of Avestix, a global asset, investment, advisory, and technology company focusing on public securities, next-venture capital, commercial real estate, and alternative assets based on ESG principles.

Susan is passionate about nurturing innovation, transformation, and disruption in the new decentralized economy. She leverages her extensive network and deep industry expertise to select and empower exponential technologies that will disrupt, transform, and impact industries.

This article is for informational purposes only. All investments involve risk and some investments and investment sectors discussed may not be suitable for all investors. Please consult your financial advisor before making any investment decisions.