Though the global Fintech industry is known best for its swift progress and pioneering technologies, it still faces criticism in regards to gender diversity, as only 26% of the workforce are women. Despite this, UK-based Fintech term Payrow is actively working towards bridging this gap.
A collaborative study by EY and Innovate Finance, titled “Transforming UK Fintech: Overcoming Barriers to Female Advancement”, shared insights from 120 nominees of the Innovate Finance Women in Fintech Powerlist and highlighted challenges, including the fact that 27% of participants felt they are undervalued at work, and 25% referenced unclear advancement opportunities.
The gender pay gap in the UK tech, finance, and Fintech sectors is notably higher than the national average. Recognising these challenges, Payrow reports that 30% of its team comprises women. The firm emphasises that a diverse team, in terms of age and gender, results in varied perspectives, enhances problem-solving, and strengthens team cohesion. By maintaining unbiased hiring practices, Payrowaims to recruit based solely on expertise and values.
Addressing the low number of female applicants in the Fintech domain, Payrow recommends conscious efforts to ensure a balanced intake, such as considering women-only shortlists. Additionally, it is essential for companies to maintain transparency in pay scales and leverage technology to further this cause. Encouraging diversity is not only key to innovation but also to fostering a positive work environment.
Promoting female presence in Fintech demands a holistic strategy, including:
• Establishing Gender Diversity Goals: Clear targets, especially for leadership roles, should be set and tracked.
• Introducing Mentorship Initiatives: Mentorship can guide female professionals, aiding in career progression.
• Ensuring Unbiased Recruitment: Recruitment processes should be devoid of biases and aim for a diverse candidate pool.
• Providing Flexible Work Options: Flexibility can be instrumental in attracting and retaining female talent.
• Cultivating an Inclusive Environment: A supportive culture is vital for encouraging gender diversity.
As the Fintech sector evolves, Payrow believes it’s essential to focus on the future implications of gender diversity. Beyond promoting STEM for women, the rise of AI and the growing importance of emotional intelligence in business might reshape the required skill set, potentially leading to better gender parity.
Addressing stereotypes and the lack of female tech leaders is crucial. Recognising the industry’s direction and opportunities for women is key to achieving a balanced Fintech sector. Gender diversity enhances the talent pool and strengthens a company’s appeal.