Despite the rapid advancements in the global Fintech industry, gender diversity remains a challenge, with only 26% of the workforce being women. UK-based Fintech firm Payrow is actively working to address this gender disparity and highlights its commitment to diversity.
Recent research titled “Transforming UK Fintech: Overcoming Barriers to Female Advancement,” conducted collaboratively by EY and Innovate Finance, shed light on the challenges faced by women in the sector. The study, based on insights from 120 nominees of the Innovate Finance Women in Fintech Powerlist, revealed that 27% of participants felt undervalued, and 25% cited unclear advancement opportunities.
Notably, the gender pay gap in the UK’s tech, finance, and Fintech sectors is higher than the national average. In response to these challenges, Payrow reports that 30% of its workforce comprises women. The firm underscores the importance of a diverse team, including individuals of different ages and genders, as it leads to diverse perspectives, improved problem-solving, and stronger team cohesion. Payrow is committed to maintaining unbiased hiring practices, making recruitment decisions based solely on expertise and values.
To address the low number of female applicants in the Fintech industry, Payrow recommends implementing conscious efforts to ensure a balanced intake, such as considering women-only shortlists. Furthermore, transparency in pay scales and the use of technology can play a vital role in promoting diversity. Encouraging diversity is not only essential for fostering innovation but also for creating a positive work environment.
Promoting the presence of women in Fintech necessitates a comprehensive strategy, including the following:
- Establishing Gender Diversity Goals: Setting clear targets, especially for leadership roles, and tracking progress.
- Introducing Mentorship Initiatives: Providing mentorship programs to guide female professionals in their career progression.
- Ensuring Unbiased Recruitment: Conducting recruitment processes that are free from biases and aiming for a diverse candidate pool.
- Providing Flexible Work Options: Offering flexible work arrangements to attract and retain female talent.
- Cultivating an Inclusive Environment: Fostering a supportive and inclusive culture that encourages gender diversity.
As the Fintech sector continues to evolve, Payrow believes it is crucial to focus on the future implications of gender diversity. Beyond promoting STEM (Science, Technology, Engineering, and Mathematics) fields for women, the rise of artificial intelligence (AI) and the increasing importance of emotional intelligence in business may reshape the required skill set, potentially leading to improved gender parity.
Addressing stereotypes and promoting female tech leaders is of paramount importance. Understanding the industry’s direction and opportunities for women is key to achieving a balanced Fintech sector. Gender diversity enriches the talent pool and enhances a company’s overall appeal.