The global Fintech industry, known for its innovative technologies and rapid advancement, continues to grapple with gender diversity challenges, with just 26% of its workforce being women. In response, UK-based Fintech company Payrow is actively taking steps to address this gender disparity.
A recent study titled “Transforming UK Fintech: Overcoming Barriers to Female Advancement,” conducted collaboratively by EY and Innovate Finance, drew insights from 120 nominees for the Innovate Finance Women in Fintech Powerlist. The study highlighted challenges faced by women in the industry, such as 27% feeling undervalued and 25% encountering unclear opportunities for advancement.
Notably, the gender pay gap in the UK’s tech, finance, and Fintech sectors exceeds the national average. In response to these challenges, Payrow reports that women constitute 30% of its workforce. The company underscores the importance of diversity, including age and gender diversity, in fostering a range of perspectives, enhancing problem-solving capabilities, and strengthening team cohesion. Payrow emphasises its commitment to unbiased hiring practices, focusing solely on expertise and values when recruiting.
To address the low number of female applicants in the Fintech field, Payrow suggests taking deliberate steps to ensure a balanced applicant pool, such as considering women-only shortlists. Additionally, companies should maintain transparency in pay scales and leverage technology to advance this cause. Encouraging diversity not only drives innovation but also fosters a positive workplace environment.
Promoting the presence of women in Fintech requires a comprehensive strategy, including:
- Establishing Gender Diversity Goals: Clearly defined targets, especially for leadership roles, should be set and monitored.
- Introducing Mentorship Initiatives: Mentorship programs can guide female professionals and facilitate career progression.
- Ensuring Unbiased Recruitment: Recruitment processes should be free of biases and aim to attract a diverse pool of candidates.
- Providing Flexible Work Options: Offering flexibility can be instrumental in attracting and retaining female talent.
- Cultivating an Inclusive Environment: A supportive culture is crucial for encouraging gender diversity.
As the Fintech sector evolves, Payrow underscores the importance of considering the future implications of gender diversity. Beyond promoting STEM fields for women, the increasing relevance of emotional intelligence in business and the rise of AI might reshape the skill set needed in the industry, potentially leading to better gender parity.
Addressing stereotypes and the absence of female tech leaders is essential. Recognising the industry’s trajectory and opportunities for women is key to achieving gender balance in Fintech. Gender diversity enriches the talent pool and enhances a company’s attractiveness.
