Last Updated on: 22nd November 2023, 06:00 am
While the global Fintech industry is renowned for its rapid advancements, it continues to grapple with gender diversity, with women representing only 26% of the workforce. In response, UK-based Fintech company Payrow is actively addressing this gender disparity.
Recent research titled “Transforming UK Fintech: Overcoming Barriers to Female Advancement,” conducted by EY and Innovate Finance, shed light on challenges faced by women in the industry. Among the 120 nominees on the Innovate Finance Women in Fintech Powerlist, 27% felt undervalued, and 25% cited unclear advancement opportunities as key obstacles.
The gender pay gap in the UK’s tech, finance, and Fintech sectors is notably higher than the national average. In contrast, Payrow reports that 30% of its team comprises women. The company underscores the value of a diverse workforce in terms of age and gender, as it brings varied perspectives, enhances problem-solving, and strengthens team cohesion. By adhering to unbiased hiring practices, Payrow aims to recruit based solely on expertise and values.
To address the underrepresentation of women in Fintech, Payrow recommends conscious efforts to ensure a balanced intake, including considering women-only shortlists. Moreover, maintaining transparency in pay scales and utilising technology can further this cause. Encouraging diversity not only fuels innovation but also fosters a positive work environment.
Promoting female presence in Fintech requires a comprehensive approach, including:
- Setting Gender Diversity Goals: Establish clear targets, especially for leadership roles, and track progress.
- Introducing Mentorship Initiatives: Mentorship can guide female professionals and support career advancement.
- Ensuring Unbiased Recruitment: Eliminate biases from recruitment processes and aim for a diverse candidate pool.
- Providing Flexible Work Options: Flexibility is crucial for 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 crucial to consider the future implications of gender diversity. Beyond promoting STEM for women, the rise of AI and the growing importance of emotional intelligence in business may reshape the required skill set, potentially contributing to better gender parity.
Addressing stereotypes and the lack of female tech leaders remains paramount. Recognising the industry’s trajectory and opportunities for women is essential to achieving a balanced Fintech sector. Gender diversity enriches the talent pool and enhances a company’s appeal.