As a whole, the UK fintech industry is evolving to become a place where talent — in all its diverse forms — can grow. It’s therefore important that we understand how businesses can attract and retain an inclusive and diverse workforce.
Whilst diversity problems remain prevalent, significant progress has been made in recent years. And although financial services is predominantly a male-dominated sector, within fintech women are more visible than they have ever been. According to research,
almost 30% of the UK fintech workforce is now female.
As we make positive movements towards gender-equal representation, seeing more women in senior leadership roles will continue to move this forward. Current research shows that only 12% of founders are female and 17% of senior roles in fintech are held by
women.
So how can businesses ensure that they are attracting and retaining female talent, particularly in senior roles?
Lead by example
Improving gender equality in the workforce must start at the top. Companies need to ensure that their senior leadership team is diverse and inclusive so that all employees see that progression is possible.
To ensure that businesses are challenging themselves when it comes to diversity, HR teams should monitor the number of female hires and those in leadership roles, keeping note of team changes over time. By holding companies and the industry accountable,
we will continue to see positive change.
However, there should also be internal accountability. Finding male leaders who believe in the value of diversity and inclusion will promote more hiring like this. It will also lead to promoting and supporting women in the workforce. Cross-mentoring is not
only a great way to help women understand how to move in the business world, but it has the added benefit of showing others the struggles some women face. Ultimately, empathy and support will change the way relationships are developed in the organisation,
and lead to more diversity and inclusion.
Empower female role models
Female employees within the fintech sector can encourage and support those following in their footsteps by embracing opportunities to act as mentors and role models. Developing a mentoring scheme can give women in leadership roles the opportunity to guide
and empower the next generation of female leaders.
By creating visibility and access to current female role models, women in the early stages of their career can gain support on objectives and goals. Offering coaching can also help women in the workforce challenge the biases and obstacles they faced to reach
success. This will help to make sure that new female leaders do not have to struggle like others did in the past, changing the way things used to be.
What is more, we should not forget the power of sharing. As a woman, having a place to talk, share my experiences, and struggles can help others too. This also helps to promote empowerment and bonding among colleagues.
Higher education
There is a lack of female representation in fintech partly due to the lack of representation in STEM subjects in higher education.
Businesses and leaders in the fintech industry must work with universities, sixth forms, and colleges to encourage more women to take STEM courses in higher education. This will mean that there will be more female applicants and, ultimately, more women in
fintech.
Outside influences also have a big impact on the roles women think they can take on. Take the recent movement where more and more women are being educated on their own financial wellbeing. From this, the industry is developing more products that satisfy
women’s financial needs and in turn women start to feel more comfortable working in financial sectors. It’s all connected – whether in schools, at work or in the wider world. Everything we do links back.
Improving the general inclusiveness of your organisation
Promoting inclusivity within your company may involve considering the benefits you can offer to female employees. Many women with families will be more attracted to roles that offer flexibility and remote working conditions. If this is already in place,
then ensuring it’s highlighted upfront as a benefit will help attract female talent.
It would also be useful to ensure that potential female recruits are made aware of any developments and mentoring programmes as well as career opportunities available for women in the company. Leveraging female role models and showcasing examples of women
who are thriving within their business will act as signposts of the inclusivity and commitment to female retention within the organisation.
Using data to drive diversity and inclusion conversations is very important. Take the conversation around pay increases as a prime example of what certain groups (often women) struggle to talk about. If we are aware of this, we can work to support them,
open the floor, and find a way to make them more comfortable to have those conversations. In turn, creating a more inclusive work environment means managers will be more open to listening. As a company, we can also take it upon ourselves to do the research
and find out if anyone is being paid unfairly, and why, and start implementing change.
Attracting and retaining a diverse mix of talent in traditionally male-dominated roles will involve making steps towards improving company culture and reducing bias. The key processes companies can implement in order to become more inclusive include leading
by example, empowering female role models, improving higher education and improving the general inclusiveness of your organisation. If companies start working on these, they can help ensure a more diverse and equal workforce.