3.9 C
Lancashire
Wednesday, December 11, 2024

Fintech Innovator Payrow Commits to Gender Diversity with 30% Female Workforce

While the global Fintech industry is known for its groundbreaking technologies and rapid growth, it continues to grapple with gender diversity issues, with women making up only 26% of the workforce. UK-based Fintech firm Payrow is actively working to address this gender imbalance.

A recent collaborative study by EY and Innovate Finance titled “Transforming UK Fintech: Overcoming Barriers to Female Advancement” provided insights from 120 nominees of the Innovate Finance Women in Fintech Powerlist. It highlighted challenges, such as 27% of participants feeling undervalued and 25% citing unclear advancement opportunities.

The gender pay gap in the UK’s tech, finance, and Fintech sectors is notably higher than the national average. In response to these challenges, Payrow reports that 30% of its team comprises women. The firm emphasises that a diverse team, encompassing various ages and genders, brings diverse perspectives, enhances problem-solving, and strengthens team cohesion. Payrow aims to recruit based solely on expertise and values, maintaining unbiased hiring practices.

Addressing the low number of female applicants in the Fintech field, 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 requires a comprehensive strategy, including:

  1. Establishing Gender Diversity Goals: Clear targets, especially for leadership roles, should be set and tracked.
  2. Introducing Mentorship Initiatives: Mentorship can guide female professionals, aiding in career progression.
  3. Ensuring Unbiased Recruitment: Recruitment processes should be devoid of biases and aim for a diverse candidate pool.
  4. Providing Flexible Work Options: Flexibility can be instrumental in attracting and retaining female talent.
  5. Cultivating an Inclusive Environment: A supportive culture is vital for encouraging gender diversity.

As the Fintech sector continues to evolve, Payrow believes it is 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.

Sam Allcock
Sam Allcockhttps://businesslancashire.co.uk/
Sam Allcock is a highly regarded digital entrepreneur with over 20 years’ experience in online marketing for some of the World’s biggest brands. He has extensive knowledge and experience in SEO and digital marketing. He is based in Cheshire but has an interest in all things going on in the North West and enjoys contributing local news to the site.
spot_imgspot_img

Latest

Last minute Christmas gift ideas

So your well-intended hopes of finishing your Christmas shopping...

Transforming your car’s aesthetics and performance with a front spoiler

When it comes to upgrading a car, enthusiasts often...

Singles and Songs: New Study Reveals How Music Reflects Partner Values

A new study of more than 100,000 singles has...

Protect Loved Ones with Home Help 24/7 Fall Alarms

Home Help 24/7 provides practical and dependable fall alarms...
spot_img

Subscribe to our newsletter

Business Lancashire will use the information you provide on this form to be in touch with you and to provide updates and marketing.

Don't miss

Last minute Christmas gift ideas

So your well-intended hopes of finishing your Christmas shopping...

Investigation underway following death of Clitheroe woman

Police have launched an investigation following the death of...

Transforming your car’s aesthetics and performance with a front spoiler

When it comes to upgrading a car, enthusiasts often...

FXIFY Rolls Out Instant Funding for Confident Traders

FXIFY™, a trailblazing proprietary trading firm, has launched its...

More News

FXIFY Rolls Out Instant Funding for Confident Traders

FXIFY™, a trailblazing proprietary trading firm, has launched its Instant Funding Programme, revolutionising access to trading capital. With this new offering, traders can bypass...

MarketsCo.com Review Delves into Brokerage Services and Features

MarketsCo is a brokerage firm that offers a broad spectrum of services and tools designed to support traders of various experience levels. In this...

Lime Licensing & FSB Unite to Expand Small Business Growth

Lime Licensing Group, a trusted expert in franchise consultancy with more than two decades of experience, has teamed up with the Federation of Small...