• 2 MIN READ
Payrow Promotes Gender Diversity and Bolstering Female Representation in FinTech
October 30, 2023
We’re absolutely delighted to announce that ‘Business Leader’ has spotlighted our thoughts on gender diversity within the realm of Fintech. Our feature Payrow Promotes Gender Diversity and Bolstering Female Representation in FinTech focuses on the persistent gender imbalance in this vibrant and fast-paced sector despite the UK’s leading role in the global FinTech scene.
The article unfolds the narrative surrounding the gender dynamic within UK FinTech, accentuated by findings from a recent study by EY and Innovate Finance. The revelation that the gender pay gap in sectors like tech and finance surpasses the national average reaffirms the magnitude of the challenge ahead.
By embodying a culture that champions diversity and inclusivity, Payrow showcases the undeniable value that a mixed workforce brings to problem-solving, innovation, and team cohesion.
You can read an extract from the review below:
Although there has been some progress in the UK FinTech sector for female professionals, true gender balance is yet to be attained, as underscored by a recent study by EY and Innovate Finance titled ‘Transforming UK FinTech: Overcoming Barriers to Female Advancement’. The study, which gathered insights from 120 nominees on the Innovate Finance Women in FinTech Powerlist, revealed significant obstacles. Notably, 27% of respondents felt that their contributions were overlooked, while 25% bemoaned unclear promotional pathways as primary hindrances. The study also explored potential solutions, with 17% of participants favouring gender pay gap regulation as the most critical avenue to enhancing gender diversity, equity, and inclusion (DEI).
Alarmingly, while the general gender pay gap in the UK stands at 14.9%, it escalates to 27% in tech, 26% in finance, and approximately 22% in FinTech. A staggering 52% of the British population believes that women must exhibit double the effort or qualifications as their male counterparts to achieve comparable milestones in business. The study identified key factors contributing to the gender pay disparity in the UK’s FinTech sector, including the lack of pay transparency and the underrepresentation of women in senior roles.
Payrow, a FinTech entity based in the UK, has announced that women constitute 30% of its workforce. And that’s just the beginning; the company is methodically enlarging its personnel, augmenting the proportion of women employed. The D&I policy aids the team in fostering creativity and reducing anxiety levels. The presence of professionals of various ages and genders allows any problem or task to be viewed from different perspectives and boosts the overall loyalty of employees towards the company and one another. Furthermore, the absence of biases enables the recruitment of genuinely top-tier employees based purely on their professional qualities and human values.
Read the full article on ‘Business Leader’!
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