Why are female executives overlooked for top FinTech jobs?

Why are female executives overlooked for top FinTech jobs?

FinTech

Research by Big Four accountancy firm EY and industry body Innovate Finance has highlighted “barriers” in the FinTech sector with female executives being overlooked for senior positions in the industry.

The report, compiled from the 120 finalists on the Women in Fintech Powerlist, highlighted that over one in four female executives believed that unclear progression opportunities for promotions and a lack of recognition were holding back progress for the sector.

EY’s analysis indicated that the gender pay gap in the FinTech industry is as high as 22%, with 17% of Powerlist respondents calling for gender pay gap regulation to help close the gap.

Sheila Flavell CBE, COO of FDM Group, says the key to solving the problem is expanding careers and training programmes, as well as working harder to retain female talent.

“The FinTech industry makes a huge contribution to the UK economy, creating jobs and driving innovation,” she added. “With such a bright future ahead, tackling the gender pay gap and improving access to career opportunities should be a top priority for business leaders.

“By building a stronger, more diverse workforce, the FinTech industry will be better positioned to represent the clients it serves for the long term.”

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Joanna Kori, head of people for Encompass Corporation, said the FinTech industry has evolved significantly and needs to be open and accessible to all.

“Achieving equality across the board requires work from all parties, with the support of leaders particularly important when it comes to implementing progressive workplace policies, such as flexible working initiatives, that benefit everyone, including parents and women returning to work,” said she .

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“Having that support can empower women in their life and wellness choices, as well as their work choices, so they can achieve their professional goals while maintaining a good work-life balance. There is so much untapped potential, and if we are to continuously see positive changes, flexibility is key.”

Women themselves should also be proactive in making the FinTech and technology sector work for them and their lives, says Kori.

“Technology is so broad and far-reaching now compared to 25 years ago and should be a major factor behind not only day-to-day business activity, but also in helping women access and excel in the industry,” she added.

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