This June at The Fintech Times, we’re focusing on diversity, equity and inclusion (DEI). No longer just a trending topic but an essential consideration to not only your business operations but in your offering as well, this topic feels more relevant now than ever before.
The fintech industry is known for its innovative, agile reputation, and yet it still faces a significant diversity problem that threatens to halt its growth and stop that innovation moving.
When it comes to championing DEI, looking towards the higher-ups in the fintech world is a good place to start. There is a huge diversity problem at the top of the industry, and solving the issue is one surefire way to move the industry forward.
Belonging and equity
Lisa Arthur, US director and global CMO at API management platform, Sensedia, said:
Lisa Arthur, US director and global CMO, Sensedia
“Leadership champions the evolution of gender, race and diversity across the company, building a culture of belonging and equity. We met our goal to increase female employees to at least 25 per cent of Sensedia’s workforce and 30 per cent of leadership positions. Today, 25 per cent of employees are women, 38 per cent of leadership roles are held by women. 25 per cent of team members are black, 11 per cent identify as LBGTQIA+, and 2 per cent are disabled.
“Sensedia implemented the PertenSer (Belonging) program, teams of employees who teach and learn about gender equity, ethnic-racial affinity, people with disabilities, LGBTQIA+, and the We Care and Well Being groups related to employee welfare. Employees express that the PertenSer program and Sensedia’s inclusive culture allow them to be heard, respected, included and valued in a safe environment.
“Leadership encourages diverse hiring, and recruitment prioritises cultural fit and supports our values. As a result, 53 per cent of our 2023 hires have diverse profiles, including 32.1 per cent of senior and 75 per cent of technical profiles. In 2024, we are aiming for 60 per cent and have already exceeded our 2023 numbers.”
Held accountable
Avadhesh Dixit, chief human resources officer, Acuity Knowledge Partners
Avadhesh Dixit, the chief human resources officer for Acuity Knowledge Partners, a provider of technology, research, and other services to the global financial services industry, said:
“The leadership team has a crucial role to play when it comes to building culture and fostering the environment of inclusion. You only get mass support for promoting an inclusive workplace only when you see managers and leaders leading by example. For us, that means that our D&I council, which is the apex body that leads D&I initiatives, is led by an Executive Committee member.
“We also have Employee Resource Groups (ERGs) that are led by senior leaders of the company. These ERGs include our initiatives around Gender, LGBTQ+, and Parents’ support. Our HR team plays the role of a catalyst but all the initiatives are led by leaders drawn from various functions in the company. This approach makes a huge difference as these leaders can create positive change amongst large numbers of employees by encouraging the adoption of best practices across their teams.
“Leadership participation in building an inclusive workplace is a key criterion when we evaluate leaders to take up greater responsibility. Being a people-led business, it becomes even more important that our leaders are responsible for culture building and are accountable for maintaining an inclusive workplace. People leadership in Acuity is as important as functional expertise.”
Positive difference
Leo Labeis, founder & CEO at REGnosys, a regulatory reporting platform, said:
“However, if you wait until your company is at 20 people plus to pay attention, then candidates from diverse backgrounds will look at your company and see a narrow pool. They simply won’t want to join you.
“By making a conscious effort to improve diversity and partner with organisations such as WISE and NextTechGirls, we were able to deliver on our pledge to boost women’s representation within the firm. This is now at 38 per cent. By doing so, we have noticed a real positive difference in our team workings, performance and growth.”
Support and collaboration
Chi-Eun Lee, chief transformation officer, Paysafe
Chi-Eun Lee, chief transformation officer at payments processor, Paysafe, said:
“Leaders are in a unique role in being visible to the rest of their teams and organisation. For many in the company, what they say during Townhalls, regular newsletters, and interviews are all ways to communicate what they prioritise, what they care about, and how they plan to execute. When a leader says they believe diversity is a good thing, and includes inclusion-related metrics (e.g. such as percentage of women in leadership, percentage of women in talent programmes, inclusion of diversity-related questions in employee surveys) along with other financial and operational targets, it sends a strong signal that it is real.
“At Paysafe, all of our D&I networks are sponsored by a senior leader who ensures there is not only support and collaboration across all the networks, but also recognition for the effort that goes into all the network sponsored activities which in most cases are all in additional to their daily work responsibilities. It’s a great opportunity for people across so many different levels and functions to get to know each other that they ordinarily would never meet.”
Company culture
Orit Federlein-Doodai, head of HR EMEA, PayU GPO
Orit Federlein-Doodai, head of HR EMEA, at financial services company, PayU GPO, said:
“It’s important to embed DEI into the very fabric of company culture; rather than relying solely on mandatory training, create spaces for employees to discuss topics important to them. You could also consider facilitating volunteering activities beyond the workplace that align with DEI values, by giving back to our societies as well. This is something we are committed to at PayU GPO.
“Perhaps most importantly, business leaders need to know what employees think about current DEI company policies and whether they are welcome in the workplace. If you don’t know how employees feel, then you can’t know where you are doing a good job in creating an inclusive and safe environment or where you can improve. We track our DEI score through our annual global engagement survey aimed at measuring employees’ experiences of inclusion, belonging and respect within our workplace. We are very proud that DE&I is repeatedly one of the highest scores in our annual survey. The insights gained from our employees inform our efforts to cultivate an authentic and inclusive culture.”
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