Inclusion includes everyone, and advancing your Black talent is in everyone’s best interest. This … [+]
Despite widespread calls for diversity in fintech, little progress has been made. When considering support for Black talent across financial services, in some cases the sector is moving backwards. KPMG reported that in the UK insurance sector, the representation of ethnic minorities was falling by “10% in 2019, to 9% in 2021.” McKinsey shared that Black talent makes up 12% of the U.S. workforce in 2022, but only 8% in tech jobs and only 3% of tech executives are Black. Their research suggests that while jobs in the tech sector are set to grow, opportunities for Black talent in these roles will lag. Many major banks have managed to implement impressive campaigns to promote and support their black talents. These initiatives aim to improve retention, growth and promotion. Barclays published its targets in its ‘Race to Work Impact Report.’ They said “myriad evidence” shows that diverse companies “perform better” and achieve “better business outcomes”.
In discussions with several people in the fintech industry, they shared what any company can do to improve fairness, equality, and inclusion of Black talent in the workplace.
Commit to a program
Lisa Leid is a seasoned public relations and Fintech communications expert. She says that when it comes to a true inclusion campaign, it has to go much deeper than just support. She says it’s “more about cultivating, elevating and amplifying voices.” True recognition of current treatment can only take place at this stage. She says this will pave the way for implementing appropriate measures and programs to improve and build more inclusive environments.
Brenda Lee Henderson is an associate director at Lloyds Banking Group. She believes the first step in any inclusion program is to promote open discussions about race. It is essential to ensure that the right issues are identified and addressed correctly. Also, for any change program to take place, it is essential to establish an environment where everyone can express themselves openly and honestly. Brenda says that only then will “open discussions lead to a better understanding of the complexities surrounding race and racism.”
Commit to inclusive environments
Marie Agbesanwa is a Fintech Sales Professional and Founder of the “Now You’re Talking Network”. She says any company can be more successful by committing to making diversity a business issue. She suggests setting goals, measuring progress and holding regular meetings to track improvements “just like you would with any other business issue.” Focusing on the “why” and aligning it with what you want to be can be more powerful than massively funded campaigns.
For Juan Matthew, this must be reinforced by the “power of community”. As Head of Fintech Implementation at Built Technologies, Juan discusses creating an inclusive environment through a “shared vision.” He says that when there is a shared vision, people are willing to help each other achieve it. The potential of a group with the same goal, “all walking in the same direction, is so powerful. There’s really nothing that can stop them.
Commit to equitable progression
Elizabeth Boampong is a compliance professional and founder of the Afro-Fintech community. She emphasizes that progression is essential. She says: “The problem is not representation; the problem is representation in leadership. To achieve leadership, you need more than just recognition, she says, it also requires visibility. She says: “Depending on your background, you may not have been exposed to examples of career potential” within the industry.
Flavilla Fongang agrees saying this is also true for those applying to fintech. Speaking about hiring, she said: “The era of hiring in your own image is over. » As the founder of 3 Colors Rule and GTA Black Women In Tech, she is committed to building confidence in the next generation. One of the ways she does this is by recounting great career success stories. When working with companies to ensure equitable career progression, she emphasizes the importance of diverse perspectives.
Yianni Ellis is Director of Operations, having spent years in the fintech sector. In order to make programs effective, he emphasizes that diversity is essential at C suite. To achieve any inclusion program, it must be reflected in the company’s senior management. He says: “If we want a diverse and successful company. Next, we need to have a diverse and capable C-suite. Without this, any change program will be flawed.
There have been many failed attempts to create better diversity and inclusion within fintech companies. Even the most well-funded campaigns can be held back when the foundations for change are neglected. In 2016, harvard business review wrote about the difference between caring about diversity and committing to diversity. Often, lack of commitment has led to barriers to change. These examples come from those who have built successful careers in the industry. Each person cited supports the industry in its commitment to building a more prosperous and inclusive place.