Coming out of the pandemic, a huge industry shift has happened with a push to embrace technology and why don’t we go further and embrace further diversity in the workplace!
Did you know? Women still account for less than 30% of the fintech workforce. While the number of female employees in other industries is increasing, the fintech banking and finance sectors remain predominantly male.
Firms need to entice more female candidates into their industries, as this shift will likely nurture innovation and different perceptions within human resources and the wider business model.
We spoke to two leading female profiles within financial technology who are helping their stakeholders with being diverse in their recruitment strategy.
Here’s what they said:
Nhat-Han Vong, Head of HR, RIZQ
“This is my first career in the fintech industry and it’s quite a different approach. I’ve come from corporate businesses before, as well as media, and architectural sectors. But what’s really nice where I am at the moment is that it’s a start-up company, so everyone has a voice, everyone’s learning together as well – for example, we’re learning about the current trends, who the competitors are, and what we can do to enhance what we have already.
“For me, a start-up fintech has been a great way to ease into the industry, having never been in it before. At Rizq, everyone has the same mentality, and even the CEO came from the same kind of background as me previously.
“I think fintech will be in the world for a long time, as it’s an industry that’s been boosted through the pandemic period – we’re going to see a lot more fintech start-ups. I’m grateful to be in this industry during these unprecedented times – I’d like to see how it evolves!
“My advice to other women wanting to join a fintech is to be confident and have a voice of your own in the business. If you don’t like something or feel there should be an improvement to something in the business, say, as you don’t know what outcome you’ll get. You’d be surprised how many people will listen!
“Some females are reluctant to speak their voice, but I think women, these days, are more confident and independent, and you need this attitude at this more senior level.
“Within our department, I’m the only female which can be intimidating as you’re surrounded by men. However, I think these days, genders are all equal.
“That said, I do see a lack of female candidates when running a recruitment campaign, so I think it’d be nice to see more females in the industry.”
Ingrid Uche, Head of HR, CellPoint Digital
“I haven’t found the transition into fintech that much different, as HR hasn’t changed. However, the technology CellPoint Digital uses is more advanced than the technology used by other fintech companies. For example, we use Slack, while traditional companies text or talk on other mediums.
“I’d say to other women joining fintech that, while start-ups aren’t able to pay as much as larger companies, the overall salary is good, as there are share options which add to the overall salary package.
“Sometimes, a start-up fintech is quick on its feet in making decisions, but it’s a fun environment to work in.
“I don’t think diversity has happened yet at many fintech companies, and the industry is still predominantly male. When running recruitment campaigns, I see a lack of female candidates – for instance, most developers are male. Diversity is a challenge – it’s difficult to get diverse talent through the door.
“Bigger tech firms offer so many incentives when you’re diverse and when you’re female, there’s a lot of progression. CellPoint Digital doesn’t currently have strategies in place to attract more women into the company, but it mentors women and recognises the issue.”
Tried-and-tested tips for hiring your next female fintech leader
Below, we’ve pulled together a few tips for hiring female fintech leaders in a male-dominated sector.
1. Think about your job descriptions carefully
First impressions are everything, right? When writing your job descriptions, consider the language you use and think about who you’re speaking to. Be sure to use unbiased language throughout.
And please don’t use imaginative titles like ‘ninja’ or ‘guru’, as it deters women from applying. To help you write your job ad and ensure it doesn’t contain any inadvertent bias, use an application such as Textio Hire.
A really interesting point to note: male applicants tend to apply for a position when they meet 60% of the credentials, while females are more likely to, only if they meet 100% of them. In which case, if possible, shorten your ‘must-have’ list to a ‘nice-to-have’ list.
Top tip: Being employment experts, our advice to HR and hiring managers is that if you’d like to see diversity in your team, then try to be more flexible in what you’re requiring. In turn, you’ll find you get a better influx of women and gender diversity coming through and applying for your vacancies.
2. Don’t use the norm, use diversity!
As financial recruiters with nearly 20 years’ experience, we always provide our clients with a diverse applicant base for each vacancy – and we hope this is something other recruiters are doing, too.
If we ever identify a rock star female and true, upcoming talent, then we’ll always make our client aware of them.
By having a diverse workforce, you’ll automatically have a whole range of skills and viewpoints across your workers. Ultimately, these different viewpoints will trigger new creativity and innovations, leading to exciting opportunities within your workplace.
By concentrating on the foundation of your recruitment strategy, you’ll begin your next recruitment campaign on the right foot. Focus on the recruitment process so that there’s a healthy gender balance within your workplace. In your hiring panel, be sure to include a real representation of female, male, and non-binary employees.
3. Concentrate on ‘culture-add’ rather than ‘culture-fit’
Are you an inclusive workplace dedicated to innovation and productivity? Refrain from plastering sentences like ‘must-have banking experience’ on your job adverts, as this can drive away strong women and non-binary applicants.
Rather than ‘culture-fit’ – which often entices and hires more of the same – companies should focus more on recruiting people who are a genuine ‘culture-add’. Thus, concentrate on individuals who can add value you don’t already have in your workforce.
Don’t always hire the norm, think about different personalities.
At Market Talent, we’re dedicated to expanding opportunities for women to flourish in their financial careers. We also serve a highly diverse candidate base for all our roles and client mandates. We offer full-time, part-time, fixed-term contract, and flexible roles across the UK, Europe, and beyond, as well as specifically curated career advice and tools to help our applicants achieve their professional objectives. Give us a call to find out more on +44(0)20 7971 7700 or drop us a line at firstname.lastname@example.org.