Fintech
How to Turn Pride Into a Standard Fintech Practice
A payment card colored with the Pride flag is used.
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Inclusion in the workplace is more than just waving a rainbow flag or adding your image as your profile photo on your company page for the month of June. While logos and sentiment are valuable parts of the inclusion journey, they need to be supported by True action, enable True change for inclusion.
Studies have shown that same-sex couples are less likely to be approved for mortgages. Most banks have a poor policy for anyone who needs to change their name. The World Economic Forum A recent survey found that LGBTQIA+ employees felt that workplace discrimination is still widespread. Sadly, 41% said they have experienced discrimination at work that has left them out of decisions and overlooked for promotions. This is probably still a long way from the actual number of people who are willing to admit or realize that this happens to them.
These experiences for customers, consumers and employees demonstrate that change is needed. Inclusivity is key for the industry and the people who work in it. I took the opportunity to speak with people during Pride to learn how we can turn a month-long celebration into a year-round impact.
Everyday
In conversations with Kim Nguyen, VP of People at Alloy, she urged leaders and companies to recognize that Pride is not “a designated time of year. It should be recognized every day.” At Alloy, her work has involved creating people practices with “infrastructure and systems” to promote equitable and inclusive opportunities for all. To do this in a “sustainable and scalable” way, she says accessibility is key. This includes intentional design to address promotions, career development, and benefits. To ensure equitable and inclusive outcomes, every touchpoint across the employee lifecycle must be considered.
Every space
There are several ways companies have created safe environments for everyone. Alexander Mark Deakin-Mckay is the marketing director at Xeinadin. He explains that “if you feel safe, you will contribute more.” Everyone is responsible for ensuring this for others, regardless of what type of person or communicator you are. He identified that middle managers have the power to either strengthen or decimate inclusion efforts. “Executives are critical to creating that environment” and are responsible for “embodying inclusion.” Executives can “encourage growth and trust for everyone” by creating platforms for people to share their perspectives and experiences. Alexander cited an example of how he was openly supported by management. He was given a platform to present himself and in turn built credibility and his personal brand in the company. This was so powerful for him that he said, “We don’t all need to be believed. But giving people the opportunity to believe in themselves, that’s the ticket now.”
Everywhere
Everyone can be involved in this in different ways and circumstances. Deon Pillay is Head of Marketing Technology, Enablement and Governance at LGIM and provides concrete examples. He talks about “authentic and visible support”, saying that waving a flag “is no longer enough”. He advocates for investment in education and learning resources. Training and awareness for employees impacts the wider community on LGBTQIA+ issues and drives change. Deon has demonstrated celebrating people through events, workshops and panels to highlight their stories. This is a “great way to show support for people and support people”. Great charities and organisations are working to make a difference to the community. The best companies give back through partnerships, sponsorships and volunteering time to work with these organisations. Some are working towards policy change. Others are setting up employee resource groups that can educate and empower people.
Everyone
Natalie Brock is the Chief of Staff People Team at Thought Machine. She believes that everyone needs to be involved in inclusivity for it to be sustainable. She points out that one obstacle to this is that, in the push for inclusion, those with privilege can feel like they are the problem. She says that people need to “feel like they can step in and be a part of it.” She explains that it’s easy for people to withdraw from inclusion efforts if they’ve been reprimanded for trying and making mistakes. She advises, “Be inclusive and kind to people, bring them along on the journey, and do it in a positive way.” Making people feel good about being part of the change leads to a positive and thriving work environment.
Every time
Finally, Christian Tooley encourages people to ensure their partners take concrete action to support the LGBTQIA+ community. As a senior manager at Bain & Company and founder of i³ investing, a firm dedicated to supporting investments in LGBTQIA+ startups, he believes everyone can take a stand. He criticizes dishonest support, saying, “Don’t work with organizations where queer safety isn’t on the agenda.” He emphasizes that the benefits of supporting LGBTQIA+ communities have “a strong business case” and that it’s “the right thing to do.” Constantly considering diverse voices and understanding how people are affected by various issues is a big step toward inclusion. An intersectional approach that understands systemic bias is critical to change.
While researching this article, I learned that Pride isn’t just about inclusion in June; it’s about inclusion every day, everywhere, for everyone.