Fintech
Supporting DEI initiatives from the top: Building diverse leadership in Fintech
This June at Fintech Times we will focus on diversity, equity and inclusion (DEI). No longer just a trending topic, but an essential consideration not only for your business operations but also for your offering, this topic seems more relevant now than ever.
The fintech sector is known for its innovative and agile reputation, yet it still faces a significant diversity problem that threatens to stunt its growth and halt the movement of innovation.
When it comes to supporting DEI, looking to the top of the fintech world is a good place to start. There is a huge diversity problem at the top of the industry, and solving it is a sure way to move the industry forward.
Belonging and equity
Lisa Arturo, US Director and Global CMO at API Management Platform, SensediaShe said:
“Leadership supports the evolution of gender, race and diversity within the company, building a culture of belonging and equity. We have achieved our goal of increasing the number of women employed to at least 25% of Sensedia’s workforce and 30% of leadership positions. Today, 25% of employees are women, 38% of leadership roles are held by women. 25% of team members are Black, 11% identify as LBGTQIA+ and 2% are disabled.
“Sensedia has implemented the PertenSer (Belonging) program, teams of employees teaching and learning about gender equality, racial-ethnic affinity, people with disabilities, LGBTQIA+ and the We Care and Well Being groups related to employee well-being. Employees say 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 recruiting prioritizes cultural fit and upholds our values. As a result, 53% of our hires in 2023 have diverse profiles, including 32.1% senior profiles and 75% technical profiles. In 2024 we are aiming for 60% and we have already exceeded our 2023 numbers.”
Held responsible
Avadhesh Dixit, the human resources manager for Acuity Knowledge Partner, 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 an environment of inclusion. You only gain mass support for promoting an inclusive workplace when you see managers and leaders leading by example. For us, this means that our D&I Council, which is the apex body guiding D&I initiatives, is led by a member of the Executive Committee.
“We also have employee resource groups (ERGs) led by senior company leaders. These ERGs include our gender, LGBTQ+ and parent support initiatives. Our HR team plays the role of catalyst, but all initiatives are driven by leaders from various functions of the company. This approach makes a huge difference as these leaders can create positive change among large numbers of employees by encouraging the adoption of best practices within their teams.
“Leadership participation in building an inclusive work environment is a key criterion when we evaluate leaders to take on more responsibility. As a people-driven company, it becomes even more important that our leaders are accountable for building the culture and maintaining an inclusive work environment. People leadership at Acuity is as important as functional skills.”
Positive difference
Leo Labeisfounder and CEO of REGnosis, a regulatory reporting platform, said:
“Most founders say that in the early stages of a start-up, attracting top talent quickly is all that matters. It would be great if it was diversified, but it’s not the priority. I was guilty of this thinking too.
“However, if you wait until your company reaches more than 20 people to pay attention, candidates with diverse backgrounds will look at your company and see a narrow pool. They just won’t want to join you.
“By making a conscious effort to improve diversity and partner with organizations like WISE AND NextTechGirls, we were able to deliver on our commitment to increase the representation of women within the company. This is now at 38%. In this way, we have noticed a truly positive difference in the work, performance and growth of our team.”
Support and collaboration
Chi-Eun Lee, transformation manager at payment processor, Paysafe, She said:
“Leaders have a unique role in being visible to the rest of their teams and their organization. For many in the company, what they say during town halls, regular newsletters, and interviews are all ways to communicate what they prioritize, what they care about, and how they plan to execute. When a leader says they believe diversity is a good thing and includes metrics related to inclusion (e.g., percentage of women in leadership, percentage of women in talent programs, inclusion of diversity-related questions in employee surveys ) along with other financial metrics and operational targets, sends a strong signal of its reality.
“At Paysafe, all our D&I networks are sponsored by a senior leader who ensures not only support and collaboration across all networks, but also recognition for the effort put into all activities sponsored by the network which in most cases are all in addition to their daily work responsibilities. It’s a great opportunity for people from so many different levels and functions to get to know each other who would normally never meet.”
Corporate culture
Orit Federlein-Doodai, EMEA HR manager, at a financial services company, PayU GPOShe said:
“It is important to embed DEI into the very fabric of company culture; Instead of relying solely on mandatory training, create spaces where employees can discuss topics that are important to them. You might also consider facilitating volunteering activities outside of the workplace in line with DEI values, while also giving something back to our societies. This is something we are committed to at PayU GPO.
“Perhaps most importantly, business leaders need to know what employees think of current company DEI policies and whether they are welcome in the workplace. If you don’t know how employees feel, you can’t know where you’re doing a good job creating an inclusive and safe environment or where you can improve. We track our DEI score through our annual Global Engagement Survey to measure employee 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.”
