How we #EmbraceEquity at Chaser. International Women’s Day 2023

International Women's Day is a day to celebrate the social, economic, cultural, and political achievements of women around the world. It's a time to reflect on the progress that has been made toward gender equality, while also acknowledging the work that still needs to be done to create a more just and equitable world for all. After last year's #BreakTheBias theme, this year, the theme of International Women's Day is "Embracing Equity," a call to action for individuals, organizations, and governments to work together to promote gender equality and ensure that all women have the opportunity to thrive.

One area where the need for equity is particularly acute is in the fintech and tech industries, where women are significantly underrepresented.

Despite the fact that women make up half of the global population, they make up only around 25% of the tech workforce and a mere 12% of the fintech workforce.

This underrepresentation has far-reaching consequences, from perpetuating gender-based pay gaps to limiting the perspectives and experiences that are brought to bear on the development of new products and services.

So why is it that women are underrepresented in these fields? There are a number of factors that contribute to this disparity, ranging from cultural biases and stereotypes to systemic barriers in education and hiring. For example, studies have shown that women are less likely to pursue careers in tech or fintech due to cultural stereotypes that associate these fields with masculinity and discourage girls from pursuing them. 

Additionally, women face significant barriers in accessing education and training in these fields, from a lack of resources and funding to biased hiring practices that favor male candidates.

Despite these challenges, there are many women who are thriving in the fintech and tech industries, paving the way for future generations of women to succeed. These women are not only breaking down barriers and overcoming obstacles, but they are also driving innovation and pushing for change within their organizations and the industry as a whole. By showcasing their stories and highlighting their successes, we can inspire other women to pursue careers in tech and fintech, and work towards a more equitable and inclusive industry.

At Chaser, we believe that embracing equity is not only the right thing to do, but it's also essential for building a stronger and more resilient business. We recognize the value that diverse perspectives and experiences bring to the table, and we are committed to creating a workplace culture that promotes equity and inclusion for all. That's why we are proud to support International Women's Day and to take part in this global conversation about the importance of embracing equity.

In the rest of this blog post, we will be highlighting the stories of women and men in the fintech and tech industries who are making a difference and driving change. We will be exploring the challenges they have faced, the successes they have achieved, and the lessons they have learned along the way. We hope that these stories will inspire and empower other women to pursue their dreams and to work towards a more equitable and inclusive world. 

Interviews

Presenting Amaya

What are some of the biggest misconceptions about gender equity in the workplace, and how can we work to dispel them? 

One of the biggest misconceptions about gender equity is that it's about giving women an unfair advantage over men. This couldn't be further from the truth. Gender equity is about creating a level playing field where everyone has the same opportunities to succeed, regardless of their gender. It's about breaking down barriers and eliminating biases that have historically held women back from achieving their full potential.

Dispelling this misconception requires a shift in mindset. Rather than viewing gender equity as a zero-sum game where one group wins and another loses, we need to recognize that everyone benefits from a more equitable workplace. When women are able to thrive and succeed, it not only benefits them individually, but it also benefits their organizations and society as a whole.

What changes would you like to see take place in fintech over the next year to improve equity?

Over the next year I would like to see more ethnic diversity in the fintech sector, in particular more Black people working in fintech. Although ethnic diversity in fintech has increased steadily since 2011, the proportion of Black people working in fintech has remained stagnant at 3.1%. Whilst effort needs to be made for more women in general to join and grow in fintech businesses, space needs to be made for Black women, in particular, to be represented and to thrive in these industries. 

Secondly, I would like to see more female founders in fintech. Currently, only 12% of founders in the fintech industry are female. I would like to see more initiatives to encourage female founders. Lastly, I would like to see more female figureheads and role models in the crypto and blockchain industries

Presenting Charlotte

What are some ways in which the tech/fintech industry can attract and retain more women in the field?

With only 30% of the Fintech workforce being female (according to Deloitte), it is clear that may areas are affected and struggling to hire women. From my experience, I would suggest that the key areas would be engineering teams, leadership positions and also sales roles. However, I don’t feel that this is unique to the Fintech/Insurtech industries.

I believe that the current workforce has a responsibility to become great role models for the future generations. We have a responsibility to challenge the norm and show future generations of women that there are no boundaries or limitations. If you are interested in learning to code, take an online course. If you are interested in becoming a senior leader, get a mentor / work on a Personal Development Plan. If you are interested in moving in to sales, take the leap. By doing these, we are not only fulfilling our own dream, we are also increasing the opportunities for the younger generations, its win-win. 

We also have a responsibility to empower girls from a young age. GIve them opportunities to learn the technical skills, leadership skills and confidence to excel in their chosen path (whatever that may be). The final point is via education and in encouraging young girls to participate in STEM subjects. 

Presenting Inga

What recommendations do you have for women wanting to work in fintech?

If you're a woman interested in working in fintech, my strongest recommendation is to be brave and just go for it. Don't be discouraged by the fact that this field is male-dominated. Everyone who is working in the industry now was inexperienced at some point. So, don't let a lack of experience hold you back from exploring this exciting industry. The only way to know if fintech is right for you is to try it out. And even if you find out it's not your thing, you'll still have gained valuable experience and insight. So, take that leap of faith and see where it takes you. Remember, bravery is the key to success!

Presenting Krissie

What recommendations do you have for women wanting to work in fintech?

• ‘Confidence doesn’t have to be loud, you can lead with empathy and positivity’
• Play to your own more natural female strengths and don’t conform to a typically masculine vision of leadership. Find your own female role models and be true to your own values
• Be brave and bold - do something that challenges you every day as this will improve your self-development.
• Don’t lose sight of your own development when focusing on your own team - it ensures your team are getting the best version of you on a daily basis
• Practice positive affirmations to boost your mental health and create a positive sense of self
• The way you speak to yourself is impactful - self-deprecating or negative talk can damage your progress

Presenting Sonia

As a female CEO of a tech company, I am dedicated to embracing equity in the workplace. Three areas that I focus on are 1. The impact of technology and automation on women’s future in the workplace, 2. Ways in which tech companies can help women achieve equity and 3. Tackling common misconceptions about equity. 

I am acutely aware of the impact that artificial intelligence and technology automation will have on the future of women in the workplace. While these advancements offer great opportunities for innovation and efficiency, they also pose significant challenges for women.

One of the most important ways that artificial intelligence and technology automation will impact women in the workplace is by changing the nature of work itself. Automating many jobs that had traditionally been held by women in the past, such as administrative and clerical work, is becoming more prevalent. This means that women may need to adapt their skill sets and seek out new career paths in order to remain relevant in a rapidly changing job market.

At the same time, however, technology automation is also creating new opportunities for women in fields such as data science and machine learning. As these fields continue to grow and evolve, women will have the chance to play a leading role in shaping the future of technology and artificial intelligence.

One of the biggest challenges that women will face as technology automation becomes more prevalent is the potential for job displacement. As machines and algorithms become more capable of performing tasks that were once the sole domain of humans, it is likely that many women will find themselves out of work or struggling to find new positions that match their skills and experience.

To address this challenge, it will be essential for women to develop new skills and expertise that are highly valued in the age of automation. This might involve pursuing advanced degrees in fields such as engineering, computer science, or data analytics, or seeking out opportunities for professional development and training in emerging technologies.

Another important consideration for women in the age of artificial intelligence and technology automation is the need for greater representation and diversity in the tech industry. Women and other underrepresented groups have historically been marginalized in the tech industry, and this has led to a lack of diversity and perspective in the development of new technologies and algorithms.

To address this problem, it will be essential for women to become more involved in the tech industry and to advocate for greater diversity and inclusion in all aspects of technology development and implementation. By working together to ensure that the benefits of technology automation are shared by all members of society, we can create a more equitable and just future for women in the workplace and beyond.

Artificial intelligence and technology automation have the potential to both disrupt and transform the workplace, and it is essential for women to be prepared for these changes. By developing new skills and expertise, advocating for greater representation and diversity in the tech industry, and working together to ensure that the benefits of automation are shared by all members of society, we can create a future in which women are empowered to thrive and succeed in the age of technology.

Nevertheless, there are several steps that companies in these fields can take to attract and retain more women in the field:

• Offer flexible work arrangements: Many women, particularly those with caregiving responsibilities, find it challenging to balance work and personal responsibilities. By offering flexible work arrangements, such as remote work, flexible hours, and job-sharing, companies can make it easier for women to stay in the field.
• Provide mentorship and sponsorship programs: Mentorship and sponsorship programs can be an effective way to support women in the tech and fintech industries. These programs can provide guidance, networking opportunities, and support for career advancement, which can be particularly important for women who may not have access to informal networks.
• Focus on diversity and inclusion: Creating a workplace culture that is welcoming and inclusive for women and other underrepresented groups can be a powerful way to attract and retain top talent. Companies can demonstrate their commitment to diversity and inclusion by setting diversity targets, conducting unconscious bias training, and actively seeking out diverse candidates for open positions.
• Address the gender pay gap: Women in the tech and fintech industries are often paid less than their male counterparts, which can be a significant barrier to retention. Companies can address the gender pay gap by conducting regular pay equity analyses, implementing transparent pay structures, and providing equal opportunities for career advancement.
• Encourage participation in industry events and organizations: Participating in industry events and organizations can be an effective way for women to build their networks, learn about new technologies and trends, and develop new skills. Companies can encourage their female employees to attend and participate in these events by providing financial support, offering time off for attendance, and promoting the events internally.
• Offer professional development opportunities: Professional development opportunities, such as training, certification programs, and continuing education, can help women stay up-to-date with the latest technologies and best practices, which is essential for career advancement in the tech and fintech industries. Companies can offer these opportunities as part of their benefits package, and actively encourage their female employees to take advantage of them.

Attracting and retaining more women in the tech and fintech industries requires a comprehensive approach that includes offering flexible work arrangements, providing mentorship and sponsorship programs, focusing on diversity and inclusion, addressing the gender pay gap, encouraging participation in industry events and organizations, and offering professional development opportunities. By taking these steps, companies can create a more equitable and diverse workplace that benefits everyone.

There are still many misconceptions that persist about this topic. Here are some of the biggest misconceptions about gender equity in the workplace and how we can work to dispel them:

Misconception: Women are not as ambitious as men.

This misconception assumes that women are not interested in advancing their careers, which is not true. Women are just as ambitious as men, but they may face more barriers to career advancement, such as discrimination and unconscious bias. Sometimes, a lack of female representation in senior roles can make some women feel their goals are unattainable. Companies can work to dispel this misconception by promoting women into leadership roles and showcasing their achievements. As it stands now, at Chaser, four out of 6 leadership team members are female.

Misconception: Women are not as qualified as men.

This misconception assumes that women are less skilled or less capable than men, which is not true. Women are just as qualified as men, but they may face more obstacles in accessing education and training. Companies can work to dispel this misconception by providing equal opportunities for education and training. Companies can also focus on recruiting and hiring a diverse pool of candidates and eliminating bias from the hiring process.

Misconception: Women are not as committed to their jobs as men.

This misconception assumes that women are more likely to prioritize their personal lives over their careers, which is not true. Women are just as committed to their jobs as men, but they may face more challenges in balancing work and personal responsibilities. Companies can work to dispel this misconception by offering flexible work arrangements, such as remote work and flexible hours, which can help employees balance their work and personal responsibilities. Companies can also provide support for caregiving responsibilities, such as on-site childcare.

Misconception: Gender equity is not a business issue.

This misconception assumes that gender equity is not important for business success, which is not true. Gender equity is essential for attracting and retaining top talent, promoting innovation and creativity, and improving business performance. Companies can work to dispel this misconception by highlighting the business benefits of gender equity, such as increased productivity, improved decision-making, and better financial performance. Companies can also set diversity and inclusion targets and measure progress towards achieving them.

Companies can work to dispel these misconceptions by promoting women into leadership roles, providing equal opportunities for education and training, offering flexible work arrangements, highlighting the business benefits of gender equity, and setting diversity and inclusion targets. By doing so, companies can create a more equitable and inclusive workplace that benefits everyone.

In the last three years of being CEO at Chaser, I’ve also asked myself if employees would have preferred a male CEO and if they would trust a male CEO more. 

There is no definitive answer to this question as employee preferences can vary depending on a wide range of factors such as industry, culture, and individual preferences. However, research suggests that there may be some gender bias in the workplace, which could affect how employees view male and female CEOs.

For example, a study published in the Journal of Business and Psychology found that both male and female employees tend to hold more favourable attitudes toward male leaders than female leaders. This bias was more pronounced among male employees, but it was also present among female employees.

Another study published in the Harvard Business Review found that male and female employees tend to have different expectations of their leaders. Male employees were found to expect their male leaders to be assertive and competitive, while female employees expected female leaders to be more nurturing and collaborative.

It's important to note that these studies represent a limited sample of employees and industries, and individual preferences and biases can vary greatly. Ultimately, the effectiveness of a CEO should be judged on their skills, experience, and leadership qualities, rather than their gender.

Overcoming gender bias as a female CEO can be challenging, but there are several strategies that can help:

• Build strong relationships with your employees: Take the time to get to know your employees and build strong relationships with them. This can help to establish trust and credibility and may help to overcome biases based on gender.
• Communicate clearly and effectively: Effective communication is key to overcoming bias. Be clear and direct in your communication, and make sure that your employees understand your expectations and goals.
• Lead by example: Set a positive example for your employees by demonstrating your competence, professionalism, and leadership skills. This can help to counter any biases or stereotypes that may exist.
• Address bias head-on: Be aware of bias and discrimination in the workplace, and be prepared to address it directly. Speak up when you witness bias or discrimination, and create a culture of inclusivity and respect.
• Provide opportunities for growth and development: Provide your employees with opportunities for growth and development, and ensure that everyone has an equal chance to advance in the organization. This can help to demonstrate that you value all of your employees, regardless of gender.
• Seek out support: Find allies and mentors who can provide support and guidance as you navigate the challenges of being a female CEO. This can help to provide a sense of community and support, and may also help to counteract any biases or stereotypes that may exist.

Ultimately, it's important to remember that overcoming gender bias is an ongoing process that requires ongoing effort and commitment. By taking these steps, female CEOs can help to create a more inclusive and equitable workplace for everyone.

Presenting Kevin

What are some ways in which the tech/fintech industry can attract and retain more women in the field?

• Tech needs to get much much better at talking about the opportunities working in tech has for all kinds of people at a much earlier time in their employment journey - ie getting to younger girls and telling them about the WIDE range of careers that are available and the pathways to get there. Run school/leavers events to show what being part of a tech firm is all about, long-term mentorship/sponsorship programs to individuals, and really highlight the support infrastructure that is in place for these girls to make a secure decision.  Tech isn’t all about gaming/coding and I think that is something that gets lost in all of the noise
• The industry also needs to work on it’s image of being a male-dominated world. Seeing more female leaders is inspirational but also gives these leaders the confidence and coaching to spread that message effectively.
• Be more transparent about the flexibility of working in tech. We work in new ways and are not a 9-5 office-based job anymore!

What recommendations do you have for women wanting to work in fintech?

• Fintech is extremely fast moving/exciting so my main recommendation is to be confident in your core skill set of communication, intrigue and empathy. We are all constantly learning in our day-to-day job so even if you don’t feel 100% technically qualified for a role then you won't be the only one. You’d be amazed how many of us in FinTech did not start as experts in our field - and still aren't!
• You can be in support, sales, marketing, design, comms, engineering, accounting, finance - almost anything. There is a role for you in tech companies.
• Ask questions and reach out to those already working in tech - I feel we are all super approachable and willing to share our journeys
• Make demands of how you want to work - we are a flexible industry (or at least should be)

Presenting Oliver

What are some of the biggest misconceptions about gender equity in the workplace, and how can we work to dispel them? 

I think the biggest misconception about gender equity in the workplace, is that women are more likely to prioritise their family over their career, and that this should result in gender-based pay penalisation.

I come from a family where my mother was my family's primary earner and my father mostly took care of my early childcare. I think the reality is, both men and women can (and do) have responsibilities to their family and their career. We can dispel this misconception by simply not assuming a person's priorities and goals in life based solely on their gender. Another potential solution with this aim in mind is to normalise equal maternity and paternity leave for men and women.

Presenting Rory

How can society #EmbraceEquity?