CEOs, we need more female leaders in FinTech
FinTech CEOs, we need to do better. According to a report by Innovate finance, women still account for less than 30% of the FinTech workforce.
While the number of women in other industries is growing, sectors such as engineering, finance and tech are still male-dominated.
There needs to be a shift towards attracting female candidates into these sectos. This shift will, in turn, foster innovation and different perspectives within the workforce.
Six tried-and-tested tips for hiring female leaders:
Be more mindful of your job descriptions
We all know first impressions are everything. In your job descriptions, be mindful of the language you use and consider who you're talking to. Use neutral descriptive language throughout. Pro tips: The use of creative titles such as ‘guru’ or ‘ninja’ prevent women from clicking on your advert. Tools like Textio Hire can help your team write job descriptions that are free from unconscious bias.
Men apply for a job when they meet 60% of the qualifications, but women apply only if they meet 100% of them. Condense the list of ‘must-haves’ and ‘nice-to-haves'. You’re only moving the goalpost for those who are slowly ticking off that very large list of yours.
Prioritise your employer branding
In the consumer world, females hold a lot of the buying power and this goes hand in hand with the world of work. Remember, you're selling yourself to your candidates – it works both ways. Make sure you’re strongly recommended on sites like Glassdoor. CRO Magazine reported 86% of U.S. women wouldn’t join a company with a bad reputation. Make yours count.
Move beyond your mission statement and speak directly to candidates about their needs and how you can meet them –exactly as you would for your clients.
Use real models, not role models
Task your recruiters with providing at least two female candidates for every role. Studies have shown that when there's only one underrepresented candidate, the chances of that person being hired is small. Why? Because this person is seen as the 'diversity candidate' instead of the 'qualified candidate'. Unconscious bias affects us all and it pays to be aware of it.
Focus on the hiring process. Make sure there’s a true representation of female, male and non-binary employees within your hiring panel. It’s hard to be what you can’t see.
Value diverse skills as much as a diverse workforce
We must place a greater emphasis on the skills that bring us together the most. Soft skills, as much as I dislike this term, are just as important as hard skills. These traits are proven to boost productivity and improve company-wide communication. Often, these so-called ‘soft skills’ are found in female candidates who have a greater ability to empathise, understand and motivate their teams.
"Move beyond your mission statement and speak directly to candidates about their needs and how you can meet them – exactly as you would for your clients."
Focus on culture-add, not culture-fit
At 3S Money, we pride ourselves on being an inclusive workplace focused on productivity and innovation. We aren’t a company plastering ‘must-have finance experience’ on every job description. Why? Because this statement can drive away strong female and neurodiverse candidates. We know different experiences create the most interesting discussions.
Instead of culture-fit, which tends to attract and hire more of the same, we’re big believers in people who are a genuine ‘culture-add’. We focus on people who can add value we don’t currently have internally.
Know it filters down from the top
I’ll finish with this: it’s very easy to say you want a diverse workforce, but it starts with us, as CEOs. We need quantifiable action points. Educate your employees and explain the importance of diverse teams. Explain how they, too, will benefit from learning from each other. Challenge yourself by monitoring the number of female hires in the company each quarter and watch the changes within those teams.
Hold yourself accountable and watch positive change follow.