How to Master Diversity in the Fintech Workplace with Panzura, The Rise Journey and more
The need for diversity and inclusion in fintech has become a core element of the industry and is as integral to the success of its leading players as any other form of innovation. In recognition of its rising status in the recipe for success, this month, Fintech Times will be groundbreaking for the topic through a month-long investigation into how equality is really delivered.
Fintech Times dedicates the month of April to showcasing the fintech industry’s smartest and boldest initiatives aimed at championing equality, diversity and inclusion for all.
The task of achieving measurable diversity is not easy. While the topic remains a priority across the board, as the range of experts joining us here will understand, finding actionable guidance in D&I is not so easy.
Here, in the most dynamic chapter of this series to date, experts from around the world share their advice for companies seeking a more inclusive future in their workplace.
Forces for change with Panzura
Leading our conversation here is Jill Stelfoxexecutive chairman and managing director of the data storage company Panzura; a post she has championed since 2020.
Stelfox and her management team and a gender-balanced board have created a “phoenix rising from the ashes” story by turning the Panzura in a complete overhaul to become the market leader in hybrid, multi-cloud computing in a short period of time. three years.
At the heart of driving real change was Stelfox’s vision to build an equitable environment that values performance, innovation and compassion. She sought with great determination to create a culture that attracts the best, starting with concrete measures that provide fair equity in the workplace and drive performance, reimagining how to attract and care for employees as a cornerstone of Panzura’s success.
She maintains a strong belief that with this vision, Panzura’s employees are empowered to unleash their brilliance and drive innovation.
“Bring Weird”
Stelfox explains its unique approach to delivering diversity, acknowledging how many companies believe that diversity and inclusion is “about ‘balancing the books’ and hitting quotas”.
“While it certainly plays a role in leveling the playing field, issues of diversity and inclusion are far more cultural and philosophical,” she explains. “It’s a case of who you are as a business and the talent you want to attract.”
When asked what advice she would give to companies that want to follow in the same footsteps, Stelfox comments: “At Panzura we have a saying – ‘bring your rare’ – which basically means that we encourage everyone in the industry to be genuine. even when they come to work or log in for the day.
“There is an old-fashioned expectation in business that everyone must conform to an office-based stereotype, but if diversity is to be truly celebrated, people must be allowed to express themselves.
“This fosters a culture of empathy and inclusion and also leads to gains in morale, productivity and focus.”
Diversity from the bottom up
As a technology-focused company, Stelfox, in his position as executive chairman and CEO of a data storage company, recognizes how technology companies specifically have “a unique challenge in that the industry is traditionally dominated by men.”
“But if companies can encourage diversity and openness from the bottom up, they will quickly see their leadership teams and boardrooms look very different – and that has a knock-on effect,” she continues. “If women, for example, see more women in authoritative roles, they are far more likely to apply for those roles themselves.”
With this, she confirms that there is certainly a generational change underway.
“Things are improving in technology when it comes to diversity and inclusion, primarily because younger people tend to be more open and less concerned about who people are or where they come from,” comments Stelfox.
“Honestly, most young people were raised by strong working women and simply expect inclusion. “Companies need to embrace this mindset and work harder to train their teams and have what we call ‘critical conversations’ to close the gender gap and eliminate prejudice,” she continues.
“It’s also important to be as agnostic as possible at recruitment level when it comes to people’s backgrounds, something artificial intelligence (AI) is really starting to help with when it comes to removing bias. It is a statistic from McKinsey which states that companies in the top quartile for diversity are likely to achieve 15 percent higher financial returns, so diversity is not only an ethical or moral imperative, but also a business requirement.”
The biggest challenge for diversity
Of all the industries, Stelfox states that the technology sector has the highest barriers to overcome when it comes to delivering on diversity.
“Talent is in short supply,” she explains, “so companies are doing themselves no favors by further limiting the talent pool due to a lack of diversity.”
“Before people even apply for challenging roles in technology, they need to visualize themselves in those roles, and that’s difficult if they have no representation in the organization. Simply put, if companies get diversity and inclusion initiatives right, they will attract the best talent and find the hiring process much easier, Stelfox continues.
“Technology companies should really consider this when promoting from within and hiring new candidates. By promoting diversity, you make your company more attractive to others from different backgrounds who might not otherwise consider applying if your company is male-dominated or comes across as non-inclusive .”
Noticeable improvements
Although the sector is a little behind the curve in terms of diversity and inclusion, Stelfox confirms from her point of view that the situation is “getting better year by year”.
“As mentioned above, the best thing companies can do is to ensure that their diversity initiatives run deeper than ticking boxes and meeting quotas,” she adds.
“Celebrate differences, encourage individuality, and set aside time for teams to bond and get to know each other. By fostering a culture of empathy and acceptance, the diversity dial will begin to move and the doors will naturally open for more talent to go through.
“For me, I would say one of the biggest neglected groups in the tech sector is women. It’s only in the last decade or two that we’ve seen more women enter the world of tech, whether it’s learning to code or taking an interest for computer science.
“These women who have broken through the glass ceiling are pioneers in many ways, and they make it easier for other women to follow in their footsteps and break even more barriers,” concludes Stelfox.
An action plan
The Rise Journey is a fully-fledged, woman-owned, fast-growing HR strategy and organizational culture consultancy. Since 2018, the company has developed a team of expert advisors that span regions, nationalities, races, ethnicity, disability, socioeconomic status, immigrant background, and other areas of diversity.
The Rise Journey regularly administers surveys to uncover where it is and where it can improve in this regard.
The consultancy company’s co-founder and specialist in diversity, equity, inclusion, belonging and accessibility (DEIBA), Yes Osrowworking with growth and mid-sized companies to operationalize DEIBA to build empowering organizational cultures from the ground up.
“I am conscious and proud to champion diversity in our workplace and empower other workplace leaders to do the same,” comments Osrow.
The power of humble beginnings
“What I’ve learned is to start small,” Osrow explains. “Don’t try to tackle everything at once. Take one initiative at a time and think about where you can connect these efforts with business initiatives.”
Her advice is to consider implementing mentorship programs, or if your company has business resource groups (BRGs) or employee resource groups (ERGs), Osrow recommends hosting events that cultivate culture and community and then grow into other areas.
“Take a bite-sized approach instead of trying to boil the ocean,” she adds, saying this bite-sized approach starts with three simple steps.
The first, she explains, is to “figure out your budget,” followed by the second step of “finding out who your executive sponsors are.”
This process should then end with “finding out what initiatives your employees are interested in.”
“Whether you’re focusing on employee development or workplace culture, start by implementing one initiative a month or one initiative a quarter and go from there,” Osrow continues.
“Often it comes to launching a DEI committee first and then launching ERGs, but having some kind of budget is critical. Without a budget, there will be frustration.
“This is where you need to think about the cost of retention versus recruitment and look at the metrics to determine where your budget is best allocated,” she concludes.
The Rise Journey recently launched Rise with OPHR, a self-service resource center built with one-person HR teams in mind. It offers over 200 HR and DEI resources, many accessible free of charge, to help organizations’ missions and goals align with best practices and culturally changing HR and DEI initiatives.
Step-by-step advice on diversity
Brooke Stovallsenior manager for diversity and belonging at Jack Henry & Associates, Inc.an American technology company and payment processing service for the financial services industry, concludes our conversation with a variety of recommendations for those looking to act on diversity and inclusion.
Her first piece of advice falls on executive-level leadership support, which she describes as “vital to the DEIB effort,” as it “sets the tone and direction for an organization’s culture, values and forward progression.”
“Their commitment and support provide the vision, resources, accountability and top-down influence to create and sustain an environment focused on DEIB,” Stovall adds.
Second, Stovall, like his predecessors, recommends establishing an effective plan for DEIB.
This, she explains, includes creating “a comprehensive, strategic DEIB plan that outlines specific goals, objectives and strategies to promote diversity, equity and inclusion in the workplace.”
“This plan should be regularly reviewed and updated to ensure it remains relevant and effective,” she continues. “It is important to share this plan with your employees and also people outside your company so that everyone knows your plans.”
Stovell also strongly recommends that companies prioritize hiring diverse talent: “Companies should actively seek out and recruit diverse talent to ensure your workforce reflects the diversity of the communities they serve,” she says.
“This can be accomplished by using diverse recruiting sources, adopting inclusive language in job postings, and taking steps to eliminate bias in the process with both your recruiting and hiring teams.”
“Ensure your workforce reflects the diversity of the communities they serve”
This should also be accompanied by providing DEIB training, where companies should offer DEIB training to all employees to help them understand the importance of concepts such as unconscious bias, cultural competence and inclusive communication.
These steps outlined by Stovell are a surefire way to ensure successful nurturing of a culture of inclusion: “Create a culture of inclusion where employees feel valued, respected and empowered to contribute their unique perspectives and ideas,” she comments.
“This can be achieved by promoting open communication, providing opportunities for employee feedback and celebrating different cultures and backgrounds.”
Above all, companies must focus on offering fair opportunities for career development. “You must ensure that all employees have equal opportunities for career development, regardless of race, gender or other personal characteristics,” explains Stovell.
“This can be achieved by implementing fair performance reviews and providing development and mentoring programmes,” she concludes.
