Connect with us

Business

Digital Bank Black Banx Aims to Close FinTech Hiring Gender Gap

Published

on

Black Banx

The gender gap in employment remains a persistent challenge in today’s world, not just as a social and ethical issue, but also as an economic concern. The term “gender gap” in the workforce refers to the disparity between men and women in terms of their representation, opportunities, and remuneration in the workplace. This discrepancy not only hinders the progress and well-being of half the world’s population but also impairs economic growth and innovation. Gender equality in the workforce is more than a moral imperative; it is a foundational element for building sustainable and prosperous societies. However, gender equality remains a far-off dream for most industries. 

Gender Gap, Discrimination, and Related Issues

Globally, women face significant hurdles in the workforce. Their participation rate in the labour force stands at about 47%, compared to 72% for men, according to the International Labour Organization. This gap is even more pronounced in certain regions, with disparities of more than 50%. Unfortunately, the problem extends beyond mere participation. When women do find employment, they often land in low-quality jobs under vulnerable conditions. The challenge is particularly acute in regions like Northern Africa and the Arab States, where female unemployment rates exceed 20%.

The impact of this gender gap is substantial, not only on individual women but on the global economy. Closing the gap could significantly boost global GDP, especially in regions with the largest disparities. Despite some progress in recent years, women are still less likely to be hired for entry-level jobs and are underrepresented in higher corporate positions. For every 100 men promoted to manager, only 86 women achieve the same, as per Business News Daily

The solution lies not only in hiring more women but in creating inclusive and equitable workplaces. Companies are urged to focus on diverse recruitment, equitable compensation, and promotion procedures, along with offering supportive employee benefits, and conducting diversity and inclusion training. An inclusive company culture is essential for reducing the gender gap and unlocking the full potential of a diverse workforce.

Gender Gap in the Fintech Industry

The fintech sector, a thriving field at the intersection of finance and technology, is not immune to the gender gap challenges. A report published in the Business Today Online Journal indicated that less than 30% of the workforce in the fintech space is female, and under 5% of these women hold CEO positions. This underrepresentation in decision-making roles hampers the industry’s growth and development. The gender gap in fintech affects not only individual careers but also the quality and diversity of financial products and services.

As the fintech industry’s market value is estimated to grow to $305 billion by 2025, the widening gender gap could become even more detrimental. A diverse workforce has been shown to improve creativity, information sharing, and task completion. Companies with higher gender diversity are reportedly more financially successful, with studies indicating that gender-diverse companies exhibit better financial performance and higher economic returns.

Addressing the gender gap in fintech requires a multifaceted approach, including creating an environment that attracts and retains female talent, fostering gender diversity in leadership roles, and developing products that cater to a diverse user base. By closing this gap, the fintech industry can achieve greater equity and inclusion, as well as enhance its innovative capacity and market competitiveness.

Black Banx’s Role in Bridging the Gender Gap

Black Banx, a digital bank by German billionaire Michael Gastauer, stands out in the fintech industry for its commitment to closing the gender gap. With a current global workforce of more than 5,100 employees, the company says its manpower is a well diversified mix of different races and different genders. This is because the digital bank’s policies emphasize mutual respect, trust, and non-discrimination, creating an environment where all employees, regardless of gender, race, or background, feel valued and respected.

Interestingly, the Canada-headquartered fintech service has set ambitious targets to further diversify its workforce. By the end of 2025, the company aims to increase its workforce to 8,000 employees, with a minimum of 40% being female and a growing proportion in leadership roles. This goal reflects a deep understanding of the benefits of a diverse workforce, not just in terms of gender but also in cultural and racial diversity.

The company’s approach also extends beyond mere numbers. Black Banx focuses on creating working conditions that cater to the needs of a diverse workforce, offering competitive salaries, performance bonuses, generous leave policies, and other benefits that acknowledge and reward the contributions of all employees. By doing so, Black Banx is not just committing to gender equality in numbers but is fostering a culture where diversity is celebrated, and everyone has the opportunity to thrive.

On the whole, the efforts of companies like Black Banx in the fintech industry are crucial in bridging the gender gap in employment. By nurturing a diverse and inclusive workplace, these companies are not only upholding ethical standards but are also driving innovation and economic growth. The path to gender equality in the workforce is complex and requires concerted efforts across all industries. However, with pioneers like Black Banx leading the way, there is hope for a more equitable and prosperous future for everyone.

Continue Reading

Recent News

NBA Playoffs NBA Playoffs
Lifestyle30 mins ago

Elevate Your Fan Experience: Must-See Moments In NBA Playoffs 2024

The NBA playoffs have reached your fingertips, and you’re excited for the rest of the season. There are several tales...

Techberry Techberry
Trading41 mins ago

Techberry Review: A Deep Dive into Next-Generation Trading Technologies

There have been significant shifts in the world of online trading in recent years, marked by technological advancements and changing...

HHC HHC
Health1 hour ago

What are the Potential Health Benefits of HHC?

You’ve heard of THC, you’ve heard of CBD, and now there’s Hexahydrocannabinol (HHC). But not as many people know about...

Women-Owned Businesses Women-Owned Businesses
Business2 hours ago

How Women-Owned Businesses Are Changing the Game

In the dynamic world of entrepreneurship, women owned businesses are not just making their mark; they are redefining the rules...

Crypto Mixers Crypto Mixers
Crypto5 hours ago

DeFi Projects and Crypto Mixers, Is There A Connection Between Them

In the digital age, when the anonymity of users is severely limited and the development process is only accelerating, the...

Rita Ora Net Worth Rita Ora Net Worth
Celebrity9 hours ago

Rita Ora’s Net Worth, Career, Charity Work, and More Explored

Rita Ora is an actress and singer from Britain. She went to England when she was a little girl and...

Norman Reedus Net Worth Guide Norman Reedus Net Worth Guide
Celebrity9 hours ago

Norman Reedus Net Worth Revealed

Norman Reedus’s net worth is a curiosity for all of us. Norman Reedus is one of the known personalities if...

Tim Tebow Lifestyle Tim Tebow Lifestyle
Celebrity9 hours ago

Tim Tebow’s Net Worth, Career, Lifestyle, and More Revealed

Tim Tebow is an American football player, baseball player, executive producer, and businessman. His life is quite a curiosity for...

Shiloh Jolie-Pitt’s Net Worth Shiloh Jolie-Pitt’s Net Worth
Celebrity9 hours ago

Shiloh Jolie-Pitt’s Net Worth, Career, Lifestyle, and More

Shiloh Jolie-Pitt can be said to be one of the well-known star kids. This is due to her parents being...

Jason Bateman Jason Bateman
Celebrity9 hours ago

Jason Bateman’s Net Worth, Career, Lifestyle, and More Explored

Jason Bateman has been a household name for many of us. Now it makes us curious about how much Jason...