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

Crypto Staking Crypto Staking
Crypto18 hours ago

Is it Possible To Make Money On Crypto Staking in 2024?

In the modern world, cryptocurrencies and blockchain technologies are becoming increasingly popular, attracting the attention of investors and users from...

Lake Como Lake Como
Wedding18 hours ago

How to Choose the Right Location for a Marriage Proposal in Italy and Lake Como

Proposing marriage is a unique and memorable moment in a couple’s life. Choosing the right location is crucial to creating...

Personal Injury Lawyer Personal Injury Lawyer
Law4 days ago

Finding the Best Personal Injury Lawyer in Lumberton, NC

Personal injury law is designed to protect individuals who have been harmed due to the negligence or wrongful actions of...

WhatsApp Business WhatsApp Business
Business5 days ago

Running WhatsApp Business with Pro+VPS for Android Emulator

WhatsApp Business is one of the most powerful tool for Business to manage customers communication. Running it can enhance the...

Civil Partnership Visa Civil Partnership Visa
Finance6 days ago

Civil Partnership Visa vs Spouse Visa: Which One is Right for You

Choosing the right visa to join your partner in the UK can be confusing. Two common options are the Civil...

Crypto Crypto
Crypto7 days ago

Staked Crypto – A Step-by-Step Guide for Beginners

Ethereum staking has become an increasingly popular way for cryptocurrency holders to earn passive income through staking rewards. In this...

Ethereum Staking Ethereum Staking
Crypto1 week ago

Maximizing Ethereum Staking Rewards: Tips and Tricks

Are you looking to maximize the potential of your Ethereum holdings? Stake Ethereum using OkayCoin and take advantage of the...

Wedding Wedding
Wedding1 week ago

4 Wedding Services You Can Quickly Check Off Your To-Do List

Organizing a wedding might like arranging a large-scale symphony, in which each element must work together to produce a beautiful...

Luxury Shopping Luxury Shopping
Lifestyle1 week ago

Luxury Shopping in Ibiza: A Guide to the Finest Boutiques

Ibiza is synonymous with lavish lifestyles, sun-soaked beaches, and electrifying nightlife. But beyond the party scene and stunning seascapes, the...

Indian Brides Indian Brides
Fashion2 weeks ago

Top Trends in Diamond Necklaces for Indian Brides

As Indian brides gear up for their big day, the selection of the perfect diamond necklace is crucial. Diamond necklaces...