Finance Monthly March 2020 Edition

their careers then complement these with training, mentoring and coaching, as they transition back into the world of work. This untapped resource can prove invaluable, not least as brand ambassadors and role models. Change requires collaboration We can’t close the pay gap alone. Challenger banks like Starling, founded and led by Anne Boden, and Atom Bank have been early adopters of collaboration, leading the charge on gender diversity. At the same time, fintechs such as Monzo and Tide have completely embraced new narratives for senior women, building positive, diverse and inclusive cultures from the ground up. Nurture links and partnerships with like-minded organisations, breakdown barriers and shape cultures that not only attract senior women into but allows them to thrive in. If you have a team with eight men, and a single woman, it’s going to be hard for her to fit in. Think about what makes your female leaders tick – values, relationships, purpose – and make sure this runs through every pillar of your organisation. We need to go way beyond knowing the statistics and ticking boxes to close the pay gap in the modern financial workplace. We know that gender- diverse companies are 15% more likely to deliver financial returns above the industry average. Organisations failing to prioritise gender equality, building teams rich in a diversity of background, experience and creativity, are effectively creating another way to be left behind. And it’s this that I believe, will ultimately drive the foundational change needed to close the gender pay gap. Sources: https://www.theguardian. com/society/2018/sep/03/ women-tiny-minority- financial-services-firm- partners https://www.mckinsey . com/business-functions/ organization/our-insights/ why-diversity-matters BANKING & FINANCIAL SERVICES - GENDER PAY GAP 21 www.finance-monthly.com