Promoting equity in the workplace

International Women’s Day is celebrated annually on March 8th and is a global day that celebrates the social, economic, cultural, and political achievements of women. 

 

International Women’s Day 2023 is an opportunity to reflect on the progress that has been made in advancing gender equality and women’s rights over the past year. It is also a time to celebrate the achievements of women in various fields and to recognize the contributions of women to society.

 

International Women’s Day 2023 provides an opportunity to highlight the ongoing challenges and barriers that women continue to face, including gender-based violence, unequal access to education and healthcare, and limited economic and political opportunities. The day is a call to action for individuals, organizations, and governments to work towards gender equality and to create a more inclusive and equitable world for all.

 

International Women’s Day 2023’s theme is “embrace equity.” We will dive into equity in the workplace, in the fintech industry specifically, and discuss what you and your company can do to embrace it.

 

What is equity in the workplace?

 

Equity in the workplace refers to a work environment where all employees are treated fairly and without bias or discrimination. It means that individuals are given equal opportunities for growth, development, and advancement based on their merit and qualifications rather than their personal characteristics such as gender, race, ethnicity, religion, sexual orientation, or disability.

 

Equity also includes the fair distribution of resources and benefits, such as pay, benefits, promotions, and training opportunities. It ensures that everyone has access to the same resources and opportunities and is not excluded or disadvantaged because of their personal characteristics.

 

To achieve equity in the workplace, organizations need to examine their policies, practices, and culture to identify and address any biases or barriers that may prevent certain groups from accessing the same opportunities as others. This can involve measures such as diversity and inclusion training, implementing policies that ensure equal pay for equal work, providing flexible work arrangements, and creating a culture that values and respects diversity.

 

Where do we stand with equity in emerging markets?

 

Gender equality and equity in emerging markets

Gender equality is an important issue in emerging markets, as women in these countries often face significant barriers to achieving economic and social empowerment. These barriers can include limited access to education and healthcare, discriminatory social norms, and legal and institutional frameworks that limit women’s rights and opportunities.

 

Women’s economic participation in emerging markets has increased significantly over the past few decades. For example, in sub-Saharan Africa, the share of women in wage employment outside of agriculture increased from 15% in 1991 to 24% in 2019.

 

Despite this progress, women in emerging markets still face significant barriers to economic participation. For example, women are more likely than men to work in the informal sector, which often lacks labor protections and benefits. They are also more likely to work in low-paying, low-skilled jobs.

 

Overall, while there has been progress in promoting women’s equity in emerging markets, significant challenges remain. It is essential to continue to work towards creating policies and initiatives that promote women’s economic, political, and social empowerment in these markets.

 

PayU is operating directly in high-growth markets and has offices in 18 countries, including Nigeria, South Africa, Colombia, Argentina, and India.. It is a sustainable business, with a mission to create a world without financial borders. As such, one of its most important missions is to fight against discrimination in these countries, and help to promote financial inclusion. It integrates alternative payment methods into its local payment systems that serve underbanked and unbanked populations. Additionally, it offers equal job opportunities in those countries.

Women’s equity in the UN SDGs

 

The United Nations Sustainable Development Goals (SDGs) are a set of 17 global goals aimed at achieving sustainable development in areas such as poverty reduction, gender equity, health, education, and climate change. Women’s equity is a key element of the SDGs, as achieving gender equality and empowering all women and girls is both a stand-alone goal (SDG 5) and a cross-cutting issue that impacts the achievement of all the other goals.

 

To achieve women’s equity in the SDGs, several measures can be taken, including:

 

1. Ensuring that women have equal access to education, healthcare, and economic opportunities. This can be achieved through policies and programs that promote gender equity in education and healthcare, and by promoting women’s participation in the labor force and in leadership roles.
2. Addressing the root causes of gender-based violence and discrimination. This can include implementing laws and policies that protect women’s rights and combat gender-based violence, and promoting a culture of gender equity and respect.
3. Promoting women’s participation in decision-making processes at all levels. This can include measures such as affirmative action, quotas, and capacity-building programs to ensure that women have equal representation in leadership roles and in political, economic, and social decision-making.
4. Ensuring that women’s perspectives and experiences are integrated into policy and program design, implementation, and evaluation. This can be achieved by promoting gender-responsive budgeting and by involving women and women’s organizations in policy-making and implementation processes.
5. Ensuring that women have equal access to and control over resources, such as land, water, and other natural resources, as well as access to financial services and credit.

 

Achieving women’s equity in the SDGs will require a coordinated and sustained effort by all stakeholders, including governments, civil society organizations, and the private sector. By working together, we can create a more equitable and sustainable world that benefits everyone.

 

 

Gender equity in the fintech industry 

 

Gender equity in the fintech industry is an important issue, as women continue to be underrepresented in the industry. Fintech is an emerging field that is still growing, and there is a need to ensure that women have equal opportunities to contribute to and benefit from this growth.

 

Women are underrepresented in fintech, both in terms of employment and leadership. A study by Deloitte found that women make up only 29% of the fintech workforce globally. One reason could be that women haven’t always been interested in the traditional banking industry. In any case, the FinTech industry remains a male-dominated industry.

 

1. Pay gap: Women in fintech typically earn less than their male counterparts. According to a study by Hired, women in the fintech industry earn 9% less than men on average.
2. Lack of mentorship and sponsorship: Women in fintech are often not provided with the same level of mentorship and sponsorship opportunities as men. This can limit their opportunities for career advancement.
3. Workplace culture: The fintech industry can have a fast-paced, high-pressure work environment that may not be conducive to work-life balance. This can make it more challenging for women to balance their professional and personal responsibilities.

 

What can we do to support equity in the workspace?

 

Some ways to achieve women’s equity in fintech include:

1. Encouraging and supporting more women to enter the industry through initiatives like scholarships, mentorship programs, and other forms of support for women who are interested in pursuing a career in fintech.
2. Addressing gender bias and stereotypes that can discourage women from entering the industry. This can include promoting female role models in the industry, highlighting the success of women in fintech, and advocating for diversity and inclusion in the workplace.
3. Providing equal opportunities for career growth and advancement to both men and women. This includes offering training and development opportunities, providing equal pay for equal work, and promoting women into leadership positions.
4. Creating a supportive and inclusive workplace culture that values and respects diversity. This can be achieved by implementing policies that encourage work-life balance, offering flexible work arrangements, and fostering a workplace culture that encourages open communication, feedback, and collaboration.

 

 

Equity at PayU

PayU invests many resources to ensure Diversity & Inclusion in its workplace across the world. Our vision is to create a world without financial borders where everyone can prosper. To be a real representation of this, we want to be a workplace that supports D&I across cultures, genders, ethnicities, physical and mental differences, and sexualities. We believe in the strength of diversity, encouraging our employees to grow with their individual identities while imbibing the originality sparked by differences. We enable continual learning to guarantee that PayUneers are empowered to report any instances of bias, while incorporating conscious inclusivity into our DNA.

 

The company has a set of core values that guide its operations and decision-making that create long-term value for all of its stakeholders. Here are the six core values of PayU: Customer first, Speed, Collaboration, Respect and Innovation. 

 

Walking the talk, in addition to the values, PayU has taken positive initiatives to guarantee equity in the workplace. For example, it has opened a Women for Women group that enables PayUneers to get equal access to opportunities and fulfill their careers. Furthermore, despite the fast pace of technology in fintech organizations, PayU values work-life balance, allowing women to maintain careers in the company.