Diversifying Senior Networks
31 Jul, 2024
The fintech industry has made significant strides in diversifying its workforce. However, while representation at entry and mid-level roles has improved, a glaring gap remains in leadership. The issue isn’t just about representation—it’s about representation where it matters most: in leadership. For Black talent, the visibility of examples in leadership is paramount to career progression. Without seeing people who look like them in senior roles, Black professionals often struggle to envision their own paths to leadership.
The Importance of Visibility in Leadership
Visibility in leadership isn’t just about optics; it’s about providing tangible examples of success and pathways that others can follow. When Black professionals see leaders who share their experiences and challenges, it validates their aspirations and provides a roadmap for their own progression. It sends a powerful message that leadership is not just a possibility but a reality for them as well.
However, the reality in fintech is that Black professionals are often underrepresented in senior roles. This lack of visibility can create a sense of isolation and reinforce barriers to progression. It’s not enough to simply hire diverse talent; fintech companies must actively commit to ensuring that this talent can advance to leadership positions.
Committing to Fair Progression
Fair progression isn’t just about promotions—it’s about creating an environment where Black talent can thrive at every level. This requires intentional strategies that address the unique challenges Black professionals face in advancing their careers.
1. Transparent Career Pathways: Clear and transparent career pathways are essential for fair progression for all. Companies should be able to outline the specific skills, experiences, and achievements required for advancement. Black professionals often find themselves at a disadvantage due to a lack of clarity about what it takes to move up. By demystifying the promotion process, companies can ensure that all employees, regardless of background, have an equal understanding of what is required to advance.
2. Mentorship and Sponsorship Programmes: These programmes are critical for career advancement, especially in industries like FinTech where networking and relationships often play a significant role in promotions. However, unless an intentional effort is made towards inclusion, Black professionals can easily be left out of these informal networks. Formal mentorship and sponsorship programmes can be used to pair Black talent with senior leaders who can provide guidance, advocacy, and opportunities for visibility.
3. Inclusive Leadership Development Programmes: Leadership development programmes should be designed with inclusivity in mind. This means not only offering these programs to Black talent but also tailoring them to address the specific challenges they may face in their careers. These programs should include training on navigating corporate culture, building influence, and leading with authenticity. By equipping Black professionals with the tools they need to succeed, companies can help bridge the gap between mid-level roles and senior leadership.
4. Bias-Free Performance Reviews: Performance reviews are a critical component of career progression, yet they can often be influenced by unconscious bias. Companies must ensure that performance evaluations are objective, consistent, and free from bias. This can be achieved through standardised criteria, reviewer training, and regular audits of the review process. By creating a fair and equitable evaluation process, companies can ensure that their Black talent is being recognised and rewarded based on their true contributions and potential.
5. Promoting From Within: One of the most effective strategies for increasing representation in leadership is promoting from within. Companies should actively identify and cultivate high-potential Black talent, providing them with the opportunities and support needed to move into senior roles. This not only demonstrates a commitment to diversity but also ensures that leadership reflects the full spectrum of talent within the organisation.
6. Use Success Stories to Build Pipelines of Talent: A vital strategy for fostering fair progression is the intentional use of success stories to inspire and build a pipeline of future Black leaders. This approach, as highlighted in my earlier works, involves several key practices:
○ Actively nominating and endorsing Black professionals for industry-recognised awards, providing them with the recognition they deserve and amplifying their visibility within the industry.
○ Utilising industry events, conferences, and social media to showcase the achievements of Black professionals. This not only elevates individual profiles but also serves as inspiration for others in the field.
○ Build a system of career progression through storytelling. Share the career journeys of Black leaders to increase awareness of potential career paths and opportunities within FinTech.
○ Investing in educational programs for Black youth is another avenue and is also crucial. By providing early exposure to FinTech and related industries, companies can cultivate a future generation of Black talent ready to lead.
Promotion and Advancement Strategies
Committing to fair progression is one thing, whilst implementing it is another. I believe the following strategies are helpful ways for FinTech companies to begin the process:
● Establishing and tracking clear and specific diversity goals for increasing Black representation in leadership, ensures accountability and keeps diversity and inclusion at the forefront of the company’s agenda.
● Offering stretch assignments, leadership roles on projects, and opportunities to lead teams is a way to develop and showcase leadership capabilities.
● Supporting Black professionals in pursuing further education, certifications, and training that can enhance their skills and prepare them for leadership roles.
● Encouraging a culture of open and constructive feedback, both upwards and downwards will assist Black professionals in understanding how they are perceived and what they need to work on to progress.
The FinTech industry has the potential to lead the way in creating a more equitable workplace, but this requires a genuine commitment to fair progression. It’s not enough to have Black talent in the room; they must also be at the table where decisions are made. By focusing on transparent pathways, mentorship, bias-free evaluations, and active promotion from within, FinTech companies can elevate Black talent into the leadership positions they deserve. Ultimately, fair progression isn’t just about advancing careers—it’s about ensuring that leadership truly reflects the diverse voices that drive innovation in FinTech.
By Elizabeth Boampong, Fintech Compliance Specialist
