At PensionBee, we’re committed to achieving wider representation and equality in the FinTech sector and believe everyone should feel that they can succeed in the workplace as themselves. Diversity is a key component of our culture and perfectly embodies our company values of love, honesty, quality, innovation and simplicity. We want our team to be reflective of our customers, and for our team to be the rule, rather than the exception within the wider pensions industry.
Our latest internal survey highlighted PensionBee’s strong workplace diversity, with more than half of employees identifying as female. In addition, 16% of PensionBee employees identified as LGBTQA+, compared to 3% across the UK (according to the ONS). Almost 40% self-identified their racial or ethnic background as Asian / Asian British; Black, African, Caribbean, or Black British; Mixed, multiple or other ethnic groups, compared to 13% across the UK. Notably there was diversity at every level of seniority.
While PensionBee are immensely proud of our efforts so far, there is still far more to be done within the FinTech community as a whole. Recent statistics revealed that 84% of FinTech sector employees report being harassed more than once, and the vast majority of workplace harassment is gender-based. We’re passionate about breaking down as many barriers as possible, while campaigning for change.
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Last month, PensionBee were delighted to sign the FinTech for All Charter and join this industry-led initiative to end harassment and promote diversity within our sector. All signatories must agree to a five-point Charter, demonstrating a commitment to building more inclusive cultures and taking a data-led approach to improving diversity. They’ve also recently signed the Race at Work Charter in support of anti-racism in UK businesses.
In the spirit of regular measurement and transparency, we have started voluntarily reporting PensionBee’s gender pay gap. Published for the first time in March 2021, our data revealed a median hourly pay gap of just 4%, and a median bonus pay gap of 0% among staff, as at December 2020. The gap is in line with our target of 0%, with a variance of +/- 5% owing to the overall size of the employee base, which is currently below the 250 employee reporting threshold.
Romi Savova, CEO at PensionBee, commented: “in my mind there’s no doubt that there’s a direct correlation between our low gender pay gap and the impressive level of diversity we’ve achieved at PensionBee. As members of the Women in Finance Charter, we regularly report on female representation, and strongly believe that all companies should start tracking these metrics as early as possible and, if necessary, while changes are easier to make.”
At the recent Women in Finance Charter Annual Review it was revealed that around 3 in 10 firms had struggled to reach their 2020 targets. This serves to highlight the importance of targets and complete transparency over the industry’s progress. Without a concerted effort from FinTechs many workers will continue to feel uncomfortable in their own skin in the workplace, ultimately impacting their advancement and the productivity of the company. A lose-lose situation.
At PensionBee, the desire for inclusion for all is very much linked to our vision to live in a world where everyone can look forward to a happy retirement. However, each company must embark on its own journey, setting reasonable targets and listening to staff. Having a shared understanding of who we are as individuals, is how we build a truly inclusive workplace. While change can be uncomfortable, it’s the best place to start in assessing the current situation.