Leveraging data analytics to power diversity, inclusion and equality
There are a number of steps organisations can take towards greater gender equality in the workplace. They can commit to gender pay equity, implement flexible working arrangements, and provide progression support and leadership opportunities for women to name a few. However, to truly break down bias, the most innovative companies are turning to data.
“The beauty of data is that, in and of itself, it’s not biased. It’s factual,” says Emily Turner, Head of Market Data and Projects at Yieldbroker, the leading Tier-1 licensed electronic trading platform for Australian and New Zealand debt securities and derivatives.
“No two customers will look at data the same way. Remedying this is where interactive, smart technology like Sisense comes into play,” Turner explains.
“Sisense, which provides organisations the ability to infuse analytics everywhere, can help us break down bias because it allows us to give power back to our clients through data – data that delivers bespoke insights aligned with varying types of customers and their ever-growing use cases and data needs.”
Ahead of International Women’s Day (IWD), organisations around the world are checking in and reporting on the progress they’re making towards equality to ‘break the bias’ – this year’s IWD theme. More than simply a time to reflect or a singular day to celebrate women and their contributions, 8 March marks an important opportunity for companies to amplify and reinforce their commitment to women’s advancements.
In promoting this fairness, equality and justice for women in the workplace, businesses naturally drive innovation. Research provides compelling evidence that diversity is the key to unlocking innovation. Even more, it drives market growth. Two very compelling reasons for business leaders to embrace the power of differences.
“It’s been proven that innovation is cultivated in environments with less bias and greater diversity,” Turner points out. “At Yieldbroker, we’re creating such an environment together with our strategic partners. The more we evolve our skill sets and merge them with those of our partners’ and clients’, the better the outcome for all.”
Yet despite the research, McKinsey’s ‘Women in the Workplace 2021’ report reveals that despite small gains in the pipeline since 2016, women – especially women of colour – remain significantly under-represented across the corporate ladder and specifically in leadership roles. For every 100 men promoted to manager, only 86 women are promoted.
When it comes to fintech, gender parity is largely attributable to the male-dominated nature of the financial services industry.
