By Heidi P. Werner/ FA-mag.com – Diversity at financial technology companies not only supports their core values, but enhances collaboration and productivity, according to one firm.
MyVest, an enterprise wealth management technology firm located in San Francisco and headed by CEO Anton Honikman, called diversity a critical fintech component.
In a traditionally male-dominated industry, MyVest has one of the most diverse staffs in the fintech space with a team of 30 percent women and 52 percent people of color. Its management is 32 percent female and 52 percent people of color, and 33 percent of the company’s executive team is women, the company said.
MyVest’s senior director of engineering, Joanne Pons, was awarded San Francisco’s Best Tech Manager at the 2016 Timmy Awards. The award credits those technology managers who promote career growth and a great team culture and lead their teams to “produce cutting-edge technology,” the company’s blog says.
According to a 2015 McKinsey & Company report, “Diversity Matters,” companies with more ethnic and racial diversity in management saw a 35 percent increase of financial gains “above the industry average,” and those with more gender diversity saw a 15 percent increase.
MyVest also values the perspectives that different cultural backgrounds bring to a company’s productivity. Many employees at the company are first-generation Americans who are valued for their experience and ability to collaborate with a diverse group of global professionals.
The company also participates in Glassdoor’s “Equal Pay Pledge,” promoting equal pay for equal work for all employees, the company said.
Jennifer Hartmann, MyVest’s VP of people and culture, said that the diversity at the company happened organically. She said, “Casting a wider net to create a larger pool of candidates creates an opportunity to recruit people from different backgrounds.”