OK, its not often we run an op-ed post BUT this is by a brilliant, successful woman with a point to make......and she makes it. But first, let me say as a guy who doesn't offend easily or subscribe to all the "sensitive, so easily hurt, political correctness", I LIKE her points. So, to all our male readers, if a strong woman's point of view deeply offends you.........well then, who's the tougher? Oh yeah, I can check who unsubscribes, too, so we will know who is a (???). Great read.
(Bill Taylor/CEO)
OpEd by Dara Albright, President of Dara Albright Media & FinTechREVOLUTION.tv
It appears that the recent sexual harassment scandal at digital lending giant, SoFi, has lots of talking heads voicing their opinions on sexism in FinTech. Everyone from the deniers to the sympathizers are giving their two cents. But, what I found most interesting is that many of these commentators are men who have absolutely no concept of what it is like to actually fall prey to a chauvinist. While they may readily pass judgment, they will never be able to empathize.
As someone who is an actual woman in FinTech, and who has firsthand experience with chauvinism, I feel compelled to weigh in.
WHEN DOES OFFICE PARTYING CROSS THE LINE?
The SoFi offices have been described as a “Frat house” where personnel are found having sex in the company parking lot after chugging a few beers from SoFi’s on-site Kegerator. Although I’d probably prefer a Winerator (yes, it is a real product, google it) to a Kegerator and perhaps a desk to the back seat of a Lexus, frankly, I really don’t care how two consenting adults choose to occupy their time.
Socializing in the workforce is not something to be shunned – even when it includes booze. On the contrary, it is something that can instill camaraderie and boost morale. I’ve seen many companies successfully create a positive, fun and harmonious social environment that led to increased sales and greater employee retention.
But, this is not what is happening at SoFi. Instead, SoFi is allegedly fostering a depraved culture where male supervisors believe it is appropriate to sexually harass their female subordinates. This behavior is not only completely unacceptable, it is illegal.
Unfortunately, the salacious allegations are overshadowing some of the other - equally appalling - claims against SoFi including improprieties in loan recordings and having a history of making material misrepresentations to its investors.
With the industry still reeling from the fallout over Lending Club’s misdeeds, who wants to draw attention to further deceit in online lending? Certainly not industry cheerleaders who would prefer to eclipse serious loan transgressions with shrieks of mounting chauvinism.
This begs the question, “is chauvinism actually on the rise?”
Sexism in the financial industry is nothing new, and was categorically much worse in previous decades. Don’t believe me? Then, just go rent the movie, “Working Girl”.
I do not know one female on Wall Street who hasn’t experienced at least some strain of chauvinism in her career – myself included.