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Here’s How to Close the Gender Pay Gap at Your Company

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Pay equity is the law in the U.S., yet it often falls victim to gendered expectations surrounding having and raising children. For example, one study points out that much of the pay gap between men and women amounts to a penalty for women having kids. In fact, when children become part of the employee’s life, that development may create a pay gap of 20% over the employee’s career.

The fair and just policy is to pay people who are doing the same work the same wages, regardless of their parental status. It’s not equitable to assume a female worker will eventually have children and automatically become less committed to her career. That line of thinking helps companies justify pay inequity in the first place. The unavoidable consequence of such policies is the loss of top talent.

The best strategy to maintain an attractive workplace for top talent and keep employee engagement levels high is to ensure pay and benefit equity and cultivate a workplace culture that supports and helps advance the interests of your workers, regardless of gender. This requires a clear-eyed, unflinching, and objective examination of your company’s current practices and policies.

These five tips will help you identify areas where you can help your company’s culture and pay practices become more equitable and worker-friendly.

1. Get a clear picture of how your employees advance in your company.

Look carefully at how your employees advance internally, then break down that data by gender. If men are outpacing women in advancing up the ladder in a statistically significant way, then some kind of gender disparity is at work, and it’s essential to find out why.

It’s key to examine more than just the result of “promoted” or “not promoted.” Look at how often your female employees put their names in the hat for promotions or project lead roles.

If women aren’t seeking more significant roles, it’s a good idea to spend some time examining why. If work culture or specific personalities are sending out the “don’t waste your time” signals to women in your company, you’ll need to address that promptly.

2. Examine pay and benefits policies critically.

Companies that rely on salary ranges to establish pay equity may well be kidding themselves. It’s not enough to state salary ranges that you think are fair. Now’s the time to examine actual salaries in your company and evaluate them for both historical and present-day parity.

If men are routinely being paid more or offered more attractive benefits, your next step is to find out why and where that pay gap is happening. Then you can address the cause to bring your policies and practices more in alignment with equitable goals.

3. Recognize bias.

As human beings, we all have blind spots. Usually the result of societal conditioning that we may not even be aware of, these subconscious biases can make it hard to see inequity. So instead, we must make conscious, affirmative efforts to look for places where we might have fallen prey to them to counter these biases.

Start by pinpointing areas where you can promote more women to achieve a more equitable management sector. Then, proactively seek out female candidates to create more women supervisors and managers. It’s not enough to say “they’re not qualified for these roles.” Instead, figure out how to help interested candidates get qualified and actively support them in those efforts.

4. End the male-centered default perspective.

A pay gap is probably not the only issue you’re facing. A gap in perspective may be at the root of the problem. For example, are all your team meetings at bars and golf courses? Are all your incentives tickets to sporting events?

Many women like those things too, of course, but the point is that this sort of approach sends a message to your female workforce as a whole that the male POV is the default, and it’ll take something unique to force a change.

Instead, change it proactively. Find more universally appealing alternatives. Root out every instance of an assumption that the male perspective is more valuable or somehow “sufficient” for all. Then make some changes to those approaches.

5. Consider your employees’ whole lives.

Your employees aren’t just workers. They have rich, complex lives outside of zoom calls or the office. Many have families. Others care for elderly parents. Some may be pursuing educational goals.

Figure out ways your company can support them in these endeavors. For example, you could look into offering errand-running services, on-site childcare, or laundry service access at the office. There are many things you can do to make life easier for all your team members.

This strategy also has the added benefit of showing your workers you actually are paying attention to them and that their needs are essential to you. That alone can help raise your employee engagement level and reduce turnover.

Eliminate the pay gap and outdated practices

It’s all too easy to fall into the trap of thinking that the lack of lawsuits or complaints means that a company is doing just fine regarding pay and benefits parity. Unfortunately, people decline to pursue legal or formal disciplinary channels of relief all the time for many reasons.

Instead, look at the data, which will paint a more accurate picture. Then you can proceed to bring your company’s practices back in alignment with its principles.

Image Credit: by Karolina Grabowska; Thank you!

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Fintech Kennek raises $12.5M seed round to digitize lending

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London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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