Further Empower Women with Web3

Further Empower Women with Web3

Empowering women with new financial tools is critical, and WadzPay does just that.

The Women of WadzPay are celebrating International Women’s Day amid a global pandemic, to spread awareness on an unsolved issue that needs addressing critically: Gender Bias, and more specifically, the participation gap, the pay gap, balancing responsibilities at home, and promoting women into leadership, and this is just the start. We should all continue to #breakthebias.

The Persistent Problem

Participation Gap

There is lack of diversity and adequate female representation in leadership roles among global companies. Data from Equilar Gender Diversity Index Q3 2019 showed that only one in five board members are women across the largest publicly traded companies in the U.S., and one in 10 boards have no women at all! Yet research from McKinsey showed companies that have more women in leadership roles are 25% more likely to outperform their competitors financially, so why are we not seeing change?

In addition to this, there is lack of commitment from tech companies in hiring and promoting women. These companies fail to reach goals that include improving the number of women in their interviews, pass-through rates, and hiring metrics. Avoiding this can be detrimental to the success of a business, and the sooner corporations realise women are needed to thrive, the better.

The Great Resignation

Although this problem did not exist in the pre-pandemic world; it influences the bias in the post-COVID19 world. McKinsey & Company found that during 2022, one in four women were either considering leaving the workforce entirely or downshifting their careers. So, what leads to something so detrimental? Women are caregivers by default, so when you mix a global pandemic, a full workload, childcare, and household responsibilities together, the result is a burnout individual. But the answer is not to keep women out of work, it is to support them and allow them to reach their full potential, and for companies to reap the benefits. However, McKinsey also reported that women are 1.8 times more likely to be laid off than men — the system needs to change, and quickly.

Pay Gap

According to PayScale, the gender pay gap still exists. Data shows in 2021, for every dollar a man earned, a woman made 82 cents, and although there have been some gains, they are miniscule: with an estimated increase of only one cent per year. The pay gap lingers all around us, yet nothing changes. In fact, the UN (United Nations), states even with all efforts in place, the gender pay gap is not set to close until 2086–64 years from now.

Stating facts will not cut it anymore, this needs to become a constant discussion with pure focus on change.

Where Do We Go Now?

It is about time for diversity to be implemented into every tech workplace. It is heartening when someone like Vitalik Buterin, founder of Ethereum, believes synthetic wombs would remove the high burden of pregnancy, significantly reducing the inequality in salaries.

However, he missed the point that there is still a bias around how incredibly difficult it is for pregnant women to get hired and/or promoted. The social pressures that force women to sacrifice their careers to take care of their children and the typical 9 to 5 workday that reflects the sole responsibility of mothers to take their children to and from school.

Women can invest too. Izzy Howell, the promoter of Web3 technology, said that one solution to break the bias in the pay gap, is by giving women more access to investment. DeFi’s, for instance, aims to create financial systems that are accessible and open, allowing women at any socio-economic level to allocate her time where she deems fit and can still achieve meaningful returns.

If you are working at a Web3 company, the reward for your contributions can be unlimited if you are collaborating with a team to launch a token or a collection of NFTs. Your net worth has the chance to skyrocket alongside the digital asset you are building, and it is not necessarily tied to an investing schedule or 401(k) that has a specific time constraint.

Suppose women can gain access to these opportunities and truly take advantage of them. In that case, we have a real chance of bridging the wage gap with digital assets that accrue interest without requiring individuals to forfeit as much of their time.

Meanwhile, Anna Mleczko, Senior Partnership Marketing Specialist at Future Processing, said that wages should be visible to true equality. One of the most important steps is to ensure the same compensation and gender equality in terms of promotions. Sharing information regarding the salary of chosen positions and career paths is a handy tool for companies to use.

WadzPay, as a technology company, is committed to breaking gender bias within the company by implementing several strategies.

This has been proven from the hiring rate that increased 30% from 2019 to 2021 globally and still counting until today; there are three women in executive leadership positions out of 17 executives; the Company believes that involving women in every business decision making will make sustainable growth.