Building Inclusive Leadership in Fintech – The Role of AI-Powered Tools in Promoting Workplace Equity and Diversity
The fintech industry faces significant challenges in fostering diversity, equity, and inclusion (DEI) within its workforce, particularly at leadership levels. Historically, recruitment efforts alone have not sufficed in addressing these challenges, as inherent biases and inequities persist in performance evaluations and feedback processes. These biases disproportionately affect women and people of color, leading to underrepresentation and inequitable career progression.
Velera, a leading credit union service organization in North America, recognized that to truly enhance diversity within its leadership, it needed to address these systemic issues. The company identified that its managers required more support in delivering effective, unbiased feedback—a critical component of employee development. Traditional methods, such as one-time manager training sessions, were insufficient to meet the needs of thousands of managers across the organization.
To tackle this challenge, Velera adopted Textio Lift, an AI-powered feedback tool designed to improve the quality and inclusivity of managerial feedback. Textio Lift assists managers by providing real-time coaching, generating starter feedback, and ensuring that the feedback is clear, concise, and relevant to the employee’s role. The tool has significantly improved the feedback process, cutting writing time in half and enhancing feedback quality by 67%. As a result, Velera has seen a positive impact on employee development, with more equitable opportunities for career advancement, particularly for women and people of color.
This initiative highlights the role of technology in driving sustainable change within the workplace. By leveraging AI tools like Textio Lift, companies can address deep-seated biases, promote diversity, and create a more inclusive work environment that fosters equitable growth and development for all employees.
Source: Textio
Technologies Used:
- AI-Powered Feedback Tool (Textio Lift): This tool uses artificial intelligence to assist managers in writing feedback and performance reviews. It improves clarity, relevance, and ensures inclusivity by providing real-time coaching and generating starter feedback, which helps reduce bias and inequity in managerial communications.
Companies Involved:
- Velera: A premier credit union service organization and integrated financial technology solutions provider. Velera is committed to improving leadership diversity and equitable employee development through innovative technological solutions.
- Textio: A company providing AI-powered tools to enhance written communication. In this initiative, Textio Lift is used by Velera to improve feedback quality, ensuring inclusivity and reducing bias in managerial communications.
SDGs Impacted:
- SDG 5 (Gender Equality): The initiative promotes gender equality by addressing and correcting biases in performance reviews and feedback, which historically disadvantage women and people of color.
- SDG 8 (Decent Work and Economic Growth): By improving the quality of feedback, the initiative fosters a more equitable work environment, enhancing employee development and career progression, thus contributing to sustainable economic growth.
- SDG 10 (Reduced Inequalities): The focus on identifying and correcting inequities within the talent ecosystem directly contributes to reducing inequalities in the workplace, ensuring fair opportunities for all employees.
Geographic Focus: North America
Sustainability Focus: Workplace Diversity and Inclusion, Employee Development
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