The number of news articles about crypto and crypto markets would make you believe cryptocurrencies have existed forever. However, the world of crypto is still in its infancy. Bitcoin, the first cryptocurrency, only launched back in 2009.
While men currently dominate the field, it is still early enough for this to change. Crypto is so young that the patterns within it are not yet set in stone. If changes are going to be made, now is the best time to make them.
Changing the Culture
Crypto has become a world dominated by mistrust. Headlines constantly report on the latest crypto crash or the latest crypto scam. While crypto is a legitimate field that offers some real advantages, public perception is slowly turning against it in the face of these scandals.
With more women in crypto, there is a chance that this could change. Women could provide stability and assurance to an industry lacking in both. They could also have a chance at preventing more crashes, as companies with a better balance of women on the executive teams are 25% more likely to have above-average profitability.
The world of crypto is advancing rapidly and has been over the past several years. This is why making it big now is so important. The company or individual responsible for the next big thing in crypto will be able to achieve the success that other companies only dream of.
By shifting the gender ratio in crypto, women can be that change. Diverse groups come up with equally diverse ideas. Inviting more women into the world of crypto can result in ideas and innovations that would not be possible otherwise.
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How to Get More Women in Crypto
Crypto has the potential to change the future of finance, and women have the potential to play an incredibly positive role in this future. However, many still wonder how to encourage more women into this field. Luckily, there are several tactics that have worked in other industries and can work in crypto if used properly.
Promote Inclusion and Remove Exclusion
This change is obvious. By promoting inclusion, you encourage more women to enter the world of crypto. By removing forms of exclusion, you remove the barriers preventing interested people from entering.
Promoting inclusion can come in many forms. You can promote inclusion by hosting diversity and inclusion training. You can also promote inclusion by making the entire work process more accessible.
Sometimes, there are even small and subtle ways to promote inclusion. In some cases, job listings and marketing materials have language that emphasizes and encourages men to apply but drives women away. Changing this isn’t hard, but it will have an impact.
Meanwhile, removing points of exclusion can also come in many forms. Typically, this starts with evaluating a company’s practices to determine where points of exclusion exist. Then, it continues with finding ways to address these points.
In many cases, points of exclusion are cultural. Harassment and uncivil conduct are rampant in many workplaces. In places where these issues are present, women do not want to be part of the company at all. In such cases, taking this issue seriously and addressing it with a top-down approach is vital.
In many cases, problems that prevent women from entering and advancing in crypto are institutional ones. These problems are insidious because they are baked into the core of the company. However, the fact that these problems are institutional means they can be addressed by changing the institution itself.
In many cases, discriminatory procedures can be found in the hiring, compensation, and promotion processes. At each of these points, individual bias impacts the process. Since the leadership roles responsible for these points are often filled by men, they will typically bring male bias with them. Someone with a male bias will hire more men, compensate them better, and take them into consideration when it comes time to hand out promotions. This problem repeats itself later when newly hired male employees reach higher positions and take on those leadership roles once again.
These problems can be addressed by changing the way this process plays out. The most direct way to do this is to sit with the compensation team and review any existing pay gaps. This will not only help women, but looking over this information will reveal the existence of pay gaps between any other demographics.
You can also ensure that things get off to a good start by creating a hiring panel composed of both men and women. When doing so, make sure each person on the panel’s opinions holds equal weight to prevent male voices from dominating their counterparts. Creating a panel like this can help eliminate some of the bias present in the process.
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Provide Equal Leadership Opportunities
Finally, women in the cryptocurrency field must have as many opportunities as their male counterparts. Otherwise, they will never end up rising to leadership positions.
Coaching and training need to be offered in a way that is accessible to all employees, regardless of gender. This can include general cryptocurrency education, or it can include information about business tactics. In any case, it should give people the tools they need to take on leadership positions.
Coaching and training like this should also be promoted for everyone equally. This is another place where inclusive language and marketing are important.
Women and Cryptocurrency
Women have a lot to offer the world of cryptocurrency; with them, the entire industry can advance even further. However, the industry needs to encourage more women into this field and remove the barriers that are currently in place. If this happens, the future of crypto will be even brighter than before. Related: Why Dell CEO is Bullish on Blockchain Applications