ProfitShare Partners shuts gender pay gap – and not just for Women’s Month

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According to tech publication IT-Online, the latest OfferZen 2023 State of the South Africa Software Developer Nation Report found that the gender pay gap in local tech continues to widen: Among entry-level developers, the gender pay gap has increased to 13.2%, up from 6.4% in 2022. At senior levels, the gap has widened from 16.3% to 25.7%.

Says Andrew Maren, the founder and CEO of fintech company ProfitShare Partners: “The United Nations theme for this year’s International Women’s Day was ‘DigitALL: Innovation and technology for gender equality’

“As we continue to celebrate Women’s Month, we must ask ourselves why this disparity continues and what every business – small and large – can do to deal with the issue, given its impact on entire economies.”

A quick online search brings an astounding fact: “We posed a question to Google and ChatGPT: ‘In what business sector do women earn the same as their male counterparts?’,” says Maren, “The answer should shock everyone.”

‘As of September 2021, there were no business sectors where women consistently earned the same as their male counterparts across all positions. The gender pay gap, which is the difference in average earnings between men and women, existed in most industries and occupations worldwide’.

Women are underrepresented in senior and executive roles, which typically come with higher salaries and bonuses. The dearth of women in leadership positions contributes to the overall pay gap. “There are a number of factors that still hamper women’s progress in business, but they are not insurmountable,” says Maren. “A key area for growth and business success for women in particular is the entrepreneurial sector, where women are finding their feet and their strength as SMME leaders.”

Making financial success accessible to women

The most recent Mastercard Index of Women Entrepreneurs from March 2022 showed that ‘although women’s entrepreneurial activity rate dropped in most economies during the pandemic, South Africa is one of only 12 economies where women’s entrepreneurial activity rates increased, with 11.1% of working-age women engaged in early-stage entrepreneurial activities (up from 10.2% in 2020), compared with 11.7% for men (up from 11.4% in 2020)’.

Here, Maren highlights that ‘women entrepreneurs are playing a vital and growing role in the South African economy and, as with their male counterparts, ProfitShare Partners encourages the tenacity and innovation it takes to start businesses, and the value each new business brings to our economy in the form of financial inclusivity and – importantly – job creation’.

By offering entrepreneurs and start-ups the opportunity to access capital online with ease and minimal requirements, ProfitShare Partners has assisted with cash injections from R250 000 – R5 000 000 since its inception. “Where an applicant has a signed contract or purchase order to fulfil, PSP can provide 100% of the capital required, without the business owner jumping through the hoops of of financials, security and proof of track record,” Maren asserts. “As a fintech firm, ProfitShare Partners’ agility and robust financial backing enables us to respond to potential clients with speed, meaning your signed order can be fulfilled quickly and your client could become a long-term supporter of your business.”

A self-confessed ‘serial entrepreneur’ and one-time banking executive, Maren is particularly invested in ensuring equality in all business sectors by creating opportunities that knows no gender. “We understand what it takes for all entrepreneurs to make it big,” he says, “And there is nothing that drives us harder than seeing women taking opportunities to succeed.

“Opportunities have no idea whether you’re male or female,” he notes. “It’s the human being who sees value and grabs it with both hands that changes lives.”