October is Global Diversity Awareness Month: Monica Eaton-Cardone, global FinTech exec, pays tribute to diverse minds and beliefs held by cultures around the world. Leveling the economic playing field in science, technology, engineering, mathematics and finance will have a great impact on the global society and economic progress, she says.
Women identifying as Latina, Black or Asian represented 35.3% of the total female population of the U.S. in 2015—and that number is projected to rise to 50.6% by 2060. Despite this fact, women of color hold just 11% of all science and engineering jobs. The problem is even more pronounced at upper levels of management, where nonwhite women hold just 5% of senior and executive management positions and 4% of board seats.1 Equity for gender and race in STEM leadership will come from a balance of education, mentoring and—according to Monica Eaton-Cardone, a global FinTech executive—“it will not happen until technology is democratized and the economic playing field has leveled—enabling everyone to have an equal chance to succeed.”
China has near-parity between men and women in tech professions. In a survey by Silicon Valley Bank, it was learned that in China, nearly 80% of tech companies have women in C‑level jobs. In the U.S., it’s 54%.2 Eaton-Cardone points to the fact that technology is taught alongside other standard academic subjects in school, just like language or mathematics. Globally, the gender gap among children of primary school age dropped from more than 5% to 2% in 2016, according to a February, 2018, UNESCO report.3 “We need to start early and foster a greater interest in science and technology education among young girls and people of color. Many of them will end up discovering an interest in the subject they didn’t realize they had,” noted Eaton-Cardone.
Eaton-Cardone recognizes that the world needs role models—women who have taken chances, faced educational and hiring challenges, pushed through on their own merits, seen opportunities to disrupt a field, and beat the odds—women who have looked past gender and color.
Diana Trujillo, an engineer at NASA’s Jet Propulsion Laboratory, is an example in fortitude. She is one of the first Hispanic women to break into the aerospace industry. Growing up in Colombia during the 1980s, she dreamt of escaping the civil unrest. She immigrated to the U.S. with $300 in her pocket and eventually received a degree in aerospace mechanics and biomechanics.4
Joycelyn Elders, the daughter of sharecroppers in Arkansas, went on to graduate as her high school’s valedictorian and the first person in her family to attend college. Rising through medical practice and public health administration, in 1993 she became the 15th surgeon general of the U.S.—the second woman and first African-American to hold that position.5
To whom did these women look for inspiration? Marie Curie, Polish physicist and chemist, who pioneered research on radioactivity after pressing forward and sacrificing much to gain an education, gave courage to generations of women. Dr. Elizabeth Blackwell became the first woman to receive a medical degree in the U.S., and went on to create an internship program to help female medical students expand their skills—raising the bar for female professionals.
As a businesswoman in finance and technology, Monica Eaton-Cardone challenges women to bring positive change to tech innovations and reach equity on the merits of their production She offers strategies for women who are in STEM or are aspiring to STEM careers:
- Mentorship:In a field as competitive as science and technology, it’s important to have an advocate who can show you the ropes and open doors for you. Melinda Gates is able to leverage her influence to forward women in finance. Her Pivotal Ventures is an investment and incubation company which funds female and minority-led venture capital endeavors.6
For 15 years, L’Oreal USA has recognized postdoctoral female scientists with its Women in Science Fellowship, awarding grants to advance its research. The initiative encourages women to fend off resistance and prevents burn-out, an especially challenging scenario for minorities.7
She adds that women shouldn’t simply seek a mentor for themselves; but, rather, should pay it forward and become a mentor to others. This can ease the transition from education into a career, and can even be accomplished online. CEO Sarah Haggard’s Tribute (findyourtribe.org) is an example of an online community pairing mentors and mentees, powered by an app.8
- Track your merits:Measure your worth and keep track of your production record and statistics. Never depend on others to do it. STEM is all about objective outcomes and values. It’s hard to deny statistics; your value will be right there, in black and white.
Eaton-Cardone recommends documenting all training, certifications, accolades, industry articles, research grants, fellowships and committee appointments. When sitting down with those in authority to determine your path, your merits translate into value for the organization.
- Leverage and promote your wins:Let your story and voice be heard and remembered. Start in your local community, and engage employees, as well. Consider establishing programs to tutor students from area schools, or offer internships to provide hands-on experience. Host a STEM career day and spotlight different tech roles which will be hiring when students graduate, and demonstrate the skills they’ll need to land those jobs.
From that point, you can position yourself for speaking engagements to business groups, penning articles, and posting blogs to education and business organizations. Set an example and enable younger women to reach higher—from your pedestal.
STEM education is the best way to help ensure that women of diverse backgrounds and cultures have the experience and flexibility to be contributing to society a few decades from now. The women who will discover the cure for cancer or lead a mission to Mars are today’s girls in need of inspiration and role models.
Monica Eaton-Cardone welcomes the chance to discuss opportunities for women in STEM at upcoming industry events. She has been a featured panelist at TRUSTECH, the IATA World Financial Symposium and TRANSACT, and is also available for interviews, panelist opportunities and future speaking engagements. For more information, visit http://monicaec.com.
About Monica Eaton-Cardone:
An acclaimed entrepreneur, speaker and author, Monica Eaton-Cardone is widely recognized as a thought leader in the FinTech industry and a champion of women in technology. She established her entrepreneurial credentials upon selling her first business at the age of 19. When a subsequent eCommerce venture was plagued by revenue-leeching chargebacks and fraud, Eaton-Cardone rose to the challenge by developing a robust solution that combined human insight and Agile technology. Today, her innovations are used by thousands of companies worldwide, cementing her reputation as one of the payment industry’s foremost experts in risk management, chargeback mitigation and fraud prevention. As CIO of Global Risk Technologies and COO of Chargebacks911, Eaton-Cardone leverages her global platform to educate merchants on best practices in fraud prevention and to spotlight the competitive and economic advantages women can bring to the technology workforce. Her nonprofit organization, Get Paid for Grades, invests in students to inspire a new generation of innovators. Get to know Eaton-Cardone at http://monicaec.com.
- Staff Writer. “Women of Color in the United States.” Catalyst.Org. 12 OctoberWeb
- Lacy, Sarah. “Women in Tech Are Rising Higher in China Than in the U.S.” The Atlantic. 13 November 2017. Web.
- Radu, Sintia. “Around the World, Girls Still Face Challenges in STEM Education.” U.S. News and World Report. 12 October 2018. Web.
- Mulvey, Kelsey. “One Female Engineer Shatters Space’s Glass Ceiling.” Chase.Com. 1 August 2018. Web.
- Staff Writer. “Joycelyn Elders Biography.” Biography.Com. 2 March 2018. Web.
- Marinova, Polina. “Why Melinda Gates has been Funding female VCs Through her Secretive Investment Firm.” Fortune. 30 May 2018. Web.
- Staff Writer. “L’Oreal USA For Women in Science.” LorealUSA.Com. 2018. Web.
- Staff Writer. “About Tribe.” FindYourTribe.Org. 2018. Web.