PayPal is a global company, employing over 30,000 people in more than twenty countries worldwide. Over the past several years the executive leadership team, led by CEO and President Dan Schuler, have made it a priority to focus on improving diversity and inclusion within the company. PayPal also donates to and partners with a number of charitable organisations, many of which work for the support and betterment of minority and marginalised groups.
Just this year, PayPal was ranked at the top of a list of 100 US companies doing the most to support the well-being and health of not only its employees, but their families and the communities that they live in. Some of the areas considered included supporting and giving back to local communities, as well as cultivating and promoting diversity within the workplace.
As well as gaining recognition for its internal commitment to inclusion and diversity, PayPal was chosen as a global private sector leader at the Generation Equality Forum in 2021. The forum, convened by UN Women, set out a five year action plan to advance gender equality around the world.
It is clear that issues of diversity, equality, community health and social justice are all extremely important facets of what PayPal wants to be as a company. Here we take a closer look at what PayPal is doing to enhance gender and racial inclusion, both within the corporation and outside of it.
PayPal ranks in the top ten fintech companies in the world. It is a trusted online payment provider for individuals and businesses all over the world, from PayPal casinos to all the biggest retailers. PayPal is a trusted brand, so customers know that online casinos that accept PayPal reviewed on this website will be dependable and safe.
Inside PayPal – Equality and Diversity in the Workplace
The PayPal corporation’s net annual income peaked at $4.2 billion in 2020, and it is ranked 143rd on the 2022 Fortune 500, which lists the biggest corporations in the US by revenue. It is also a leading player in the technology sector, historically known to be less favourable towards hiring women and minorities. Stats for the 2021 workforce in the US reveal that 45.2% of employees are ethnically white, rising to 58.5% when considering leadership roles alone. This indicates a proportional under-representation when compared to the country’s demographic racial makeup.
However, Black employees only accounted for 8.6% of the total workforce, falling further to 4.5% for senior management. With Black people accounting for 12.2% of Americans, PayPal still falls short of its diversity targets in the US. In 2020, PayPal invested $$15 million towards internal diversity, and the following year partnered with Handshake, an early talent recruiting agency working with thousands of American higher education institutions. First reports indicate a tenfold increase in Black applicants for entry-level positions.
PayPal is also trying to do more to encourage and support women to enter and stay in the workforce. Globally PayPal staff are 43.7% female, but only 33.3% in higher management and leadership positions. While both these numbers represent an increase on the previous year, PayPal recognises that more can be done to facilitate hiring, retention and promotion of women. After it was revealed that the pandemic disproportionately impacted women, who were often forced to sacrifice their jobs and careers over family responsibilities, PayPal has tried to implement family-friendly policies that include remote working, flexible hours, free childcare, paid maternal and parental leave, family care leave and mental health support. The company also claims 100% global gender pay equity, and continues to work towards improving working conditions for women.
Beyond the Company Walls – Outreach and Charitable Giving
PayPal also supports a large number of charitable organisations and non-profits, many of which are focused on improving lives and opportunities for underrepresented groups. In 2020, PayPal created a $535 million fund to address economic inequality for Black and minority ethnic communities and businesses in the US. Providing both short-term financial relief for covid-hit businesses, as well as long-term investments, this fund comes in addition to PayPal’s existing programs to support and empower small businesses.
PayPal’s next big commitment came a year later, with a pledge of $100 million to be invested over the next five years in programs that support the economic empowerment of girls and women around the world. $7 million of that is to be invested in microloan access for female entrepreneurs, while the rest will be invested in various groups that are led by and serve women towards their economic empowerment and gender equality.
As well as capital investment, PayPal has committed to providing over 10,000 hours of volunteer time to local community groups and charities. Company employees will share skills, knowledge and expertise, and for every hour of time given, PayPal will donate $10 to an appropriate group.