WE DISCUSS IN THIS EPISODE:
The stats don’t lie: the mortgage industry is not representative of the clients we serve. There is a lack of diversity and females in the industry, currently sitting at 25.6% of the total market. Today we’re chatting with Jane Counsel about how to attract and retain more women to our industry.
Biggest points:
- The biggest challenge we have right now is around retention.
- We need to try new and innovative ways to attract and retain women into the industry.
- We won’t see a massive shift if we only focus on monetary or financial success for brokers and loan writers. Women value different elements.
- We also need to stop just talking about the lack of women in the industry, and thinking it’s a ‘women’ issue to solve. There’s a lot of talking – we need to move and try different things.
- We need to prioritise this as an industry issue.
- What are the three things that need to be done?1/ One of the biggest things that will make a difference is male leaders actually getting involved in solutions. (And it does happen – Darren Little from smartmove has a great story around this.)2/ Innovation and courage in taking greater risks and doing things differently.3/ Making female brokers a strategic opportunity.
- Women working in flexible or part-time positions are actually more productive workers.
- If we don’t move beyond the barriers, build trust and respect with our diverse client base and move beyond just talking about the lack of women representation, there’s a massive lost opportunity in this industry.
- The women opportunities initiative with the MFAA is about starting the conversation, starting the change and building the blocks for closing the perception gap, changing the way women are viewed in the industry and increasing the value of women as business owners in the industry.
- We have to look at the small messages we send every day to women in the industry about seeing them as equals.
- It’s up to the business owners to create solutions for more part-time brokers, then you will attract more women brokers, and the business owners need to create systems to support this, so clients are still looked after when that broker isn’t working.
- There also needs to be a willingness to change, and do things differently that might not see an immediate return.
- A huge opportunity for the industry is to attract women into the industry as they leave university, as they leave school and get them trained and active in the industry before they start their families.
- Having families is the most challenging time to retain women. So there needs to be an attraction and a retention strategy.
Please take a look at The women opportunities initiative with the MFAA here.
Please see more about Thrive4Women here.
Key Quotes
“Women make great mortgage brokers and resonate with the clients really well. Businesses are missing out on having women in their team.” – Marissa
“We have to look at the small messages we send every day to women in the industry about seeing them as equals” – Jane
“One of the biggest things that will make a difference is male leaders actually getting involved in solutions.” – Jane
“How do we get this all started? Is there a mud-map?” – Ruan
“We need to make room for part time brokers. This will open up the opportunity for more women brokers, and this falls to business owners to create this support structure.” – Marissa
