In today’s increasingly diverse society, it is crucial for industries to reflect the communities they serve.
However, the mortgage industry continues to face challenges in achieving a truly inclusive and diverse workforce. I hope to shed light on the importance of diversity within the industry, the barriers that exist, and the steps that can be taken to foster a more inclusive environment.
Why is there need for diversity? A diverse workforce brings a multitude of perspectives, experiences, and ideas to the table. In the context of the mortgage industry, diversity is essential to understand the unique needs and challenges faced by a wide range of clients. It enables brokers to provide more tailored and culturally sensitive advice, resulting in better outcomes for all clients.
Several factors contribute to the lack of diversity within the mortgage industry. One prominent barrier is the historical underrepresentation of marginalised groups, including women, ethnic minorities, and individuals from lower socioeconomic backgrounds. Unconscious biases, lack of inclusive recruitment practices, and limited networking opportunities further exacerbate this issue.
Yes, I have seen a recent increase in female brokers, mainly from 40 plus as not many younger women are in the industry, or if they are – they aren’t getting much profile. The industry is still heavily led by men but good to see it is a spread of all ages and ethnic backgrounds.
Embracing diversity brings numerous benefits to the mortgage industry. A diverse workforce fosters creativity, innovation, and adaptability, leading to improved problem-solving and decision-making processes. It can also enhance customer satisfaction by ensuring that clients feel understood, respected, and represented throughout their mortgage journey.
We need to do more
We should be promoting diversity.
We must commit to promoting inclusivity at all levels. There are more senior leaders in the industry that are women, but we have to ensure we are not just concentrating on gender or having a situation where it becomes a heavily female-ran world. We need balance, we need diversity.
This can be achieved through inclusive recruitment practices, more offers of mentorship and sponsorship, education, training and including diversity metrics so we can hold ourselves accountable. Regular reporting and monitoring can help track progress and identify areas for improvement.
The mortgage industry must recognise the significance of diversity and take proactive steps to address the current lack of representation.
Embracing diversity brings a wealth of benefits, both for industry professionals and clients. By promoting inclusivity, adopting inclusive recruitment practices, providing mentorship and education, and fostering industry collaboration, we can create a more diverse and inclusive mortgage industry that truly serves the needs of all individuals and communities.
By highlighting the importance of diversity, the barriers that exist, and the necessary steps to promote inclusivity, I aim to help inspire positive change within the mortgage industry.
