Amid an outpouring of debate over gender equality in the finance industry it’s time to examine exactly who is at fault
Amid an outpouring of debate over gender equality in the finance industry it’s time to examine exactly who is at fault
Undoubtedly the departure of Westpac CEO Gail Kelly is a big loss for the industry. Equally, the debate it’s inspired over the slow progress of gender equality in Australia’s finance industry is welcome. But while criticism has focused upon the big banks, these institutions have a lot to teach brokers and smaller operators about gender equality.
Two statistics for you:
1. All four of Australia’s major banks, plus three non-majors, were awarded ‘Employer of Choice’ by the Workplace Gender Equality Agency (WGEA).
2. Just nine of MPA’s Top 100 Brokers 2014 (ranked by residential settlement total) were female.
So who exactly has a problem with gender equality?
Obviously the WGEA’s assessments are far from flawless, and clearly bear little relation to the highest levels of banking. But at least these banks have a concrete policies and targets – Westpac, for instance, achieved their goal of 40% women in senior positions by 2014, and want to achieve a 50/50 split by 2017.
Broking, on the other hand struggles with gender equality, according to WGEA executive manager Yolanda Beattie. She told MPA that broking was seen as a “blokey industry” which needed to change in order “to reflect your customer base…women are such a big part of the customer base of the mortgage-broking industry, and to capture this customer base broking needs to attract more women into the industry”.
Of course broking has had its trailblazers – Wendy Higgins topped our Top 100 list in successive years (and remains near the top) and the MFAA’s Women in Mortgage Business Network (WIMBN) also plays an important role. Yet it’s not enough to leave gender equality to industry bodies; action needs to be taken, potentially including positive discrimination, at a brokerage level.
I’m sure there are great initiatives out there, and those behind them need to be proud to shout about it. Gender equality isn’t just an issue for the big banks, and we shouldn’t wait for action to come from the top.
If you have taken concrete steps at your brokerage to promote gender equality we’d like to hear and potentially write about them – please email the editor.
____
Connected to this article:
Does your business have a gender pay gap?
Undoubtedly the departure of Westpac CEO Gail Kelly is a big loss for the industry. Equally, the debate it’s inspired over the slow progress of gender equality in Australia’s finance industry is welcome. But while criticism has focused upon the big banks, these institutions have a lot to teach brokers and smaller operators about gender equality.
Two statistics for you:
1. All four of Australia’s major banks, plus three non-majors, were awarded ‘Employer of Choice’ by the Workplace Gender Equality Agency (WGEA).
2. Just nine of MPA’s Top 100 Brokers 2014 (ranked by residential settlement total) were female.
So who exactly has a problem with gender equality?
Obviously the WGEA’s assessments are far from flawless, and clearly bear little relation to the highest levels of banking. But at least these banks have a concrete policies and targets – Westpac, for instance, achieved their goal of 40% women in senior positions by 2014, and want to achieve a 50/50 split by 2017.
Broking, on the other hand struggles with gender equality, according to WGEA executive manager Yolanda Beattie. She told MPA that broking was seen as a “blokey industry” which needed to change in order “to reflect your customer base…women are such a big part of the customer base of the mortgage-broking industry, and to capture this customer base broking needs to attract more women into the industry”.
Of course broking has had its trailblazers – Wendy Higgins topped our Top 100 list in successive years (and remains near the top) and the MFAA’s Women in Mortgage Business Network (WIMBN) also plays an important role. Yet it’s not enough to leave gender equality to industry bodies; action needs to be taken, potentially including positive discrimination, at a brokerage level.
I’m sure there are great initiatives out there, and those behind them need to be proud to shout about it. Gender equality isn’t just an issue for the big banks, and we shouldn’t wait for action to come from the top.
If you have taken concrete steps at your brokerage to promote gender equality we’d like to hear and potentially write about them – please email the editor.
____
Connected to this article:
Does your business have a gender pay gap?
