Progress is being made, but the sector still needs to level the playing field, say female leaders
The mortgage industry is still facing challenges with gender equality and efforts must continue to ensure it makes women feel welcome, suggest leading female figures within the business.
The comments from Tanya Elmaz (pictured left), director of intermediary sales, at specialist lender Together, and Fran Green (pictured right), national accounts and networks manager for later life lender more2life, come ahead of International Women’s Day tomorrow.
The day, which dates back well over a century, is a global celebration of the social, economic, cultural, and political achievements of women.
“Although strides have been made towards levelling the playing field within the mortgage industry, the industry is still facing gender challenges such as; gender pay gaps and underrepresentation in certain roles,” Elmaz told Mortgage Introducer.
“Continuous efforts need to be made to ensure the mortgage industry remains inclusive towards women by addressing the current gender barriers and employing an equal hiring process for women. Additionally, removing barriers of gender bias and stereotypes to create an inclusive environment for all employees is essential and something companies across the industry must work towards.”
How important is diversity, equity and inclusion?
Elmaz believes that diversity, equity and inclusion initiatives are key for the mortgage industry.
“They encourage innovation, better perspectives and decision-making along with strong employee retention strategies and organisational success,” she considered. “With regards to gender diversity, the industry has made progress towards inclusivity, with more women entering a previously predominantly male driven industry and earning leadership roles.
“We have seen a dramatic increase in the number of women who are entering the industry, looking to invest into property and build a successful portfolio which is also heartening.”
Together is committed to creating a workplace where inclusivity is embedded into everyday business, decision making and behaviours, and is a signatory of the Women in Finance Charter.
“We are on a journey to see more females in senior leadership positions and have appointed four female colleagues to our senior executive team in the last two years,” explained Elmaz. “This will help to provide a diverse set of skills and insights to drive the business forward.”
Elmaz, who recently won The Hampshire Trust Bank Award for Woman of Distinction at the Mortgage Introducer Awards, finds other women’s success in the industry inspiring.
“Celebrating women’s achievements and successes is paramount for the mortgage industry as this demonstrates women’s abilities and will attract further talent into the industry,” she observed. “It is also important for me to share my own achievements with my fellow colleagues and other women to hopefully inspire them and prove that we, as women, can do it. I believe when one of us succeeds we all succeed together.
“My message to fellow women in the industry would be have confidence, know your personal brand and be proud of your strengths. Self-doubt can stop you from sharing in meetings, putting yourself forward for projects or asking for a pay rise so work on your self-belief. Be open about your career aspirations, make a development plan and communicate it. And if you want to progress, seek mentors and allies to help you pave the way.”
Read more: How I became a broker – Hannah Bashford’s story
How much progress has the mortgage industry made in women’s equality?
With over 30 years’ experience working in the financial services sector, Fran Green is an award-winning account manager, who’s held her key role at more2life for almost two years. She has enjoyed success working with providers, distributors and networks alike and, through her work at more2life, works with the country's top broker firms.
“While progress has clearly been made, the mortgage industry could still improve on levelling the playing field,” she suggested. “I’d love to see an improvement on inclusion policies that addressed challenges that are exclusive to women.
“Diversity, equity, and inclusion is absolutely crucial in any industry, but the mortgage industry faces its own challenges; in that it has historically been male dominated. More2life is proof, however, that the sector is succeeding in welcoming women, with women holding positions at all levels across the business.”
Green recently won Air Group’s award for business development manager of the year, for the second time in a row, and was shortlisted for a woman’s recognition award in later life lending.
She is aware of how such accolades can encourage those following in her footsteps within the industry, and aiming to scale its heights. Yet it is the success of her female colleagues in the industry that motivates her.
“I'm constantly inspired by other women's successes and achievements, and I’m always conscious of how women new to the industry will see me, and what I achieve,” she reflected. “I’m incredibly proud to be recognised amongst such incredible women.”
There is no doubting Green’s passion for the industry and her wish to see other women do well within the profession.
“Embrace your strengths, advocate for yourself, and support each other in creating a more inclusive and equitable industry,” she urged them. “There is always more that can be done, and I look forward to seeing how we continue to evolve over the coming years.”
