Finance is a male dominated industry - We're Changing That!
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The data from the MFAA Industry Intelligence Service’s 14th edition (2022) report clearly indicates that males are dominating the mortgage broking industry. With only 25.5% of brokers identifying as female, it is evident that there is a significant gender gap in the industry. This figure is particularly alarming as it is the lowest percentage of female brokers since the MFAA started its research in 2018. Despite women entering the industry, the lack of retention indicates that the working environment is not conducive to their professional growth, which is a major concern.
The data raises questions about the reasons behind the low percentage of female brokers in the mortgage industry. It is essential to investigate whether it is due to a lack of opportunities, gender bias, or other factors that hinder the career progression of women in this field. It is evident that there is a need for policies and initiatives to attract more women to the mortgage broking industry and support their growth in the sector. Addressing the gender imbalance will not only improve the diversity of the industry but also lead to better outcomes for customers and businesses alike.
The main problems according to MFAA
According to the MFAA, there are some significant issues in the mortgage and finance broking industry that are making women feel undervalued and excluded. It seems that female members don’t feel like they’re getting enough support and recognition, and they’re increasingly worried that the industry has a culture that’s not inclusive to women.
One of the key problems that women report experiencing is sexual harassment, bullying, and harassment. This kind of behaviour is entirely unacceptable, and it’s vital that it’s addressed if we want to create an environment where everyone feels safe and respected. Another issue is the so-called “old boys club” mentality that seems to be prevalent in the industry. Women feel like they’re not being taken seriously, and they’re being excluded from key opportunities because they’re not part of the boys’ club. And finally, there are concerns about unconscious biases and dismissive attitudes towards women. This is a serious problem because it means that women are not being given the same opportunities to succeed as men.
It’s interesting to note that most male members who responded to the MFAA survey said that they were not aware of or hadn’t witnessed any non-inclusive behaviour in the industry. This suggests that there’s a lack of awareness and understanding about the challenges that women are facing. It’s essential that we raise awareness about these issues and work together to create a more inclusive and supportive industry that values all its members, regardless of gender.
Why is diversity for the industry important?
It’s essential to recognise the significance of diversity in the mortgage and finance industry. Creating more opportunities for women is not only the right thing to do, but it’s also good for business. Research has shown that diverse teams lead to better outcomes, increased creativity, and improved decision-making. Having a range of perspectives and experiences at the table can help businesses to better understand and serve their clients, which is crucial in an industry like finance.
By creating more opportunities for women the industry can tap into a wider talent pool and gain a better understanding of the needs of its diverse customer base. This will help to ensure that the industry can continue to grow sustainably and meet the evolving needs of an ever-growing Australian community.
We're Changing The Industry - By Taking Action!
Here at Tiger Finance, we take diversity and inclusion seriously. We believe that creating a workplace where everyone can thrive is not just the right thing to do, but it’s also crucial to our success as a company. We understand that diverse perspectives and experiences can lead to better outcomes and innovative solutions, which is why we’re committed to building a team that reflects the diversity of the community we serve.
We’re not just paying lip service to diversity either. We’re taking concrete steps to ensure that we’re creating a truly inclusive workplace. We’re proud to say that our team is predominantly made up of women, and our finance department has been female-led for the past 5 years. We believe that having women in leadership positions is critical to breaking down gender barriers in the industry and creating more opportunities for women to succeed.
We also know that diversity is a key ingredient in our recipe for success, and we’re proud to be living that commitment every day.
Our team is made up of talented individuals from diverse backgrounds who bring unique experiences and skills to the table. We believe that diversity drives innovation and creativity, and we work hard to foster a culture of inclusivity and collaboration.
As we look to the future, we are committed to pushing harder to give females more opportunities as we scale. We recognise that there is still a long way to go in terms of achieving true gender equality in finance, but we are committed to doing our part to make a difference.
How we’ve built an inclusive and diverse workplace
Having women in leadership positions
We’re proud to have a team of strong women who are leading the way for us. Having women in leadership positions is crucial to breaking down gender barriers and creating more opportunities for women to succeed, and we’re proud to have a diverse and talented team of women who are making a real impact in the industry.
Promoting awareness of the issues in the industry
We’re aware of the issues in the industry, including unconscious biases, harassment, and bullying. We believe that it’s important to be aware of these issues so that we can actively work to address them. By acknowledging the challenges facing our industry, we can create a more inclusive workplace and work to ensure that everyone feels valued and respected.
Zero tolerance policy of harassment in any form
We’re strongly against harassment of any kind. We have a zero-tolerance policy when it comes to harassment and take all reports of harassment seriously. We believe that everyone has the right to feel safe and respected at work, and we’re committed to creating a workplace where that’s possible.
Building a workplace where everyone feels valued and safe
We’ve worked hard to build a workplace where everyone feels valued and safe. We believe that creating a culture of respect, inclusivity, and safety is key to building a successful business. By prioritising the well-being of our employees, we’re able to create a workplace where everyone can thrive and feel supported.
Conclusion
Tiger Finance is not just talking about diversity and inclusion, we’re taking action to change the industry. We understand that creating a truly inclusive workplace is not just the right thing to do, it’s also crucial to our success as a company.
We’ve built an inclusive and diverse workplace by prioritising the well-being of our employees and creating a culture of respect, inclusivity, and safety. We’re aware of the issues in the industry, including unconscious biases, harassment, and bullying, and we’re actively working to address them. We strongly believe that everyone has the right to feel safe and respected at work.
We’re pushing harder to give females more opportunities as we scale. We recognise that there is still a long way to go in terms of achieving true gender equality in finance, but we’re determined to keep moving forward.
In short, we’re not just talking about diversity and inclusion, we’re living it. By creating a workplace where everyone can thrive and feel supported, we’re helping to change the industry for the better.
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