Hiring and promoting women isn’t the nice thing to do. It’s the smart thing to do. That is, if you’re interested in higher profits, greater longevity and a leg up on your competition.
Women Executives Mean Higher Returns
Hiring female executives leads to a proven pay off. According to index and analytics provider MSCI, companies with a critical mass of women in leadership report up to 36% higher returns than firms without as many women in these positions. Investors want to partner with these businesses, and corporate boards, wanting the higher rate of return on investment, are mandating spends with them as well.
Venture capital firm First Round Capital evaluated more than 300 companies and 600 founders and found that their higher performing investments tend to have at least one female founder, and companies with a female founder performed 63% better than those with all-male founding teams.
Women Friendly Workforces Grow Market Share
If lenders want to reach Millennials and Gen Y borrowers, they need a female-friendly workplace. Women are more likely to hold college degrees than men, so unless lenders create an environment that supports women, they’re essentially ignoring over 50 percent of the Millennial labor pool–which their competition could very well be courting.
Think the correlation between production and women employees sounds like a stretch? Consider Quicken Loans, which was voted one of the 100 Best Workplaces for Women by Fortune magazine for the past two years. Quicken skyrocketed to become the second largest retail lender in the U.S. and–probably not coincidentally–has a workforce that is 45% female, with 42% of executive/manager positions filled by women.
Being a forward thinking, woman-friendly organization seems to result in better, fresher ideas that resonate with today’s borrower.
An Easy Way to Build a More Woman-Friendly Office
Lenders don’t need to look far to find talented, accomplished women who have already proven their impact on their companies’ bottom lines. They network with each other, participate as members of associations and attend women’s events. By availing these resources to female employees–or using them as recruiting pools–lenders can build a much more forward thinking, woman-friendly office.
Here are some resources for finding women executives in mortgage lending.
January 2018: Hundreds of seasoned mortgage executives will gather in Dallas for the NEXT conference, the first technology conference for women in mortgage lending. Visit www.Nextmortgageconference.com for details.
March 2018 and October 2018: MBA will host a women’s event at the MBA Technology Conference in Miami, and another large gathering for women MBA members at the MBA Annual Conference in 2019.
September 2018: The Five Star hosts the Women in Housing Leadership Forum alongside their largest annual conference, usually held in September. Find out more at https://fivestarconference.com/women-in-housing.
The National Association of Professional Mortgage Women (napmw.org) is an active community of professionals that’s been around for more than 50 years.
MBA’s MPower is a network designed to promote opportunities for women to extend their reach. The group has more than 1300 members and it’s free for any MBA member. Visit www.mba.org for more info on MPower.
Five Star’s American Mortgage Diversity Council www.mortgagediversitycouncil.com hosts several events throughout the year and includes an active networking community through the website.
About The Author
Molly Dowdy has nearly 20 years experience marketing in the mortgage technology space and is the co-founder of NEXT, the mortgage technology conference for women executives. Molly is also a member of the PROGRESS in Lending Association Executive Team. She can be reached at molly@Nextmortgageevents.com.