We’ve taken strides to encourage more diversity in our mortgage market in recent years, but a recent report by the Association of Mortgage Intermediaries (AMI) has made it clear that there is still much we need to do to make our sector a more welcoming space that provides opportunity for everyone.
The report found that 43 per cent of AMI’s members agreed the mortgage industry attracts a workforce that is representative of our communities. In addition, 54 per cent of women and 52 per cent of ethnic minorities thought that people like them were not well represented at all levels.
It’s a tough pill to swallow, but I believe this report presents an opportunity for us to listen to our colleagues and take an active role in making a difference.
Understanding our unconscious biases
Still, today, when I look around the floor at industry events, I see a sector dominated by ‘Type 1’ males – that is middle-aged, white men – myself included.
Our first step in the journey towards a more diverse sector is to recognise our unconscious biases. We have all worked hard to reach where we are in this industry, but many of us have had every opportunity to do so – and these are opportunities that many others simply will not have had. If we are to make the industry more accessible, we need to start by understanding the advantages that we have had, particularly Type 1 males, and recognise the privilege and bias that we have enjoyed.
One way we can do this is by participating in a behavioural bias assessment, which can uncover any unconscious biases and issues that exist within ourselves. From the top down, across our industry – from brokers to lenders to surveyors – we should all consider these assessments as we begin our path to a more diverse and inclusive mortgage market.
Agents of change
Yet, as an industry we also have a responsibility to engineer change and ensure that the opportunities in our sector are open to everyone, regardless of their gender, race, or creed.
This means acting as allies and advocates for those who may need a platform that they can rely on to support them. It means identifying those trailblazers in the sector from a range of different backgrounds and giving them the opportunities to inspire others to consider a career in the mortgage market.
I speak to many people who are supportive yet passive in how they approach this topic. They’re passive in the sense that they do not challenge inappropriate behaviours when they see them or do not speak up out of fear of “saying the wrong thing”.
For me, it is important that we walk towards this topic rather than avoid it. I too am often concerned about using a label or phrase that might cause offence. However, we must use these opportunities to learn and better ourselves, rather than say nothing at all.
Inclusivity in everything we do
Being inclusive is a positive word and a natural position for most of us to take.
Encouraging people to bring all of themselves to work is a good way to put this into practice. If your people are leaving a part of themselves at the door, will they really give you their all and drive your business forward?
Whether it’s a recognised characteristic or just simply being a mum, a carer or someone who needs some temporary extra support, we must be inclusive across all strands of our businesses. The pandemic has shone a light on the importance of mental health, and we should be receptive to the challenges many go through – often in silence.
Starting with what you have in place is important, and then building on this by adopting an inclusive approach to recruitment is particularly critical. Whether we are recruiting ourselves or using third party organisations, we should consider as diverse a pool of candidates as possible.
Remember – a diverse business isn’t just the right thing to do, it makes business sense too. Research by McKinsey shows that companies with the greatest gender diversity on executive teams, for example, were 25 per cent more likely to have higher profits than others.
By taking these steps and being advocates of change within our sector, we can strive for a mortgage market where everyone can come to work and feel comfortable being exactly who they are.
