The Windrush generation refers to the mass migration of people who moved from various Caribbean countries, including Jamaica, Barbados, Trinidad and Tobago, and Saint Lucia, to the UK between 1948 and 1971, due to the labour shortage following World War II. While significant strides have been taken to create a more diverse and inclusive workplace environment, one personal barrier that I continue to see is the underrepresentation of women from diverse ethnic backgrounds in leadership roles.
Despite advancements in other sectors, the intersection of race and gender continues to hinder opportunities for black and brown women to break the glass ceiling and influence the agenda within mortgage lending.
Windrush Day is a significant day for me, as I would not be who I am if my grandmother, mother, and aunt (three women I admire greatly), did not come to the UK during the Windrush era.
So, I explore the path to leveling the playing field and enabling the talented pool of women from diverse backgrounds in lower-level roles in financial services to gain recognition and achieve leadership and executive positions.
Progress and disparity
In recent years, the mortgage sector has made commendable progress in enhancing diversity, and recognising the significance of representation at all levels. Efforts have been made to attract and retain diverse talent, resulting in a more varied workforce.
However, when we turn our attention to leadership positions, the statistics still show there is disparity in the progress of minority groups. Women from non-white ethnic groups remain underrepresented in executive and senior management roles within the mortgage sector.
Much attention and focus has gone into increasing the number of women in top jobs, with some notable successes and some areas for improvement. The increase in the number of women on the boards of listed companies is a success story, but more needs to happen to increase the number of women in the most influential executive level roles.
The lack of ethnic diversity in women holding senior roles in UK companies also needs to change.
Minority ethnic women, who sit further away from the white male leader prototype, have to overcome both sexism and racism to progress to senior roles. Research comparing the leadership journeys of minority ethnic and white women highlights the additive nature of racism and sexism on this journey. While white women face a glass ceiling, many minority ethnic women face a concrete ceiling – their route to leadership is more opaque and much more difficult to crack.
This lack of representation not only limits the industry’s ability to harness diverse perspectives but also perpetuates systemic barriers that impede progress. For example, a 2021 study by the Financial Conduct Authority (FCA) found that black women are more likely to be denied a mortgage than white men.
Personal experience: overcoming solitude and promoting change
As a black woman navigating the mortgage sector, I have often found myself as the only person that looks like me at industry events. The solitude experienced in these spaces serves as a poignant reminder of the need for greater diversity and inclusion.
Rather than allowing this to discourage me, I have chosen to embrace the opportunity to be a change-maker, using my voice to advocate for change. Supporting internal and industry-wide diversity initiatives has been a significant part of my journey, and I look forward to supporting further progression in the sector so we have a workforce, at all levels, that is truly reflective of the customers we serve.
The way forward: driving lasting change
As we honour the legacy of the Windrush generation, it is vital to remember their resilience and determination in the face of adversity. They paved the way for future generations, dismantling barriers and reshaping our society. Now, it is our responsibility to carry their torch and accelerate progress towards a more equitable mortgage sector.
To achieve meaningful change, we must adopt a multi-faceted approach. Organisations within the mortgage sector must critically assess internal structures, policies, and practices to identify and rectify biases that impede progress. This includes transparent recruitment processes, equitable promotion strategies, and cultivating an inclusive culture that values and celebrates diversity at all levels.
Furthermore, industry-wide collaboration is essential. By sharing best practices, collaborating on initiatives, and establishing mentorship programs, we can create a support network that nurtures and uplifts black women and other minority groups in the mortgage sector. Additionally, fostering partnerships with educational institutions and community organisations can help bridge the opportunity gap, empowering young black women to pursue careers in mortgage lending and related fields.
As a sector there has been significant progress and I look forward to being part of the continued journey as we work toward true equity and equality in the mortgage sector.
