I subscribe to very little inequality conjecture. I am an agnostic professional. It allows me to be more effective. It sometimes forces me to learn about things I don’t understand. There is an opportunity with every perspective, conviction, religion, race, and creed to develop a genuine message that will impact the business at its core. Openness and willingness provide our team with a strategic advantage. So, we stay neutral, focus on facts, and try to find the heart of every engagement.
That being said, 56% of the mortgage industry is men. Shocking, right? However, over 78% of all mortgage processors are women. Almost 61% of all mortgage underwriters are women. Lastly, 56% of marketing positions are likely held by a woman. Lender Implosion is a start-up dedicated to helping laid-off mortgage professionals. According to co-founder Andrew Haberman, Lender Implosion analyzed its job-seeker database and found that 78% of laid-off job seekers were women (since September 2022).
It is understandable why these positions are being laid off. There are fewer loans to process and underwrite. Marketers are often seen as a luxury and viewed as non-producers. Arguably, the opposite occurred in the refi boom — processors and underwriters were in high demand — so women may have been hired faster than men.
Losing An Essential Element
Layoffs are impossible decisions to make when an industry compresses, and they are inevitable. While production, output, and ability to attribute or generate revenue are the main measuring sticks, employee impact overall must be measured to ensure a healthy work environment. Here are three significant contributions women play to the ecosystem of a business.
According to McKinsey, companies in the top 25% of gender diversity are more likely to have above-average profitability. This has been thoroughly researched and applicable to both women in leadership and general positions within the company. This rang true again in a 2022 gender diversity study and seems to be a solid truth that business leaders must consider when evaluating their workforce.
2. Improved Customer Experience
Research indicates that women excel in emotional intelligence, which drives a willingness to innovate and provide a higher level of customer service. The ability to put yourself in the customer’s shoes is a superpower that we preach in marketing. Empathy will always shine when customers evaluate a company’s customer service.
3. Increased Kindness
Gender diversity in the workplace increases the happiness, confidence, and communication of the people around them. Similar to improved customer service, women tend to neutralize behaviors and decrease poor behavior, especially when dealing with workplace aggression.