While mortgage broking was traditionally a man’s world, the tide has well and truly turned. According to a recent Fast Group special report into women in broking, the number of women joining the ranks is rising year by year. In 2014, for example, 40 per cent of new Mortgage and Finance Association of Australia (MFAA) members were female brokers.

So, as more women pursue a broking career, are there any business benefits to be gained from a more equitable balance of male and female staff? The answer is an overwhelming yes, with the latest research strongly indicating that gender diversity delivers a raft of positives for business, including stronger performance and enhanced reputation. Read on to discover the top five ways gender diversity can help your brokerage.

1. Draw from a large talent pool

Women make up more than 50 per cent of the Australian population. Hiring predominantly male staff means you’re only recruiting from half the talent pool. Moreover, women today are more highly educated than men, with women now comprising more than 60 per cent of Australian university graduates. Recruiting both men and women enables you to attract the best employees and build a strong and capable team.

2. Enhance your performance

A 2015 report by the Centre for Gender Economics and Innovation and Infinitas Asset Management underscores the effect women can have on a company’s overall performance. The report found that companies with gender-diverse boards performed an average of two per cent better per year than ASX200 companies generally. Additionally, Australian companies with at least 25 per cent female representation on their boards perform seven per cent better than those with all-male boards.

Meanwhile, a recent Gallup study of 800 business units from two companies found that hiring a diverse workforce improves a company’s financial performance by delivering higher revenue and higher net profits. The study’s authors found that, because women and men have different viewpoints, companies with a gender-diverse staff are more likely to solve problems quickly and efficiently, producing superior end results.

3. Expand your capabilities and market

Although women and men may receive the same training and education, many studies reveal differences in approach and leadership style between genders. Including a balance of male and female brokers in your team could help you expand your capabilities and use these different perspectives to make the best business decisions.

Additionally, a gender-diverse workforce will enable your brokerage serve a wider customer base. A team with a mix of genders could make it simpler to meet the needs of a more diverse range of customers. For example, Fast Group’s report on female brokers recently found that many say they provide customers with a different level of compassion and personal service to their male counterparts.

Finally, female staff may offer valuable insights into the way women make buying decisions. NAB research found that women were spending online at almost twice the pace of men, so understanding their motivations can only be a good thing.

4. Boost your business reputation

A commitment to gender diversity can help build your reputation as a forward-thinking business. According to the Workplace Gender Equality Agency, “a reputation for promoting gender equality will enhance the regard in which a company is held in the wider community.”

A balanced gender profile can also help your business become an employer of choice for both men and women alike. Both genders appreciate being part of an organisational culture that values a mix of opinions, experiences and approaches. Being viewed as an employer of choice helps you attract and retain the best in the industry, which in turn can deliver stronger broker business outcomes.

5. Reduce the cost of staff turnover

The Workplace Gender Equality Agency research mentioned above shows staff value working for an organisation they perceive as fair. Workplace gender diversity can help show your employees that your business is unbiased and inclusive.

Given this, promoting diversity in your workplace could keep your staff turnover rates low. Retaining staff can save your business from termination and hiring costs such as advertising, administration and training, plus it saves you from hours of reading CVs and interviewing potential candidates.

So, there you have it. As well as being a truer reflection of the society we live in, gender diversity is a business practice worth pursuing.

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