Diversity is an area where the property finance industry falls behind, particularly in terms of gender. Traditionally, the sector is known for being male dominated. Brokers and BDM’s would meet ‘down the pub’ to ‘do a deal’. Although things are changing, Boards of property finance companies are still populated mainly by men.
Leading the way in realigning gender and diversity within property finance are the smaller, newer lenders. At LendSwift, 50% of our Board is comprised of women and indeed our workforce is also equally divided between men and women.
So often a woman trying to return to work is rejected prior to the interview stage because of gaps in their CV. Our policy at LendSwift is to actively seek women returning to work. We view a work gap on a CV as a time when new entrepreneurial skills may have been acquired; these skills are vital to small business survival, especially during these uncertain times.
The women who work for LendSwift, including the co-directors, come from a wide range of work backgrounds, some with years of property finance experience and others with specialist finance knowledge. The breadth of knowledge coupled with the drive to reignite their careers make them excellent additions to the workplace.
The property finance industry offers such a wide range of roles that there is plenty of stimulating work to attract diverse talent. Targeting women who are returning into the property finance arena is not the only way to level the proverbial playing field. It is up to the women in the industry (and the men) to encourage and educate the younger generation. It is also up to parents, schools and larger institutions to actively encourage young girls to take up roles in finance.
A diverse work force benefits not just the company who has the diverse workforce but society as a whole. A study by McKinsey in 2018 found that gender diversity in management positions increased a firm’s profitability by as much as 21%. A separate study by the California Institute of Technology found that female-run businesses perform as well as or better than those led by men.