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Aggregator Connective recently discussed its commitment to female brokers by capturing over a third of the market share.
The aggregator announced a 37 per cent market share of female brokers who are operating under the group. This is reportedly the highest representation in the industry.
Despite helping promote gender diversity in the industry, Connective said it comes at a time where there is a decline in female brokers entering these roles.
Recent data from the Workplace Gender Equality Agency (WGEA) revealed that 53 per cent of the financial and insurance services industry is comprised of women.
Still, even though fairly represented, there was still an average and median gender pay gap of 22.2 in the industry.
It’s no surprise women are leaving the industry with such a large pay gap. An MFAA report from 2022 found that just 25.5 per cent of mortgage brokers were female, the lowest figure since the organisation began tracking this data.
“As the WGEA report reveals, companies in the top quartile for gender diversity are 15 per cent more likely to outperform those in the bottom quartile in terms of profitability, which underscores the importance of fostering strong female representation in our industry,” said Connective’s chief marketing officer Andrea Roberts.
“Diversity drives innovation. Female brokers bring unique perspectives and insights that enrich client relationships and strengthen business practices. In broking, just like in any other industry, strong female representation is important for balanced decision-making and better business performance.”
Further, the WGEA report found that half of Australian employers have a median gender pay gap larger than 8.9 per cent. Meanwhile, 72 per cent pay men more than women, on average, and while a man earns $1, a woman earns 78¢.
Despite this, there have been improvements, with 56 per cent of employers narrowing their gender pay gap over the last 12 months.
“For employers that haven’t made progress, it’s time to ask why and dig into the data to find out what’s causing any gender differences and use evidence-based solutions to address them,” said WGEA CEO Mary Wooldridge.
Clearly, there is a long way to go before equity is felt in the broking space. Roberts said that leaders must come together and make a concerted effort if there is to be any change.
“Achieving this requires businesses like ours to implement a defined strategy, encourage industry leaders to address the issue, use effective metrics, and maintain accountability throughout the process,” said Roberts.
“Our brokers tell us they need connection and inclusive communities, tailored education and to hear more female stories.”
