Women Take on More Leadership Roles in the Lending Industry
The lending industry accounts for an increased number of women in leading roles. For the past decade, banks, credit unions, and alternative lending businesses have been hiring more women in administrative positions. The number is estimated to grow by 9% in the next ten years. Big companies benefit from gender diversity in upper management positions. Women are very good in leadership roles, mainly for the qualities listed below.
Being accountable. Surveys show that women are more likely to review their decisions and actions critically and are more receptive to feedback, even in higher positions. Men are less flexible from this perspective. Leadership positions in the banking system require long hours under different circumstances, including long travel and tight deadlines. Female leaders juggle all tasks and deadlines exceptionally well and hold themselves accountable for their decisions.
Displaying Empathy. Women leaders are more empathetic with their employees, which increases talent retention and motivates the workforce. For example, Jane Fraser, Citigroup CEO, banned internal video calls on Fridays. She thus encouraged a healthier work-life balance across all departments. That was the first step right after Jane Fraser started her new role.
Adjusting quickly. A business specializing in loans must keep up with the trends in the financial services industry. Official records show that women CEOs adapt faster to the new market requirements.
Multitasking. While male leaders are better at focusing on one thing at a time, female CEOs are rated as being better at dividing focus into several areas simultaneously. They find it easier to monitor several processes of equal importance and act as soon as they need to. Psychologists attribute these workplace capabilities to women's innate multitasking abilities throughout history by caring for their families.
The inclusion of women in leadership roles of finance companies has a tremendous impact on customer care and business innovation. Women represent roughly half of the population, which means their active leadership roles open more doors and broaden their views. Money-related industries in particular, from payday loans to mortgage companies, are very receptive to strategic plans designed by both genders.
A balanced mix of genders across all levels of a company is one of the factors contributing to the advancement of an organization and the borrowers' wellbeing. We hope the progress of the lending industry will inspire other areas to advance women's careers.
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