WHERE ARE WOMEN WORKING AND HOW ARE THEY COMPENSATED?
The mortgage industry and financial services as a whole lag behind other industry sectors
when it comes to women’s needs in the workplace and benefits that other industries are already
providing to women. A Catalyst survey conducted in 2015 of 2013 data showed that, on a global
basis, women represent nearly half of all employees in the financial services industry. The Grant
Thornton International Business Report reported at that time that women held 18% of global
CFO roles and that women held 25% of senior management roles in the global financial services
Here at home, the situation was not much better. The Catalyst survey found that across the
financial services industry, women accounted for the following roles:
Officials and Managers 28.6%
Officials and Managers 45.7%
Total Industry Employees 53.7%
The US Department of Equal Employment Opportunity statistics for 2014 parse out Mort-
gage and Nonmortgage Loan Brokers as a category within Finance and Insurance and show the
Gender pay gaps persist around the world, including in the United States. According to public
information collected by the International Trade Union Confederation (ITUC), the global gender
pay gap ranges from 3 percent to 51 percent with a global average of 17 percent (ITUC 2009).
Equality in pay has improved in the US since 1979 when women earned about 62 percent
as much as men. In 2010, American women on average earned 81 percent of what their male
counterparts earned (BLS 2010; DOL 2011).
Women’s participation in the U.S. labor force climbed during the 1970s and 1980s, reaching
60 percent in 2000. However, in 2010 this figure has declined to 46.7 percent and is not expected to increase by 2018 (DOL 2011). In 2010, there were approximately 65 million women in the
labor force and 53 percent of these women were concentrated in three industries a) education
and health services, b) trade, transportation and utilities and c) local government (BLS 2011a).
Women were overrepresented in several industries and underrepresented in others. For
example, in 2010, women represented 79 percent of the health and social services workforce
and 68.6 percent of the education services workforce. However, women represented only 43.2
percent of the professional, scientific and technical services sector and 8. 9 percent of the construction sector (DOL 2011).