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Collaborating for Women’s Economic Growth and Career Opportunities
An MOU between MBA: mPower® & Women in the Housing & Real Estate Ecosystem (NAWRB)
Women in the Housing & Real Estate Ecosystem (NAWRB) and mPower®, MBA Promoting Opportunities for Women to Extend their Reach, a network exclusively for women in the real estate finance industry by the Mortgage Bankers Association (MBA), announce that they will join forces in a memorandum of understanding (MOU). Together, the organizations will help each other achieve the individual missions and shared goals of realizing women’s economic growth and increasing diversity and inclusion (D&I) in the housing ecosystem.
Collaboration for the Future
Effective collaboration is a not so secret but underused crucial tool for women in business. A 2006 study conducted by Stanford University and the University of Pittsburgh suggests even when controlling for certain factors there are large gender differences between men and women in choosing competitive environments over more non-competitive ones. This, in turn, factors into several reasons, including discrimination, that lead to a gender gap in male-dominated fields.
It is essential that organizations like mPower and NAWRB learn to work together effectively to maximize impact, as opposed to being focused on potential accolades or perceiving organizations with similar goals as competition. As the ultimate goal is encouraging women’s independence and advancement overall, leveraging each other’s resources is the most effective way to get there.
One Mission, One Voice
To produce results as a team, it’s important that organizations identify similar values and goals.
A leading voice for women in the housing ecosystem, NAWRB’s mission is “advancing gender equality, raising the utilization of women-owned businesses and providing women the tools for economic security, stability and sanctuary. We provide one of the most thorough resources for women in the industry, covering a wide-range of topics and issues affecting women in the housing ecosystem from poverty and homeownership to C-suite opportunities and family offices.”
mPower is focused on helping women in the real estate finance industry extend their reach. Its mission is the following: “As the leading voice for the real estate finance industry, MBA creates opportunities to leverage the power and influence of women. We provide the platform for women to strengthen their networks, achieve professional growth and development, and to exchange ideas and information about our industry and the broader economy.”
mPower’s mission aligns with NAWRB ’s mission which is to provide women the tools and opportunities for economic growth and expansion, and to promote women-owned businesses. As both organizations hold integral roles in a shared ecosystem, working in a collaborative manner will amplify the voice for women’s issues.
Working Together to Make It Happen
NAWRB and mPower will identify a specific, shared common goals and desired impacts. Both organizations can work together to address workplace issues women face, highlighting the main issues that need to be addressed through conversation, articles, events, and present actionable solutions for women in the industry.
Sharing Marketing Platforms and Resources
NAWRB and mPower can multiply the strength of their voices by joining forces on social media. This will include cross-promotion of social-media campaigns and conferences, for example. Both organizations will leverage resources to amplify messages. When appropriate, they will share access to resources such as training programs and research.
Highlight Thought Leaders
Both organizations will identify thought leaders and outstanding women and highlight their personal stories and achievements through articles, leadership panels, videos, and social media.
Trust is Key
Collaboration is a group, not a singular effort. To make sure shared goals are achieved efficiently and honestly, NAWRB and mPower will ensure that trust is established so that everyone involved feels comfortable sharing resources and information to reach the common goal. NAWRB and mPower will openly and honestly communicate what can and cannot be done, and delegate tasks accordingly.
In addition, the two organizations will establish an appropriate bandwidth for sharing information, being thoughtful about with whom to most effectively share resources and information, while also avoiding being unfairly selective.
Assess the Impact
NAWRB and mPower will review the impact of collaborative efforts on a scheduled basis—bi-annually or annually. Together, the organizations will answer the following questions in their assessment:
- Was the goal met?
- How can we better work together in the future?
- What is the next step going forward?
- How can we build on this?
- Is there another organization we can bring on board?