Diversity is coming quickly to the corporate world. This year, the State of California has implemented a new law requiring female board representation at all publicly held companies—a move that will shake up some major real estate companies based here. This movement toward more gender diversity in the workplace could prove to have a positive impact on company profits.

“The statistic around profitability are impressive. First of all, 80% of consumption decisions are made by women, 60% of the wealth will be managed by women within this generation and companies that have women in the executive ranks and on their boards are markedly more profitable,” Paige Serden, EVP at Newmark Realty Capital, tells GlobeSt.com. “While I have always been an advocate that merit is as good a qualifier, these statistics alone should scream “ wake-up” to those who have not embraced the concept of gender diversity. All of the 50 California companies with the highest revenues have at least one female director and 23% of their board seats are held by women.”

The opposite is also true for companies that have eschewed gender diversity, and the numbers are staggering. In California, the 50 companies with the lowest revenues also have the lowest female executives. “Research shows that among the 50 California companies with the lowest revenues, only 8% of the board seats are held by women. Nearly half, 48%, of these smaller companies have no female directors,” says Serden.

Serden is a highly recognized leader in her industry, placing more than $6 billion in commercial mortgage finance throughout her career. In that time, she has looked to strengthen diversity throughout her career in both company culture as well as on her teams. “It's proven to be a successful philosophy,” she adds. “By fostering cultures built on the strengths of diversity, you mentor and uncover hidden talents that ultimately improve bottom line returns. Diversity, organic or compelled, fosters a culture of openness leading to expanded thought leadership and operational success that fits a best practice model for leadership and governance alike.”

Serden is bringing that philosophy to Newmark Realty Capital. This year, she joined the firm as EVP from City National Bank. “The people and culture at Newmark Realty Capital were the compelling draw,” she says about her reason to join the firm. “This is a new chapter of my executive career, and I am enjoying a strong strategic alliance with the brand and team as the only current women serving as a production leader at NRC. This will change over time I'm certain, as NRC has established a merit driven platform where parity and respect for diversity are appreciated and acknowledged.”

In terms of diversity, Serden says that NRC is cultivating the right environment to support current and future diversity. But, they are also fostering an environment where she can thrive and achieve her personal goals. It is the right balance. “NRC offers an incredibly efficient and collaborative environment that supports all its producers with the tools, correspondent relationships and best practices necessary to succeed in commercial mortgage finance,” she adds. “Most importantly, at this phase of my career I desired an opportunity to reinvigorate my personal passion for the projects and the people involved in commercial real estate from an entrepreneurial setting. NRC provides me the freedom to be creative in ways I previously could not with access to a much wider spectrum of capital solutions to achieve my client's goals.”