Real Estate Balance seeks to support organisations in the UK real estate sector through the different stages in their journeys towards diversity and inclusion, with a particular focus on gender, ethnicity and social mobility. Some companies already have well-advanced policies and are setting the standards for best practice, but many others lag and some are only just starting to recognise the many benefits of a diverse and inclusive workplace.
If you need help to improve your diversity and inclusion, you’ve come to the right place. This Toolkit offers practical guidance and information on some of the best advice and good practice already available, not just from our own sector but from the wider business community. Our aim is to give you the tools to make yours a better balanced business and a diverse and inclusive workplace.
The success of initiatives to improve diversity is typically dependent on leadership commitment. It's easy to set objectives, another thing entirely to deliver them. We think there are three keys to success. Crack these and you are well on the way to transforming your business.
A diverse corporate culture is one where everyone has a chance to reach their full potential. But the UK real estate sector is failing to capitalise on its diverse talent. 30 per cent of Board members are female but only 21% of senior management positions are held by women (Real Estate Balance research, 2020). Our 2022 survey will be seeking to capture the representation of ethnic minority and socioeconomic backgrounds.
Women are better represented than ever before in the sector, but they are less likely to receive the first critical promotion to manager and then progress at slower rates than their male counterparts.
The problem lies in corporate cultures where long-established practices and attitudes prejudice women and people from underrepresented backgrounds, either consciously or unconsciously. Develop inclusive management practices and the business benefits will speak for themselves.
Opportunity means giving everyone the chance to reach their potential, but that is not happening for many people in real estate and businesses are losing out. Millennials and those from Generation Z moving into the workplace today want to work for inclusive organisations that offer interesting and challenging career opportunities. If you don’t meet their expectations, they will look elsewhere.
To capitalise on wasted female and ethnic minority talent, workplaces need fair and objective recruitment and promotions at every level.