A global study of diversity, equity and inclusion (DEI) initiatives at commercial real estate companies finds that practices to level up the playing field are broadening.
The Global Real Estate DEI Survey 2022 released on Tuesday by influential organisations ANREV, INREV, Ferguson Partners, NAREIM, NCREIF, PREA, REALPAC and ULI, has based its findings on responses from a total of 192 organisations.
Those that took part are mainly from North America, but submissions were also made detailing DEI practices in Europe and Asia-Pacific.
Conducted between July and October 2022, the survey tracks gender, gender identity, race/ethnicity and nationality and age across seniority and job functions in the three regions.
Data suggests that while almost all respondents are addressing gender or gender identity, firms are also now placing a higher degree of importance on other dimensions of DEI such as age, sexual orientation and disability.
The survey has been carried out since 2017 and is regarded at the most comprehensive of its type in commercial real estate.
Results show that 95% of respondents are addressing issues of DEI either by having a formal program or by enacting at least some initiatives and policies to improve the representation of women and underrepresented groups at their respective organisations.
The main goal at firms is the representation of underrepresented groups at the senior level and improving employee engagement.
The DEI Survey 2022 represents more than 357,041 full-time employees, $2.34 trn of assets under management and a cross section of the commercial real estate industry in terms of size, region and business classification.
Respondents showed anti-bias measures were important for recruitment and retention with a third of respondents planning to ensure managers receive training on anti-bias hiring within 12 months.
A key strategy for retaining talent from underrepresented groups is to outline job requirements very clearly and set unambiguous expectations.
Gaining feedback is another important tool, according to the study. Almost three-quarters of respondents seek feedback on DEI initiatives from their employees.
Commercial real estate companies are also tackling pay equality in greater numbers. In 2021, 79% of respondents were analysing pay gaps based on gender or planning to do so. The figure has risen to 85% in 2022. Europe leads this analysis with 84% of respondents in Europe currently monitoring pay equity compared with 66.7% and 68.6% of Asia-Pacific and North American respondents, respectively.
