Executive Women in Real Estate - A framework for improvement

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Executive Women in Real Estate - A framework for improvement
Executive
    Women in
    Real Estate
    A framework for
    improvement
    Edited: March 2015
    Based on the Women in Real Estate Workshop
    and Conference - Paris March 2014

                                                          In partnership with

                                                                                                                     1
Leading the Franco-British Business Community in France
                                                                Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
Leading the Franco-British Business Community in France

      About the Franco-British Chamber of Commerce & Industry (FBCCI)
      Founded in 1873 and with a membership network of over 700 companies,
      the Chamber’s objective is to lead the Franco-British business community in
      France.

      Its key objectives are:
      •To promote business and trade between the UK and France
      •To drive and support the interests of the Franco-British business community
      •To help its members to promote and develop their business in France and/
        or in the UK
      •To provide members with information and expertise via its network of spe-
        cialists

      About W.W.I.R.E (WORLD WOMEN IN REAL ESTATE)
      WWIRE has 1550 members and first gathered in Paris in October 2012.
      Members come from over 40 countries. Meetings have been held throughout
      Europe: Paris, London, Vienna, Madrid, Cannes, Munich, Lisbon, and Bratisla-
      va as well as Montreal.

      WWIRE is a community that encourages WORLD WOMEN IN REAL ESTATE to
      help each other and create an impact––so that we, as women, can help
      society to evolve more fully to recognize the contributions and multidimen-
      sional aspects of women.

      WWIRE will pave the way for women to be successful participants and lea-
      ders in the political, professional and corporate real estate world.

      WWIRE is also helping promote the real estate profession in secondary and
      business schools to attract leaders who will contribute to the responsibility
      towards the community and environment, both ecological and social.

      We organize seminars, networking events, and technical workshops to give
      professionals the contacts, knowledge, and skill set necessary for a success-
      ful career in real estate. We also give women access to inspiration from outs-
      tanding female peers.

      For more information: http://www.wwire.eu/

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    Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
About DAREto
DAREto is an innovative consulting firm specialised in diversity and professio-
nal equality.

We are convinced that diversity is key for the success of today’s and tomor-
row’s organisations.

We accompany the organisations and the individuals to believe in their po-
tential and to develop it through concrete, pragmatic and long-lasting so-
lutions.

Our ambition is to bring our clients towards equilibrium, openness and ex-
cellence. We are focused on developing softs skills and driving motivation in
order to address their strategic challenges.

Our exclusively designed training programmes, coaching sessions and
workshops provide the participants with the required tools to develop their
leadership, management, confidence, executive communication and pu-
blic speaking skills to optimise their individual performance and maximise
their organisational impact.

DAREto believe you can make a difference! Discover our innovative concept,
our international expertise and our multicultural approach.

For more information: http://dareto.fr/

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                                       Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
CONTENTS
        1. Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  5

           Foreword . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6

           Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  6

        2. Objectives. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  9

        3. Women in business: French and British perspectives . . . . . . . . . . . . . . .  9

        i. A UK Perspective: Cranfield Business School

        ii. A Comparative Perspective: Guy Le Péchon

        4. Real Estate Industry: feedback from annual event . . . . . . . . . . . . . . .  15

        4.1 What has helped women succeed in their career?

        4.2 What are the key issues that need to be addressed?

        5. Recommendations from industry leaders . . . . . . . . . . . . . . . . . . . . . . .  20

        5.1 Their learning on the road – practical advice

        5.2 Key actions to develop female employees

        6. Conclusion. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  26

        7. The authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  27

        8. References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  27

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    Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
1. Executive Summary
                               In 2014, as part of the Franco British Chamber of Com-
                               merce and British Embassy’s Women’s Day, a workshop
                               on Women in Real Estate was held at the Cercle de
                               l’Union Interalliée. Its aim was to encourage women
                               to exchange their corporate business experience and
                               highlight the key changes in the Real Estate industry to
                               help women to succeed and take wider roles in ma-
nagement and leadership. With this information and a set of interviews from influential
women, the committee has created a whitepaper to underline the need for action
and to address the next steps as well as make recommendations.

The workshop feedback from the delegates was centred on six fundamental themes
that were seen as crucial in professional career success:
Confidence, training, flexibility, networking, intercultural understanding & passion.

The key recommendations are as follows:

1. Internal Communication: The need for active cross-functional communi-
    cations
Many delegates criticised the quality and process of communication at the heart of
their organisation. Their views and ideas typically stopped at the departmental level
and were not conveyed higher or more widely in the structure. Working horizontally
would occur where the superior was seen as a partner more than a boss and sole
decision maker. This alternative approach is only possible where the management
is prepared to accept challenge and is open to ideas and suggestions. In such a
cross-functional communication structure, an organisation naturally will encourage
and develop more communications across the organisation, which are always be-
neficial.

2. Equality of pay needs women to be more engaged in the salary debate
The participants were concerned by “the veneer of diversity”. While it is clear the ge-
neral behaviour and thinking has changed for the better, the delegates were equally
concerned that the more open and modern approach was often decried and poorly
accepted by middle and senior management. By introducing mentoring and coa-
ching, more and more women dared to challenge and ask for parity of pay.

3. Human Resource management: a listening and mentoring approach is key
Clearly, the HR department has a fundamental and crucial role to play in improve-
ment at the heart of an organisation. Many of the replies focused on the question
of “flexibility”. By encouraging flexible working, it is possible to improve the working
conditions for women and help their career progress. The emphasis should be on trai-
ning and mentoring; these two methods enable individuals to reach their potential
more quickly and allow for the HR department to be able to deliver higher perfor-
mance individuals better adapted to the rigours of business life. Having a manage-
ment which listens to staff and which understands the problems of its teams, enables
better working conditions and an improvement in the general atmosphere in the wor-
king environment.
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                                           Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
Foreword

                             On behalf of the CEDAW* Committee, but also as a member of
                             Parliament, I would like to thank and to congratulate the Fran-
                             co-British Chamber of Commerce and Industry for its commit-
                             ment and the great signal it sends to all women.

                             While remaining the main victims of violence, conflict and suffe-
                             ring, women nevertheless are the main force of sustainable de-
                             velopment and peace.

                          Here in Europe and especially within the excellent partnership
                          between France and the UK, our responsibility is to prove that
      women’s rights are not only a social issue, but also a substantial condition of dignity,
      empowerment and sustainable growth. We need to take a new step to reinforce the
      empowerment of women in all fields of the economy, to show that we are keenly
      aware of the nexus between development and women’s rights.

      This means that we must strengthen our focus, our strategy and our priority target
      areas to reach concrete objectives of continued progress in improving the role of
      women in society. I am confident that in cooperation with the Franco-British Chamber
      of Commerce and Industry we can push for change.

      Nicole Ameline

      UN Chairperson CEDAW

      Deputy Calvados

      Member of the UMP

      Vice President of the Regional Council of Basse Normandie

      *CEDAW: Committee on the Elimination of Discrimination against Women

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    Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
From the President of the FBCCI

                   I am delighted that the FBCCI, WWIRE and DAREto have conduc-
                   ted this study of women in a specific industry sector in order to
                   learn from the success of women who have made it to the top
                   and from young aspiring leaders who are just starting out on their
                   careers.

                   Despite the continued progress towards gender parity on corpo-
                   rate boards across Europe and the growing appreciation of the
important role of women in all aspects of the corporate world, there is still a “glass
ceiling” for many women. The role of women in the workplace has always raised a
dilemma for men in any management position who want to ensure equality and yet
still make many recruitment decisions based on emotional rather than rational infor-
mation. In certain industries, the number of women in management positions and
in the boardroom is better than others; we need to encourage all industries and all
companies, whatever their size, to embrace equality.

This study focuses on the world of “women in real estate”, which is an industry traditio-
nally run by men and which today, in certain companies, is already leading the way
towards both parity at the board level and across the management layers.

The key findings are that the responsibility falls on both the men and women to build
the environment that will lead to parity and that the role of the Industry and Govern-
ment is also key.

I hope that you will read this report, adopt some of its recommendations and review
your actions with a new perspective.

   From Janicka Bassis

                   W.W.I.R.E. stands for World Women in Real Estate, and true to its
                   name, it is a group for young, talented and independent wo-
                   men in the world of Real Estate. The group aims to break ground
                   between women who have common professional interests by
                   creating mutually beneficial alliances and having fun at the same
                   time. At W.W.I.R.E. the industry new-entrants might also find men-
                   tors providing expert advice and tips, therefore promoting growth
                   and friendship.

Collaboratively, we organized the roundtable and workshop that was the seminal
event to produce this whitepaper on the state of women in executive positions in
corporate real estate in Europe. I look forward to our next event and to promoting our
findings such as you will read on the following pages.

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                                            Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
From Robert James Oliver

                          In 2012, at a 4th of July party held at the 7th arrondissement
                          Mayor’s office complex in Paris, two friends of mine asked me to
                          plan a conference on ‘European Women in Real Estate’, as they
                          thought that women were severely under-represented in the exe-
                          cutive suites and boardrooms of French real estate companies.
                          They did not know that I was a former Professor of Finance at Stern
                          College for Women in New York City and that this was an issue that
                          I believe in. My 30 year international real estate career and univer-
      sity teaching left me well equipped to stage such a roundtable discussion.

      I assembled a planning committee which included Janicka Bassis. I asked her if there
      was a professional organization representing European women in real estate and she
      said “no”, but she then founded WWIRE. We expanded our committee to allow us to
      go beyond a roundtable discussion and produce a whitepaper on our findings. Fol-
      lowing are our results and I hope you enjoy reading them!

        From Claudia Garcia,
        Founder and CEO of DAREto

                          I’m extremely proud that DAREto got the invitation to build this
                          partnership with the FBCCI and WWIRE. At DAREto, we know that
                          the companies which value diversity and professional equality im-
                          prove their productivity, their brand and their influence, increase
                          the motivation of their employees, and ultimately allow both wo-
                          men and men to reach greater levels of fulfilment. Being part of
                          the steering committee of this cutting-edge project, conceive and
                          implement the event’s workshop and work with very talented pro-
      fessionals, share our team knowledge and experience, to ultimately publish this white-
      paper, has been a gratifying experience. The aim of our study is to share with you pre-
      cious quantitative and qualitative information to better understand the progression
      and future challenges for professional equality and diversity in the Real Estate industry.
      In the following pages, you will also find practical recommendations on what can be
      implemented to allow women to succeed in their career and therefore improve your
      organization. I hope you will find this work useful for you and your teams.

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    Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
2. Objectives
a) Increase awareness on the advancement of women on company boards and
      improvement on gender equality through a qualitative and quantitative analysis
      for both French and British corporations.

b) A
    llow women to exchange their corporate business experience and highlight the
      key challenges they want to see in the Real Estate industry for the coming years.

c) Help women to succeed and take wider roles in management and leadership by
      networking and collaborating through collective intelligence workshops.

d) Collect information from several sources, including a set of interviews with influen-
      tial women in Real Estate, present our results and extend recommendations to
      both, Industry and Government entities.

      3. Women in business:
      French and British perspective
                      Two different approaches, positive results for both

Great progress towards equality in the workplace has been made by both Britain and
France over the past few years. With very different approaches, France and the UK
can proudly show, that on average, they have increased their percentage of women
on boards. The differences we see point to the fact that large corporations are ahead
of the game but that “Mid-sized caps”, the French PME and British SME, have a long
way to go to achieve the type of equality we would like to see.

There is much more to do and we look to Industry and the Government to help conti-
nue this approach.

i. A UK Perspective: Cranfield Business School

The International Centre for Women Leaders at Cranfield University School of Mana-
gement has been producing annual studies on Women on Boards in the UK for many
years. Conclusions published in the latest Female FTSE Report 20141 are encouraging:

Executive Summary
This year we have three major breakthroughs on FTSE 100 boards: the percentage
of women in them has broken the 20% level (20.7%), the number of women on them
has exceeded the 200 mark (205), and the number of all male boards has dropped
to two.

1
    - Source: Vinnicombe, Doldor and Turner, Female FTSE Report 2014 (pp.4), Cranfield University School of Management
                                                                                                                         9
                                                             Women in Real Estate – A framework for improvement
Executive Women in Real Estate - A framework for improvement
In the past 6 months, the pace of change in appointing women to FTSE 100 boards
       has increased to 35.5% on FTSE 100 and 33.3% on FTSE 250 boards. Turnover on FTSE 100
       boards has risen to the 2012 level of 17% and on that basis our trajectory shows that
       we should reach 26.7% women on boards by 31 December 2015. Calculating our tra-
       jectory on 14% turnover (average pre 2011 turnover) we should still reach the Davies
       target by 31 December 2015 (25.13%).

       FTSE 100
       In the FTSE 100, at the top of this year’s rankings are Diageo and Capita with 44.4%
       women directors. There are five new entries in the top ten ranking companies: Royal
       Mail (a new entry to FTSE 100), Unilever, SSE, WPP and Intercontinental Hotels Group.
       Altogether, 36 companies in the FTSE 100 have reached the 25% target. Again this
       year, there is a connection between the percentage of women on corporate boards
       and the percentage of women on the Executive Committee, indicating a shared
       mindset on gender diversity by chairman and CEOs.

       FTSE 250
       Among the FTSE 250 companies, 202 now have women on their boards. The percen-
       tage of women on FTSE 250 boards has increased to 15.6% from 13.3% in 2013. Alto-
       gether, 51 companies in the FTSE 250 now have at least 25% women on their boards.

       The 2014 report2 tracks the likely continued trend of more women on the FTSE Boards
       to both reach the Lord Davies’ target of 25% by December 2015 and to achieve over
       30% female board membership by 2020. This trend will rely on continued pressure and
       concrete action by management. See Figure 1:

10     2
           - Source :Vinnicombe, Doldor and Turner, Female FTSE Report 2014 (pp.22), Cranfield University School of Management

     Women in Real Estate – A framework for improvement
The projections in this trajectory are based on the following assumptions:
• That the number of board seats remains constant
• That one third of new board appointments go to women
• That the male/female split coming off boards mirrors the male/female split six years
   prior, given the average tenure for directorships is just under six years.

It is important to bear in mind that actual future trends might not entirely confirm these
assumptions. For this trajectory to be established or surpassed, companies need to
consider the five strategies highlighted in this report and summarized in section 6.

In conclusion, the report identifies 6 key recommendations for developing female
talent. These resonate with the conclusions of this whitepaper and underline our need
to focus on active measures to increase diversity in leadership teams across all indus-
tries. See section 5.73:

5.7 Recommendations for Developing Female Talent
Our interviews with leading talent management professionals revealed a wealth
of good practices in terms of developing female talent. Such practices are critical
in creating a sustainable pipeline of female talent that will enable us to cross and
move beyond the ‘finish line’ of 25% women on FTSE boards. In light of the interviews
conducted, and the available research on talent management, we conclude by
highlighting key principles and practices that seem particularly effective in pulling top
female talent to the top.

•M
  ake diversity an explicit focus of talent management processes. Granular gen-
 der metrics are critical in diagnosing the strengths and blockages in the pipeline of
 female talent. Aspirational gender targets need to be engrained in specific talent
 management processes.

•H
  old senior leaders accountable for supporting women’s careers. Creating opportu-
 nities for talented women should be a standard of good leadership, translated into
 specific performance targets and linked to remuneration.

• T ranslate unconscious bias training into practice by challenging gendered assump-
   tions on an on-going basis in the enactment of all talent management processes.
   Gender bias cannot be systematically tackled only by delivering unconscious bias
   training to individual managers.

•N
  urture female talent through leadership development programmes. Effective pro-
 grammes enable women to develop leadership self-efficacy and find an authentic
 leadership style, but also to engage with their mentors and sponsors.

•M
  ake female talent visible through sponsorship, mentoring and exposure to senior
 leaders, to ensure that women are ‘on the radar’ of key decision makers. Power-
 ful sponsors are critical in accelerating women’s careers; sponsorship for women
 should be further enabled.

• Adopt a holistic approach and embed conversations about female talent in on
   going processes, as opposed to addressing female talent only in annual reviews.

 3
     - Source: Vinnicombe, Doldor and Turner, Female FTSE Report 2014 (pp.40), Cranfield University School of Management
                                                                                                                           11
                                                            Women in Real Estate – A framework for improvement
ii. A Comparative Perspective: Guy Le Péchon

       Guy Le Péchon, is Partner and CEO of the Corporate Governance consulting firm
       “Gouvernance & Structures” (G & S ). Since 2008, he has performed parity research
       on Euronext Paris quoted companies. Here are some of his findings:

       Today the active promotion of women at high levels of business responsibilities, espe-
       cially within the Boards, comes from two complementary global views:

       •    Women and men, similarly qualified, should be offered equal opportunities
       •    More women at top positions lead to better business results.

       Prior to 2008, various international studies have shown that progression to reach more
       parity within boards was very slow. To accelerate the process, countries started to be
       much more proactive in setting goals and targets. Each country has followed a diffe-
       rent path depending on its basic cultural environment.

       Spain, (without strict quotas), and Norway (with very strict ones), have been leading
       the “hard law” way followed by France. The January 2011 French law set ambitious
       objectives for Euronext quoted companies: 20 % of board positions should be oc-
       cupied by women by 2014 and 40% by 2017. This 40 % target for 2017 also applies to
       the Sociétés Anonymes with at least 500 employees and annual revenues or total
       balance sheet assets of more than 50 Millions euros. Today, UK quoted companies
       are moving towards a voluntary goal set by Lord Davies to reach the 25 % of board
       positions held by women by 2015.

       Two studies have performed deep annual statistical studies of the progress, Cranfield
       University School of Management (CMS) for UK FTSE 100 and 250, and Gouvernance
       & Structures (GS) for Euronext Paris Big Caps and Mid + small caps. For references,
       please refer to the end of this document.

       G&S thought it could be quite interesting to position on the same graphs the 2012,
       2013, and 2014 figures extracted from the above studies for the French Euronext
       quoted companies and for the UK FTSE ones in regards to Lord Davies’ 25% objective.
       The calendar dates of observation are roughly the same (October for UK, end of June
       for France).

       To specifically enrich this “Women in Real Estate” report, we have broken out French
       Euronext quoted companies working within the Real Estate domain.
       The table below shows the results of 52 such companies among the whole sample
       (418 companies)

12
     Women in Real Estate – A framework for improvement
The above figures are similar to those of the overall aggregate sample (not presented
here).
One positive difference: Real Estate companies are ahead with a % of companies
below the 25% target which is lower (roughly 10 % ) than that of the companies in the
overall sample.

The graphs below illustrate the importance of the UK and French companies’ respec-
tive efforts to be accomplished to reach the set goals.

AVERAGE % OF BOARD POSITIONS OCCUPIED BY WOMEN/TOTAL BOARD POSITIONS

The average % growths are positive and similar (FTSE 100 accelerating) for all the
companies. The UK average % growth is lower since they started the target later.

But one must recognise that the targets are not set for average % of groups of com-
panies, but for each individual company.

The average %’s can be misleading, since the high figures of the leading companies
compensate for the low ones of the laggard companies. Boards with no women on
them at all, and those which have not yet reached the 25 % target, are studied be-
low.

% OF COMPANIES WITH NO WOMEN ON BOARDS/COMPANIES TOTAL

French Big Caps all have at least one woman sitting on the board.
The UK FTSE 100 companies’ position is similar. Mid and Small French Caps have a few
challenges.

But one can see the dramatic effort needed by the UK FTSE 250 companies with still 20
% of them with no woman on their boards.

                                                                                               13
                                          Women in Real Estate – A framework for improvement
% OF COMPANIES WITH LESS THAN 25 % OF WOMEN ON BOARDS/COMPANIES TOTAL

       Today the French Big caps and Mid + Small are performing well with respectively less
       than 30 % and 40 % of them failing to reach the 25 % target.

       The FTSE 100 and FTSE 250 companies have obviously progressed.

       But a large number of companies (61 for FTSE) (186 for the FTSE 250) in September 2014
       have not yet reach the 25% target. The year 2015 has already started.
       Within the next two years, the FTSE 100 and 250 boards will have to focus on a strong
       female recruitment process.

       % OF FRENCH COMPANIES WITH LESS THAN 40 % OF WOMEN ON BOARDS/COMPANIES
       TOTAL

       Although one cannot compare with the UK, it is interesting to show that for the French
       listed companies, to reach the French objective of 40 % in 2017, the number of wo-
       men to be recruited is high There is a possibility that only by reducing the total number
       of seats per Board can these targets be met.

       CONCLUSIONS
       If the French Euronext companies had to follow the 25 % target set for the UK in 2015,
       they would succeed, with a little more difficulty for the Mid and Small Caps. For the
       UK, this target is very ambitious since every company has to reach it within the next 10
       months. For the UK, assuming the 25 % are reached, considering it is still far from parity,
       the next question will be: what is the next step?

14
     Women in Real Estate – A framework for improvement
4. Real Estate
   industry: feedback
   from annual event
4.1 What has helped women succeed in their careers?
The initial response from the individuals attending the workshop held by Claudia Gar-
cia, CEO of DAREto at the Cercle de l’Union Interalliée was centred around six funda-
mental themes:

Confidence, training, flexibility, networking, intercultural understanding & passion.

These six themes are seen as crucial in professional career success.

1. Confidence
Confidence seems to play a central role in professional success and even more so
for women. To progress one must take risks, both to take decisions and to have the
confidence to propose actions. The willingness to understand, create or develop is a
strong enabler to progression in business. From the replies to the workshop, the com-
mon words and themes captured during the debate included: “dare to”, “curiosity”,
“persistence”, “determination”, “risk taking”, “take action”, “be creative”.

Risk taking, is defined by being willing to move forward and take on new challenges.
Unfortunately, it seems that this behaviour is not necessarily a common industry and
business practice, especially in France, where risk is frowned upon, be it entrepreneu-
rial risk or going against the corporate hierarchy. Initiating new ideas and concepts
is sometimes discouraged, management preferring careful and prudent behaviour,
which maintains both a status quo and a stable financial situation. This dynamic is just
as applicable at the level of an organisation as at the level of an individual. (Harvard
Business Review).
                                                                                                 15
                                            Women in Real Estate – A framework for improvement
Clearly, risk takers can encounter failure, but their risk taking does above all often pro-
           vide a professional career boost when successful. So the advice is to be a leader, to
           sell your ideas, highlighting the strong points, can be a beneficial approach, indeed
           “to take a risk can potentially save you” (Challenges4).

           Start a business, strive for positions of responsibility and know how to take risks: these
           actions improve confidence and performance. Whether a graduate of HEC (‘Ecole
           des Hautes Etudes Commerciales’) or an MBA post graduate, a woman is most fre-
           quently given a lower salary than her male equivalent. The failure to ask for a pay
           rise could be a generational issue, but it can also be explained by the inhibition to
           take risks. Only 7% of women actively negotiate their salary compared to 60% of men
           (Forbes5)

                                          2. Training
                                          The workshop participants equally insisted on the need for
                                          continuous training and personal development in order not
                                          to not be limited by current knowledge. Daring is a funda-
                                          mental step, but training acts itself as a facilitator. Trying
                                          new behaviours and proposing ideas is much easier when
                                          one understands the mechanics and processes of the work-
                                          place. The terms “training”, “mentor”, “good manager”,
                                          ”confidence”, “errors” and “feedback”, were frequently
                                          mentioned.

            “Excellence comes from learning” (Forbes). Training plays an important role in the de-
           velopment of a business as well as the evolution of a professional. In France, beyond
           the employer’s interest, an employee has, by law, the right to be trained and this can
           and should encourage innovation and excellence. If certain managers question the
           return on investment, they are in the minority as major groups such as Philips, GE or
           Motorola have put training at the forefront with internal training programmes and
           through the use of virtual online platforms. Training offers a “win-win”. “An essential
           element in the business strategy today is the investment on staff training” (Le Parisien).

           3. Flexibility
           A lack of flexibility is perhaps the most obvious stumbling block for women, who often
           have to manage family and professional life and make sacrifices at each end. Impro-
           vements in working hours and work location through teleworking and flexible hours on
           the one hand and the increase in part-time working for men on the other hand have
           encouraged more women into work. 69% of women said they juggle family life and
           professional career needs6.

           The sheer organisational difficulty for women undermines their career opportunities
           and encourages in women the idea that they are not doing enough, says Brigitte
           Grésy7 , Secretary General of the French Equal Opportunities board (Conseil Supérieur
           de l’egalité professionnelle). A large organisation such as Orange, the largest tele-
           communications company in France, has a reputation for encouraging women into
           positions of responsibility through building more flexibility into the workplace: flexible
           working hours, acceptance of absence, avoiding late afternoon/evening meetings.
       4
         - http://www.challenges.fr/entreprise/20140606.CHA4704/pourquoi-il-ne-faut-plus-avoir-peur-de-prendre-des-risques.html
       5
         - http://www.forbes.com/sites/dailymuse/2012/03/20/want-equal-pay-take-this-challenge/
       6
         - http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2938316/ Perspectives on Parenthood and Working of Female Athletic
       Trainers in the Secondary School and Collegiate Settings - Leamor Kahanov, Alice R. Loebsack, Matthew A. Masucci and
       Jeff Roberts
16     7
         - La vie en rose, Pour en découdre avec les stéréotypes, Brigitte Grésy, Albin Michel,

     Women in Real Estate – A framework for improvement
Other solutions consist of fighting the erosion of part-time working for women, encou-
raging paternal leave (L’Express). Today 96.5% of all parental leave is taken by wo-
men (France 28). Current debates on the involvement of men during this important
moment have brought to the table the possibilities to increase the length of, and
make, parental leave compulsory for men. Even if we see improvements on new ge-
nerations, there is still a need of communication on the benefits of this for both parents
(Le Nouvel Obs).

On the other hand, business travel, working and living abroad, and a grasp of foreign
languages are often cited as another springboard for increasing one’s value to an
organisation. Furthermore, embracing new technologies and new business sectors as
they evolve enables women to seize further opportunity for e-advancement and was
cited by the respondents at the workshop.

                                                    4. Networking
                                                    Building up a good network is seen as a critical
                                                    factor in career success; it is nourished through
                                                    building new contacts at events, conferences,
                                                    and workshops. It is these contacts that are
                                                    seen as fundamental by the workshop parti-
                                                    cipants.

Whether you have a professional or personal network, it is important to consider both
when looking to succeed and move up the career ladder. One can expand one’s
network by meeting people and developing a deeper and more effective set of
working relationships. However, managing your network is very time consuming and
difficult. To manage one’s network is to anticipate the opportunities that are avai-
lable to us (Forbes). To ignore a network is to cut oneself off from today’s professional
world around you. Nevertheless, a network requires research and planning to ensure
it is exploited efficiently.

One needs to have a “networking mentality”, explains L’Apec (Association pour l’em-
ploi des cadres) in a report focussed on the development of its own network. It goes
on to encourage candidates to look for the many opportunities available through
their own initiative, which is an essential component of professional maturity.

                                        5. Intercultural
                                        National customs in the world of business and
                                        an individual’s approach to business process
                                        vary from one culture to another, and the par-
                                        ticipants in the “Women in Real Estate” Forum
                                        were particularly aware of this challenge. In-
                                        ternational business development raises new
                                        problems to address. To understand the diffe-
                                        rent cultural identities, to understand how indi-
                                        vidual staff interact and to appreciate the va-
riety of culturally induced behaviours gives one a stronger understanding and a more
efficient and successful approach to business inside the multinational organisation.

       8
           - http://www.najat-vallaud-belkacem.com/2013/06/12/reportage-conge-parental-partager-pour-favori-
              ser-lemploi-des-femmes/                                                                           17
                                                        Women in Real Estate – A framework for improvement
To better understand the challenges of the multi-cultural
                                      world, one needs to speak a foreign language and to be
                                      able to understand one’s colleagues. In today’s multina-
                                      tional business world it is increasingly necessary to deal
                                      with staff, suppliers and customers from all points of the
                                      globe, particularly in Blue Chip corporations.

                                    6. Passion
                                    It is stating the obvious to say that successful career ad-
                                    vancement requires a deep understanding of ones self,
                                    and the individual’s role in business, in addition a global
       view of the business politics and process in is needed order to reach one’s full po-
       tential. A number of participants at the conference felt that, to some extent, per-
       sonal advancement and growth in a company is influenced by one’s well-being or
       self-confidence. The ability to effectively combine “work and play” and to maintain
       good humour in the office contributes to success as well as overall happiness.

       Traditional career path and work life balance behaviours have evolved. A long career
       in a single firm has been replaced by two to three year periods in multiple organisa-
       tions. The vision of work as an unpleasant and unstimulating obligation has been re-
       placed; today people more often enjoy their work, particularly when they spend such
       a large part of their life in the workplace.

       “Success is not the key to happiness, but happiness is the key to success” (Albert
       Schweitzer).
       The terms: “well-being”, “happiness”, “passion” and “motivation” were recurring the-
       mes.

       4.2 What are the key issues that need to be addressed?
       During the second part of the workshop, a number of key business industry leaders
       were interviewed concerning their personal views of how to improve advancement
       for women in the industry at large, based on their individual experience. The dele-
       gates then questioned them and gave their personal perspectives.

       The discussion returned to the main themes examined in the first part of the workshop.
       In addition, the team cited communication, equality and human resource manage-
       ment as the key issues.

       1. Internal communication
       Many delegates criticised the quality and process of communication at the heart
       of their organisation. Their views and ideas typically stopped at the departmental
       level and were not conveyed higher or wider in the structure. Delegates highlighted
       a need for the encouragement of broader communication in order to open up dia-
       logue and improve the free flow of ideas. The typical French model is still one of a
       vertical hierarchic model where commands stem from superiors who are responsible
       for their dissemination down through the company. Working horizontally would occur
       where the superior was seen as a partner more than a boss and sole decision ma-
       ker. This alternative approach is only possible where the management is prepared
       to accept challenge and is open to ideas and suggestions. In such a cross-functio-
       nal communication structure, an organisation naturally will encourage and develop
       more communications across the organisation, which are always beneficial.
18
     Women in Real Estate – A framework for improvement
All companies have a major interest in ensuring optimal communication. This horizon-
    tal approach will keep employees more aware of business change and their personal
    value by showing them that they are integrated into the strategy developed by the
    group.

    2. Equality
    Clearly the key challenge for business today is still the continued lack of real equality
    across industry, which needs to be addressed. We cannot say for sure what manage-
                                   rial differences there are between men and women des-
                                   pite many theories and research. The participants were
                                   concerned at “the veneer of diversity”. While it is clear the
                                   general behaviour and thinking has changed for the bet-
                                   ter, the delegates were equally concerned that the more
                                   open and modern approach was often decried and
                                   poorly accepted by middle and senior management. Eli-
    sabeth Karako, the Diversity Director at BNP Paribas, explained “that there are still
    many prejudices to sweep away”9 . If we look at salary equality as a measure of
    gender equality, it is clear we are still far from achieving parity. In a 2013 study, L’Insee
    (Institut National de la Statistique et des Études Économiques) showed that the male/
    female salary differential in the private sector was 28% in 2010.

    Martine Van Went, Co-President of the PWN (Professional Women’s Network) Paris,
    added “that by introducing mentoring and coaching more and more women dared
    to challenge and ask for parity of pay”. The equality motor has started and it remains
    to keep it going with understanding and good practice. (L’Express10)

    3. Human Resource management
    Clearly, the HR department has a fundamental and crucial role to play in improve-
    ment at the heart of an organisation. Many of the replies centred on the question
    of “flexibility”. By encouraging flexible working, it is possible to improve the working
    conditions for women and help their career progress. Sheryl Sandberg, COO at Face-
    book, has stated that she alternates her business hours to meet both her family and
    professional demands. She would return to work when the children slept for example.
    One participant spoke of the “always available office based culture”, where absence
    from the office was condemned, which restricts women’s progression in a company
    as they struggle to balance their professional and family demands. Others recom-
    mended that encouraging more men to take parental leave would potentially help
    more women for follow their career, even after birth.

                                   The emphasis should be on training and mentoring,
                                   these two methods enable individuals to reach their po-
                                   tential quicker and for the HR department to be able
                                   to deliver higher performance individuals better adap-
                                   ted to the rigours of business life. To have management
                                   which listens to staff, which understands the problems
    of its teams, enables better working conditions and an improvement in the general
    atmosphere in the working environment. Management that appreciates the human
    dimension is essential in building trust and loyalty in employees. A good business is a
    company that trusts its staff.

9
    - http://www.lepoint.fr/societe/happy-men-et-si-la-parite-en-entreprise-passait-par-les-hommes-28-03-2014-1806544_23.php
10
     - http://www.lexpress.fr/emploi/gestion-carriere/egalite-homme-femme-cinq-defis-pour-l-entreprise_1498218.html
                                                                                                                                19
                                                                Women in Real Estate – A framework for improvement
5. Recommendations
            from industry leaders
         We are delighted to present a series of recommendations and best practices from
         some of the most relevant women in the European Real Estate Industry. To introduce this
         section, we are pleased to include the recommendations given by Cristina Lunghi, a
         pioneer in gender equality subjects.

                             Cristina Lunghi
                             President and Founder of Arborus, Déléguée Générale
                             of the Arborus Fund

                             Doctor of Law, Cristina Lunghi created “l’Association Arborus” in 1995
                             which is focused on the questions of equality in the workplace and
                             equal opportunity. She has been seen as an expert in the field both
                             nationally and with the EU on these questions for the past 20 years.
         Since 2010 she has been “Déléguée générale” of the Arborus Fund which lead the GEE&IS
         Gender Equality European & International Standard, certificated by Bureau Veritas.
         One of the most important missions of Arborus is to create a common culture on gender
         equality in the world of business.

         Cristina Lunghi has worked across a number of different projects on Diversity and was
         tasked by the French Government’s Ministry of Gender Equality and Equal Opportunities
         in the Workplace, to create the label « Egalité » and to form an active group of compa-
         nies supporting Equality called « CLUB du Label Egalité ». She continues to support the
         European gender and diversity programmes and she is also a member of the National
         Commission ANDRH for the prevention of discrimination and runs the “le CLUB du Label
         Diversité de l’ANDRH”. She has been a member of the Equalities Observatory, which is an
         initiative of the Prime Minister and the AFNOR standards committee for the development
         of equality programmes in Human Resources. She has also participated in the creation
         of the French “Diversité” label. She supports businesses in their development of equality
         practice and labelling through her consulting firm Diversity and Equal Opportunities.

         What advice would you give to young women that are building their professional career?

         First of all “be yourself”, you have only one life. Do not leave anything that really matters
         to you behind; keep this in mind every single day.

         Secondly “know to take care of yourself”, you have exactly the same value that all the
         people that surrounds you.

         Madame Lunghi gives this practical advice for women in business to take the lead in
         “creating and collaborating in networks and working groups”. And last but not least, she
         exhorts all women to “pursue their dreams” and “dare to take risks” if you don’t dare,
         you will never know if it was possible.

         To know more about the Arborus Fund: http://www.arborus.info/en
         To read the complete interview: http://dareto.fr/rencontres.html
20
     Women in Real Estate – A framework for improvement
5.1 Their learning from the Real Estate road

                 Janet Stewart-Goatly
                 Investments Senior Director at CBRE

                  Janet Stewart Goatly joined CBRE in 1993. She is Senior Director in the
                  Investment Department of the Paris office with particular responsibi-
                  lity for investment property acquisition and disposal with international
                  clients. The Paris investment team handled some 2.65 billion of acqui-
                  sitions and disposals in 2013 for insurance companies, funds, financial
institutions, property companies both domestic and international.

Prior to joining CBRE, Janet worked for some 12 years with Jones Lang LaSalle in Paris.

Her first job in France was with HRO, an international property development company
where she worked from 1975 to 1980 assisting Howard Ronson in his varied portfolio
of developments throughout Europe. She is a member of the Cercle des Femmes de
l’Immobilier. Janet was educated in England and in Australia.

Her main recommendations for young women in Real Estate are:

Make the difference an asset: for a long time showing that you were different wasn’t
a good sign for your career, in today’s world it’s your uniqueness that makes the diffe-
rence..

Don’t limit yourself: Don’t think of all the potential negative things that can happen if
you take on a challenge or change job. Stay focused on the positive things that could
come along with your decision. Dream big!

Work in mixed teams from the beginning of your career: biases will be reduced if we
are used to working in a diverse environment.

                 Dominique Dudan
                 President at Union Investment

                 After her university scientific studies, she joined the Real Estate
                 world and became a Member of the Royal Institution of Chartered
                 Surveyor (FRICS).

                  Between 1996 and 2005, Dominique Dudan held the post of Develop-
ment Director for the Accor Hotels & Resorts Group. From 2006 to 2008 she was Opera-
tions Director for HSBC Reim and a board member, then she joined BNP Paribas Reims
as DGA and director of regulated property funds. She had her own consulting firm
Artio Conseil and was also General Director of the Arcole Asset Management firm.

                                                                                                 21
                                            Women in Real Estate – A framework for improvement
In 2011 Dominique Dudan became President of Union Investment Real Estate France
       SAS. Dominique Dudan has the distinction of Chevalier de l’Ordre National du Mérite.
       She is administrator for l’ORIE et de RICS France, a member of the Economic Com-
       mission Group of Service Professionel for the MEDEF, a member of the « Cercle des
       Femmes de l’Immobilier » and the « Club de l’Immobilier d’Ile de France ».

       Dominique observes that sharing is fundamental. Her main advice is to understand
       the importance of mutual assistance: she has always taken the time to exchange
       and share her experience as well as help and coach younger generations. The re-
       lationships and the confidence built in these occasions proved to be very important
       throughout her career.

       Early 2014, Dominique was appointed member of the board of RICS France. Just a
       couple of months after this appointment, she implemented a programme which aims
       to “coach” half a dozen RICS members, help them better understand their position in
       their companies and their possible progression: a “mentoring team” shares with the
       selected participants hints on what to do to move forward in their career or where to
       find new job opportunities.

       As she explained “we (the mentoring team) are not head-hunters, neither job ad-
       visors” but we truly believe that sharing the vision on the same industry is extremely
       important, sometimes even the best conversations with friends would not help us to
       move forward on a career. This is where expertise has all its strength.

                          Corinne Colson Lafon
                          President at Steam’O and General Manager at KIDS’UP

                       Corinne Colson-Lafon, studied at the French Ecole Centrale in Pa-
                       ris and has an MBA from Carnegie-Mellon. In 2008, she created
                       Steam’O, after 17 years in the business world, primarily as Director
                       General of the facility management entity she created as part of
                       the Cofathec (GDF) group. Her entity Cofathec Maintenance ge-
       nerated some €100M in 5 years. In 2008 she decided to follow her own path and she
       formed her own venture.
       Steam’O is a leading independent and innovative Real Estate Facility Management
       company. As buildings are constructed with more focus on “build in intelligent ways
       and become more sustainable”, they require global management with new techno-
       logies. Her advice to young women in real estate today is:

       Take on new challenges and opportunities: Do not hesitate in taking risks. This is true
       for internal moves proposed by the management, one-time projects or even for jobs
       where you have the impression of knowing nothing about it.

       If they choose you, it is because they believe you CAN: and the management are
       expecting that you will take on the challenge and make it a success. Never under-es-
       timate your capabilities, in this type of environment the risk is somehow shared since
       the company will do it best to make you succeed.

22
     Women in Real Estate – A framework for improvement
Never reject a project immediately: think about all possible options, ask all your ques-
tions and ensure to drive a discussion which will lead by itself to a possible yes/no
which will not come necessarily from you

Ensure you do your “internal marketing”: Put forward your personal ideas and results
factually and openly. Present them to senior leaders with whom you can have infor-
mal discussions to get a better understanding of the company’s context and strategic
decisions and also to start building your “role models” and finding mentors.

                Nathalie Charles
                Head of Asset Management & Transactions, Southern Europe, AXA
                Investment Managers

                  Nathalie graduated from the French Ecole Polytechnique and joined
                  AXA in 2013 after 5 years as Corporate Real Estate Director of the EDF
                  Group. She has 27 years of business experience spanning various real
                  estate institutions. Between 1996 and 2007 she held several positions
                  at Unibail-Radamco, her last role was Deputy Managing Director, Of-
fice Division - Unibail-Rodamco Group. She is a member of both the “Club de L’Im-
mobilier“ and “Cercle des Femmes de l’Immobilier”. During her last 3 years at EDF she
was chairing the Women’s network of this industrial giant.

Her main recommendations are as follows:

Let’s try: Only people who try new things (jobs, actions, change of company, and so
on…) can make mistakes, but only those people can learn and can make progress.
Don’t be shy! Manage your career, don’t wait for opportunities but chase them.

Ask for what you deserve: compensation and benefits, but also be the one to present
your own work in front of the CEO, the one who raises a hand to question or express
ideas during strategic discussions in one word: take your place at the table.

Gender progress is a “men and women” topic, not a “women only” one. Women
networks are great but don’t try to improve the situation against men, but with them.

                Stephanie Bensimon
                Head of Transactions France, Spain & Italy, Invesco Real Estate

               Stéphanie Bensimon was appointed Head of Transactions at Invesco
               in December 2011. 35 years old, she studied DESS finance at the Pa-
               ris-Dauphine University. She started her career at Rabobank Interna-
               tional and then moved to General Electric Capital Real Estate where
               she was financial analyst and head of the Risk and Acquisitions for
GE France. From 2006 she moved to CarVal Investors where she was appointed VP
investments.

The most relevant things that she observes that helped advance her career are:

Mix junior and senior: allowing junior talents to present projects to senior management

                                                                                                 23
                                            Women in Real Estate – A framework for improvement
helped me to feel recognized and to increase my self-confidence to aspire higher
       and faster within the organization.

       Diversity as a driver: being part of an international group allowed me to meet with
       people from several nationalities, this diversity helped me to widen my perspectives,
       improve my communications skills and moreover, work abroad on several projects
       and get exposure to new challenges.

       Network as young as possible: being part of professional networks and working groups
       outside my company allowed me to build a trusted network which helped me to gain
       market knowledge which was extremely useful for my job and career.

                          Janicka Bassis
                          Founder W.W.I.R.E (WORLD WOMEN IN REAL ESTATE)
                          Janicka started her career at Cogedim in 1987. She moved to deve-
                          lop real estate at Credit Lyonnais from 1993-2002 where she worked
                          on the Forum des Halles project. In 2003 she led Group Foncia’s Real
                          Estate Investment department before moving to Austria to lead DTZ
                          Asset Management’s Eastern European department in 2008. By 2011,
                          she worked on the Internet Real Estate social network Belbex and
                          founded WWIRE “World Women in Real Estate” in 2012 to help wo-
                          men in the Real Estate profession: www.wwire.eu.

       Her main recommendations to those in Generation-Y who are new to the Real Estate
       business are:

       Education is the one thing that no one can take from you but at the same time allows
       you the ability to give to others.

       Find guidance from top management inside the companies you work for: If manage-
       ment feels you are a leader and eager to grow, any good boss will help. It takes a lot
       of time on both sides, but in the end both of you will be proud.

       Invest in yourself: Coaching facilitates growth by increasing your self-esteem and gi-
       ves you meaningful guidance with a clear focus.

       Learn to brand yourself by drawing out your unique abilities and standing firm with
       them to avoid being lost in the mass.

       Always look for the connecting dots among people: Real Estate’s motto has always
       been location, location, location. But for relationships with clients and colleagues, my
       motto is to maintain, maintain, maintain to have the ultimate gain.

24
     Women in Real Estate – A framework for improvement
5.2 Key actions to develop female employees

The interviewed senior leaders shared
a series of key actions that they consi-
der need to be implemented, as soon
as possible, within the Real Estate orga-
nisations to ensure the development of
their female employees:

1) Senior Leadership Mentoring: Provi-
ding advice and guidance to mid ma-
nagers on strategies to break through
any perceived ceiling: counselling and advice freely available & accessible

2) Visibility: Get more female speakers at events: and not just to speak on gender
equality

3) Training: Make public speaking and presentational skills training as available and
necessary as possible, some women are still afraid to speak in public for fear of being
ridiculed

4) Go international: Expand the playground, today’s real estate professionals need to
take this seriously if they want to bring their career to the next level

5) Company Networking: Ask senior professionals to give advice: mentoring, sponso-
ring and sharing experiences are crucial for helping junior professionals to advance in
their career. This system should be somehow imposed by pairs, but flexible in terms of
implementation (timing, frequency, etc)

6) HR Practice: Insist on getting female curriculums for all job openings. Whist it might
be hard to have the same amount of CVs for each gender, at least try to have the
maximum possible for each interview.

7) Company-wide flexible behaviour: Improve the work-life balance for all, such as:
reduce late meetings, avoid abroad trips on Monday mornings or Friday evenings,
develop a culture based on results and not in hours at the office.

8) Network as part of your job: Not only to get the right connections, but also to bring
new ideas into your organisation, develop partnerships and/or collaborations, etc.

9) Dare to help the younger ones: Female managers should try as much as possible to
help less experienced women to take their place (obviously, only if they agree with it).
By developing this close relationship, the young women will receive advice and ideas
on how to balance their professional and personal life.

                                                                                                 25
                                            Women in Real Estate – A framework for improvement
6. Conclusion
       Ultimately, whether the key is the factors described by the participants above or the
       more concrete actions recommended, the same fundamental subjects come back:
       the importance of training, mentoring or sponsorship; the flexibility of an organisation
       and the well-being of its staff; taking risks and the value of a network.

                 a. Training and mentoring allow a rapid acquisition of knowledge and un-
                    derstanding of the professional world. However, today these practices
                    are not widely adopted.

                 b. F lexibility enhances the work life balance, essential for one’s well-being.
                    But the adoption of this approach has still a long way to go particularly as
                    it requires far more than acceptance by men, specifically in the areas of
                    part-time working and parental leave.

                 c. Individual well-being is a key success factor. To be passionate about your
                    job, to appreciate the work of your colleagues, and be enthusiastic with
                    the different tasks you encounter allows one to see the job not as a bur-
                    den, but an environment in which to flourish. Sadly today few businesses
                    have been able to create this human dimension successfully.

                 d. T aking on new challenges, accepting the risk of failure and enabling your-
                    self to go international if needed, were mentioned as key in increasing
                    and accelerating career opportunities.

       Finally, the majority of the workshop participants underlined the importance of a
       network to be successful in one’s professional life. Continually developing and enri-
       ching your network is vitally important. This enables you to better identify and react to
       new opportunities and challenges, and to achieve further professional growth.

26
     Women in Real Estate – A framework for improvement
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