Real Estate Predictions 2020 | Article 6 Diversity & Inclusion - In the Real Estate Industry
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Real Estate Predictions 2020 | Article 6 Diversity & Inclusion In the Real Estate Industry
Brochure &
Diversity / report
Inclusion
title
| goes here |
Real Estate Predictions
Section title
2020
goes here
02Diversity & Inclusion | Real Estate Predictions 2020
Traditionally, real estate has been a male-dominated industry, especially in
key management positions. Although various efforts have been made to
develop a more inclusive environment, there is still a gap that needs filling.
It’s a situation that is gaining increasing visibility—as demonstrated by the
2019 publication of the book Managing Diversity & Inclusion in the Real Estate
Sector, which focuses on unlocking the potential of diversity and inclusion
(D&I) in the sector.
Unpacking the question of Diversity & As recognized by the 2017 Deloitte Global eight times more likely to achieve better
Inclusion in the Real Estate Industry Human Capital Survey, D&I matters business outcomes, as Deloitte partner
D&I covers a broad spectrum of topics, critically to business performance, as Juliet Bourke found in her research.
including gender balance, generation it increases creativity and innovation within
gap, ethnicity, disability, sexual preference, teams1. In other words, D&I can bring Indirect effects from having a diverse and
religion, and more. organizational benefits that are directly inclusive workforce include a better
linked to company performance. company image and improved
But with many official definitions around, it transparency as well as benefitting talent
can be agreed that a diverse and inclusive Organizations with inclusive cultures are attraction and retention. Also, there are
environment is an environment in which twice as likely to meet or exceed financial external pressures driving D&I practices
everyone is part of a whole and where targets and three times as likely to be high- within companies, including potential
individuals can participate and uncover performing. And companies are six times blaming and shaming of an organization
their potential. more likely to be innovative and agile and and risk mitigation.
Exhibit 1 - How Diversity and Inclusion makes sound business operations
Organizations with inclusive cultures are:
2x 3x 6x 8x
as likely to meet or as likely to be more likely to be more likely to achieve better
exceed financial targest high-performing inovative and agile business outcomes
Source: Juliet Bourke, Which Two Heads Are Better Than One? How Diverse Teams Create Breakthrough Ideas and Make Smarter Decisions
(Australian Institute of Company Directors, 2016)
Barriers to diversity & inclusion achieve a specific framework or pathway to environment, lasting change can happen.
Despite the evident potential of D&I, real a D&I culture that has not yet been defined. This lack of prioritization can relate to
estate companies are still struggling to unconscious bias. In order to “unlearn” this
take effective action due to the perceived An action-gap is observed as well, as bias, an organization must take a pro-active
barriers. Research shows that the companies fail to make D&I a priority. approach that is carried throughout the
first barrier companies have to face is A strategic choice needs to be made by whole company, with concrete milestones
complexity. D&I is complex and companies management to allocate resources to D&I recognized and monitored.
often don’t know where to start. The very initiatives. Only when there is a deep-
broadness of the topic can obscure how to rooted commitment to creating an inclusive
1 https://www2.deloitte.com/us/en/insights/deloitte-review/issue-22/diversity-and-inclusion-at-work-eight-powerful-truths.html
03Diversity & Inclusion | Real Estate Predictions 2020
Exhibit 2 – Identified barriers for Diversity and Inclusion in business
In order to put the vision to work,
there are specific resources and
tools needed:
•• Knowledge and skills – First
Complexity Non-core area
of all, there needs to be the
of the topic for business
opportunity for everyone
involved to acquire the needed
skills and knowledge. This starts
with creating awareness on
every level of the organization.
•• Engagement – After awareness
Taking the first steps company-wide analysis can show what comes active engagement,
As the real estate sector progresses toward challenges need to be worked on. This which requires a continuous
a more inclusive environment, how can analysis should focus on more than just loop of learning and engaging
a company get started? Of top priority is gender in order to uncover any additional with an agenda that is carried
recognizing that D&I requires a mindset discrimination in the organization. Forms throughout the whole year and
change across stakeholders, management, of discrimination that may be neglected company.
and employees. Developing a vision through unconscious bias can then be
•• Role models throughout
statement that includes D&I as part of identified and proper action taken.
– A frequently discussed
organizational goals can help achieve this.
and proposed solution is
That vision should include three themes As we progress…
representation. Representation
that are critical for change regardless of the By actively integrating the above themes
is crucial in regard to the
field of business: into initiatives, 2020 may very well be the
multiple effects it has. It holds
•• Leadership: The value of leadership year D&I gains traction in the real estate
with the idea that role models
is crucial for driving change—and the industry. With its positive impact on
are vital for minorities to be
complexities of D&I demand a strong business outcomes and talent attraction
given the confidence that it is
leader to guide an organization. A and retention, diversity and inclusion has a
possible to attain certain goals.
company needs visionary leadership proven track record and it’s time real estate
Representation does not only
that can set the tone and be available unlocks its potential.
apply to higher management as
for needed support. It is vital to create
it is important for minorities to
a working environment where all Authors
participate both vertically and
employees are heard and able to suggest Mary Enriquez – Ramones
horizontally.
and create change. Manager | LU
•• Commitment: For D&I initiatives to menriquez@deloitte.lu •• Facilities – Finally, there has to
succeed, there needs to be a sense of be policies and facilities catered
commitment from people throughout the Christian Van Dartel to the needs of minorities.
entirety of the workforce. Commitment Partner | LU An example of these types of
leads to action and is the first stepping cvandartel@deloitte.lu policies include paternity leave
stone for establishing a diverse and and child-care provision. Another
inclusive environment. Taking a stand Chiara Schlösser often neglected minority group
on certain matters can have a catalyzing Master Student | NL are disabled workers. Creating a
effect, and a dedicated team that can cschlosser@deloitte.nl work environment that not only
put this commitment into action will removes the physical barriers
enhance the visibility of D&I endeavours. Feike-Jan Nauta but is also flexible in providing
By building a team that oversees and Business Analyist | NL the policies disabled workers
monitors this commitment, the efforts fnauta@deloitte.nl need to thrive and succeed in
of a company will dive deeper than just any organization will help build a
window-dressing, and, therefore, improve Contact diverse and inclusive culture.
the organization’s reputation and brand. Wilfrid Donkers
•• Reflective: A company needs to Real Estate Predictions leader | NL
reflect D&I in its own operations and a wdonkers@deloitte.nl
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