Recruitment, retention, and pay equity
- Anti-bias measures are 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. Almost three-quarters of respondents seek feedback on DEI initiatives from their employees.
- CRE companies are also tackling pay equality in greater numbers. In 2021, 79% of respondents were analyzing 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.
- According to the DEI Survey 2022, firms of all sizes are working on leveling the pay gap.
There is no one global strategy for DEI within CRE, however, and so the Global Real Estate DEI Survey 2022 provides regional insights into the differing approaches adopted across the globe:
North America
- For the first time, the DEI Survey 2022 collected data on nonbinary professionals. Almost 33% of firms say they collect gender identity data outside of a male/female binary definition. Among interns, just 0.5% identify as nonbinary and did not disclose their race/ethnicity.
- Slightly over 70% of respondents have a formal DEI committee, the main decision-maker on DEI policies.
- Firms judge the most impactful policy as communicating the importance of DEI to employees, followed by offering work/life balance programs such as childcare and flexible work arrangements. Just under 60% of firms said they allow all staff the option to work remotely at least part of the week.
- Gender and ethnicity/race diversity in CRE in North America: Men 57.5%; Women 42.5%
Europe
- European firms are showing signs of increased sophistication on DEI matters, especially broadening initiatives aimed at increasing the representation of underrepresented groups at the top levels, linking metrics such as compensation to outcomes, leveling pay disparities, and facilitating inclusiveness.
- All respondents report offering work/life balance programs, which may include childcare and flexible work arrangements. Almost eight out of 10 European respondents give all employees the option to work remotely at least part of the week. The global average is 61%.
- Almost 90% of European respondents target recruiting underrepresented groups in senior-level positions. The next goal is employee engagement on DEI initiatives.
- Gender diversity in CRE in Europe: Men: 60.5%; Women: 39.5%
Asia-Pacific
- Asia-Pacific firms typically address the following dimensions of diversity: gender (100%), race/ethnicity/nationality (76.9%), sexual orientation (69.2%), age (61.5%), and physical disability (53.8%).
- Decision-making is led primarily by DEI committees, HR and senior-level employees. Almost a third of CEOs make decisions on DEI.
- Defining success is an important part of running an efficacious DEI program. For Asia-Pacific respondents, the most important outcomes are twofold: having more people from underrepresented groups in senior positions and gaining diversity throughout the entire organization.
- Gender diversity in CRE in Asia-Pacific: Men: 50%; Women: 50%
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