Diversity & Inclusion in the Real Estate Industry

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Diversity & Inclusion in the Real Estate Industry

How Diversity & Inclusion can change the Real Estate sector

Real estate has been a male-dominated industry for a long time, particularly in executive positions within an organization. Although numerous efforts have been made to create an inclusive environment, there remains a gap that needs filling. It’s a situation that is gaining increasing visibility—as shown by the 2019 edition of the book Managing Diversity & Inclusion in the Real Estate Sector, which focuses on unlocking the potential of diversity and inclusion in the Real Estate sector.

Why diversity and inclusion matters

As recognized by the 2017 Deloitte Global Human Capital Survey, diversity and inclusion matters critically to business performance, since it improves creativity and innovation within organizations. In other words, diversity and inclusion will bring organizational benefits that are linked directly to business performance. Organizations with inclusive cultures are twice as likely to reach or exceed financial targets and three times as likely to be high-performing. And organizations are six times more prone to be innovative and agile and eight times more likely to achieve better business results, as Deloitte partner Juliet Bourke discovered in her research.

Diversity & Inclusion in the Real Estate sector

Barriers to Diversity & Inclusion in the Real Estate sector

Despite the obvious potential of diversity and inclusion, real estate corporations are still struggling to take efficient action due to the perceived barriers. Research shows that the first barrier organizations have to face is complexity. Diversity and inclusion is complex, and organizations frequently don’t know where to begin. The very broadness of the issue can obscure how to solve a specific structure or pathway to a diversity and inclusion culture that has not yet been defined.

Taking the first steps toward a more inclusive Real Estate industry

As the real estate sector advances toward a more inclusive environment, how can a company get started? Of top priority is understanding that diversity and inclusion needs a mindset change across stakeholders, executives, and employees. Developing a vision statement that includes diversity and inclusion as part of organizational goals can help achieve this. That vision should consist of three topics that are crucial for change regardless of the field of business:

Leadership: The value of leadership is vital for driving change—and the complexities of diversity and inclusion need a strong leader to guide an organization.

Commitment: For diversity and inclusion initiatives to work, there needs to be a sense of commitment from all people throughout the organization. Commitment leads to action and is the first step for establishing a diverse and inclusive environment.

Reflective: A company needs to reflect diversity and inclusion in its operations, and an organization-wide analysis can show what challenges need to be addressed. This analysis should concentrate on more than just gender to reveal any additional discrimination in the organization.

More info

Click the download button to read the full report. To learn more about Deloitte Real Estate Services, find our brochure here or contact Loes Bierenbroodspot or Henk de Graaf directly (information below).

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