Why adapting to a more diverse workforce is the only way to survive

COMMENT: Within the real estate industry, even if they aren’t fully embracing this theme today, I think most companies have woken up to the position in which they find themselves – senior management still dominated by white, middle-aged men with similar backgrounds, and too few women progressing through their businesses to fill senior roles or to sit on the ExCo or board. While there is now more recognition that a broader talent pool is financially beneficial and creates better businesses – as it avoids “group think” – lack of action in the past has left many with a problem now. This was easy to predict, yet too few leaders really began to address it. What is changing now is that both men and women are recognising the issue and are genuinely trying to promote better balance within their staff. At CBRE, our Women’s Network has been running for more than 13 years, but it is only in the past few years that men have become much more willing to join the conversation that we have started. Men sit on our advisory board and now see our positive actions bearing fruit first-hand. Seeing the benefit this diversity has for all, they are actively influencing a change in the culture. Now, not just women, but other colleagues can bring their whole selves to work, feel valued for their difference and see genuine prospects to excel and thrive. Family-friendly approach These actions include our family-friendly policies such as fully paid shared parental leave for men and women, external coaching and mentoring around maternity leave, support and skills workshops for speaking on industry panels and a more accommodating approach to agile working requests. Our promotion criteria and recruitment policies have changed, and the addition of our apprenticeship programme and greater intake of non-cognate graduates has broadened our diversity at the entry level. For a number of years now, firms such as CBRE have had a 50:50 intake of men and women at entry level, but what concerns me is that this is still not translating up to the most senior levels of the firm. We cannot deny that, while change is happening, the pace of this change is too slow. However, I am delighted when I walk into our cafeteria to see that it is no longer full of white, middle-aged men, but instead is a genuine reflection of the diversity that now exists within the firm. We have also noticed our clients embracing our wider talent pool, and in more and more cases demanding it, so what’s not to like? Finding a balance As a co-founder of Real Estate Balance, an industry-wide organisation that aims to get more women into senior positions in our industry, I have seen incredible support from many chief executives across the industry who want help to increase the pace of change and are frustrated by the apparent lack of progress. The young men and women joining our industry are often shocked by how few role models they come across who look like them and are questioning their companies about this. As this generation work their way up, the old “dinosaurs” or those not embracing change will become obsolete, and the leadership style and attitude of middle management will need to change to avoid losing talented staff, clients or both.  As with the advance of proptech, for some it may be uncomfortable, but for others it will create a huge opportunity. In the words of Charles Darwin: “It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.” Whatever your motivation – be it that you think it’s the right thing to do or fear that you will lose clients if your teams don’t mirror theirs – I hope that you will embrace this theme and influence change in your own organisation to achieve a better balance. Sue Clayton is executive director at CBRE