The pandemic risks an exodus of brilliant women from real estate

COMMENT There’s no denying that Covid-19 has given the property industry a lot to think about – among the Zoom calls, banana bread and daily walks that became synonymous with lockdown, we debated the risks and challenges at length. But one issue has largely gone under the radar – the impact of the pandemic on female professionals and the potential for an exodus of brilliant women from the industry, undoing a great deal of hard work and progress. We have come a long way in recent years, with more women choosing a career in property and more female leaders in senior positions. The make-up of the industry has undoubtedly changed for the better; not just in terms of gender balance but in diversity more generally. However, there is still a long way to go – PwC’s 2020 Real Estate Balance report found that just 22% of UK property companies had female board members; an increase of just 3% since 2017. Now Covid-19 has exacerbated existing issues and there is a real risk that the pandemic and the resulting lockdown measures could not only prevent further progress – it could reverse it. Lowering the ladder The TUC recently highlighted the disproportionate effect that the social and economic impacts of the pandemic have had on women – particularly when it comes to childcare – with data suggesting women have been doing 75% more childcare each day than men. They are also 47% more likely to have permanently lost their jobs or resigned as a direct result of Covid-19. Countless women have been forced to reduce their hours, request furlough, take unpaid leave and even leave their jobs, a situation that is likely to worsen when furlough ends in October. It’s a gloomy vision – particularly for organisations like Women in Property that have done so much to encourage women into the industry and to support their career progression, lowering the ladder for those hoping to climb it. However, gloomy though it is, this isn’t a forgone conclusion and businesses can prevent talented women from leaving the industry simply because they are unsupported in this “new normal”. There’s much more businesses could be doing to prevent temporary career breaks inadvertently becoming permanent and unravelling years of progress in the process. Companies must recognise the challenges many women are still dealing with six months into the pandemic and acknowledge the fact that those struggles are likely to continue for some time. No excuses As businesses begin the process of bringing their teams back into the office – whether a developer, quantity surveyor, construction firm or agent – they can make all the difference by creating and maintaining a supportive culture that allows women to balance their work and family commitments outside of the rigid 9-5 model. Women must be empowered to juggle childcare duties and other responsibilities in a way that works for everyone – the freedom to set their own schedule will result in improved productivity and no less of a focus or commitment to results. Blanket rules are unhelpful and will only serve to alienate people, while impacting negatively on performance and culture. It also means acknowledging the issue at hand and being willing to do something about it. Seeing promising careers derailed unnecessarily wouldn’t just be a blow for the industry; it would be bad for business. However, it would also be a mistake to fail to see the opportunity we have here. For all the challenges, the past six months have allowed us to make huge strides in shaping a new way of working. Many businesses largely resisted adopting flexible working in any real, meaningful way, but the pandemic changed that overnight. We now know that flexibility doesn’t impact productivity. Businesses no longer have any excuses or cause for concern – they are equipped with the learnings and tools to be able to support female staff to achieve the right balance to benefit both the business and the individual. We can not only prevent an exodus of women, but embrace flexibility and a more human approach to business, transforming the property industry for the better.   Vivienne Clements is executive director at HBD