iStock illustration
A majority of women commercial real estate industry who left their job since the pandemic began did so to find career growth their old firm couldn’t provide.
A new report by the Commercial Real Estate Women Network, typically known as CREW, based on a survey of its members found that 27 percent of women in commercial real estate left a job in the industry since March 2020.
Of that group, 51 percent did so to seek better career opportunities, while only 13 percent said they were lured away by better compensation or benefits even as “pay equity continues to be a hot button topic among employees,” the report’s authors said, including a desrie for more transparency around pay.
“Women need policies supportive of their life both at home and at work. Female leaders need mentors and sponsors, and initiatives designed to groom them for the C-suite. Hybrid work will continue to be a sought-after option for many employees. Return to office is possible for companies that carefully craft their workplace environments. Finding talent will take new ways of recruiting and evaluating candidates,” the report’s authors said.
In addition , 70 percent of respondents said they want to work for a company with flexible work arrangements, including hybrid and remote work options that better fit demanding family schedules and a greater desire for work-life balance.
A further 22 percent said they felt their previous company “no longer aligned” with their values and priorities. The report’s authors identified this as driven by companies needing to make sure that diversity, equity and inclusion policies “grow beyond ratios into meaningful measurements” and promote inclusive leadership styles that is more adapted to hybrid and remote working environments.
CREW surveyed its members between May 9 and June 10. In total, 1,228 people across 10 different sectors of the CRE industry responded, concentrated in development and finance. Of the respondents, 78 percent were white and 18 percent were non-white, and 99 percent said they work in the United States and Canada.
Respondents were largely evenly distributed by age, with the biggest concentration – 30 percent – saying they were between 40 and 49, and 30 percent said they were at the senior vice president, vice president, managing director or partner level. Another 32 percent said they were “senior level” staff reporting to a vice president or equivalent with 23 percent identifying themselves as mid-level staff. Only 10 percent said they were C-suite executives.
