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<\/a>Following explosive revelations of sexual misconduct in Hollywood, Washington and beyond, and the viral growth of the #MeToo movement since late 2017, the American workplace is being scrutinized today through an entirely different lens. While issues of diversity, inclusion and sexual harassment have been prevalent for years, the renewed spotlight on the topic has driven home an important reality: It\u2019s not enough for organizations to simply have anti-harassment policies and training in place\u2014they must also make significant changes to how they respond to employee complaints and concerns when they arise.<\/p>\nSEE MORE ON THIS TOPIC<\/a><\/p>\n An important step toward creating a safe work environment, and deterring inappropriate advances and other negative behavior, is to promote gender diversity by increasing the number of women in the ranks, especially at the top of the organization.<\/p>\n While women now occupy one in four senior roles in companies around the world, the number of companies with zero female participation at the senior level globally actually rose 1 percent last year, to 34 percent last year, according to a 2017 CREW Network white paper. The paper also noted that in the U.S., only 23 percent of senior roles are held by women, while 31 percent of American businesses have no women in senior positions.<\/p>\n \u201cWe still need to move that needle,<\/em>\u201d affirmed Tara Piurko, CREW Network president & partner in Canadian law firm Blake, Cassels & Graydon\u2019s commercial real estate group.<\/p>\n \u201cThe business case for gender balance is rock solid.<\/em>\u201d\u2015Kevin Maggiacomo,\u00a0president & CEO of SVN International Corp.<\/p><\/div>\n Commercial real estate is a prime example of an industry still working to improve gender diversity, particularly at the C-suite level.<\/p>\n \u201cThe reality is that men hold the preponderance of commercial real estate leadership positions, so if we\u2019re to see meaningful change across the industry, men need to take action,<\/em>\u201d observed Kevin\u00a0Maggiacomo, president & CEO of SVN International Corp.<\/p>\n Maggiacomo has put his words into action, restructuring his executive team in 2014 to ensure gender-diverse leadership and testifying in front of the Massachusetts legislature in 2015 on behalf of a Women on Boards bill, which went through.<\/p>\n He also launched 50\/50 by 2020\u2014a grass roots, web-based movement that grew out of a TEDx talk\u2014and calls for gender-balanced leadership in all organizations worldwide by the year 2020.<\/p>\n Many CRE companies have been working for years to promote diversity in leadership (some have even created a specific diversity and inclusion role within the organization), and these efforts are starting to pay off.<\/p>\n Another major firm, CBRE Group Inc., was the only commercial real estate company to be named to Forbes\u2019 2018 America\u2019s Best Employers for Diversity list, achieving a No. 45 ranking out of 250 organizations. The firm has expanded its CBRE Women\u2019s Network, founded in 2000, to more than 3,000 members from all levels of the organization, the company\u2019s three regions and every business line. The group\u2019s mission is to promote the success of women, guided by three key principles: growth, connection and mentorship.<\/p>\n \u201cCBRE prides itself on creating a work environment that supports all of our employees and values the differences of each individual,<\/em>\u201d said Bobby Griffin, vice president of diversity and inclusion for the Americas at CBRE.<\/p>\n Firms focused on diversity can collaborate through NMHC\u2019s Diversity & Inclusion Initiative. \u201cNMHC\u2019s Diversity & Inclusion Committee, formed in 2010, is part of our effort to develop strategic alliances, highlight best practices and provide programming to help strengthen the industry\u2019s pipeline for future leaders,<\/em>\u201d said Feigin Befus. On May 9, NMHC will host its second Leadership Forum on D&I, which will focus on strategies for creating and sustaining an inclusive organizational culture.<\/p>\n Deborah Harmon, founder of Artemis Real Estate Partners, noted that her firm believes in \u201cintentional diversity,\u201d which results in better performance.<\/p><\/div>\n Despite the industry\u2019s progress toward gender diversity in leadership, awareness and a better understanding of the powerful business case for gender balance will effect greater change. \u201cShow CEOs the money, and action will follow. I\u2019m a firm believer in that,<\/em>\u201d noted Maggiacomo.<\/p>\n \u201cThis isn\u2019t solely about giving back or doing the right thing,<\/em>\u201d he added. \u201cThe business case for gender balance is rock solid. Research by Catalyst found Fortune 500 companies with the highest percentage of female corporate officers reported, on average, a 35.1 percent higher return on equity and a 34 percent higher return to shareholders than companies with the lowest percentages of female corporate officers.<\/em>\u201d<\/p>\n According to Harmon, diversity is a powerful competitive advantage to be purposefully developed. \u201cOrganizations that succeed in intentionally building a diverse mix of genders, ethnicities and perspectives are less prone to groupthink, more protected against risk and better positioned to capitalize on opportunity.<\/em>\u201d Leaders all start somewhere, and diverse leaders will start in firms that seek them out and invest in their growth.<\/p>\n \u201cWhere women account for the majority of top management, businesses have shown superior sales growth and higher cash-flow returns on investment<\/em>\u201d\u2015Tara Piurko, CREW Network president & partner in Canadian law firm Blake.<\/p><\/div>\n Piurko agreed that companies with gender-diverse upper management outperform homogeneous companies. \u201cWhere women account for the majority of top management, businesses have shown superior sales growth and higher cash-flow returns on investment,<\/em>\u201d Piurko noted, citing CREW\u2019s 2017 white paper. The paper also found that diverse teams are smarter, scrutinize other members\u2019 actions more closely and are bound to be more innovative.<\/p>\n There is certainly still a way to go to achieve gender-balanced leadership in commercial real estate, but recent findings provide some reason for optimism. Research included in CREW\u2019s 2015 Benchmark Study Report revealed that women filled more senior level or higher roles than in CREW\u2019s prior benchmark studies from 2010 and 2005. The study also found that the percentage of women in commercial real estate worldwide grew from an estimated 32 percent in 2000 to 43 percent in 2015. CREW\u2019s next benchmark study will be in 2020.<\/p>\n<\/a>\u201cThere is a difference between a policy and a practice<\/em>,\u201d said Betsy Feigin Befus, general counsel at the National Multifamily Housing Council. \u201cMost firms have appropriate policies to address illegal and inappropriate workplace conduct. But it doesn\u2019t necessarily follow that the culture of an organization actually reflects those policies through its practices. Now is an opportunity for real estate firms\u2014and the industry overall\u2014to take meaningful steps toward a more inclusive environment where all team members can fully contribute.<\/em>\u201d<\/p>\nPersistent progress<\/h2>\n
<\/a><\/a>The Bozzuto Group was recognized by the National Association for Female Executives as a 2018 Top Company for Executive Women. Fourteen percent of the firm\u2019s Construction Ops positions are held by women, which according to the U.S. Bureau of Labor Statistics far exceeds the national average of 9 percent. Women, people of color and veterans hold key leadership positions in every department and every business line across the organization.<\/p>\n\u2018Rock solid\u2019 business case<\/h2>\n
<\/a><\/a>ULI Governing Trustee Deborah Harmon, founder of Artemis Real Estate Partners, noted that her firm believes in \u201cintentional diversity,\u201d which results in better performance, adding that more than half of the firm\u2019s team is women and people of color.<\/p>\n<\/a>See you in the C-suite<\/h2>\n