Property Council and EY release ground breaking gender profile report
The Property Council of Australia and EY have released a groundbreaking study into women's pathways into and through the property industry, and the drivers to their recruitment, retention and promotion.
Grow the Talent Pool – Insights on gender representation in property involved a survey of more than 3,800 people across the industry and 7 in-depth interviews with women leaders in property. The report was supported by 18 companies who are part of the Property Male Champions of Change (PMCC) and conducted by EY
“This study takes the pulse of the men and women who work in this industry and provides unique insights in how to grow the talent pool,” said Ken Morrison, Chief Executive of the Property Council of Australia.
“This is a vibrant industry that is at the heart of our economy – and it must be an industry that attracts and keeps the most talented people.
“The study finds there is huge opportunity to expand the industry’s talent pool.
“We must unashamedly say that we want to be an industry that attracts the very best employees at every level – and that means outperforming every other industry.
Doug Bain, Market Segment Leader for Real Estate, Construction, Leisure and Hospitality for EY said the study found that the key drivers of success for women in property management were the support of management, opportunity for a career path and a passion for the industry.
The research found that women are more likely to fall into property by accident and to have gained experience outside of the property industry, working in a range of sectors that provide different thinking and transferable skills.
While women and men have very similar aspirations to progress to leadership positions, they encounter barriers that their male counterparts do not.
“In particular pay inequality, the lack of diversity in senior positions and 'boys club' culture were seen as barriers.
“The study also finds that 49% of women and 45% of men in the industry believe that attitudes to working flexibly need to change in the industry. Workplace flexibility is not just an issue for women employees, it is also a major issue for men.
Based on this research, the PMCC Grow The Talent Pool Action group has developed a framework for action. The PMCC’s Our Commitment report released last week details the framework for action across all six Action Groups
The Action Plan addresses existing performance plans, performance ratings, remuneration processes, formal sponsorship programs, gender-balanced recruitment teams, as well as changing “perceptions” in relation to experience and skills.
The Grow the talent pool study interviewed seven women leaders in property: Anne Edwards – Head of Group Finance, Charter Hall; Alison Harrop – Chief Financial Officer, DEXUS Property Group; Carmel Hourigan – Global Head of Property, AMP Capital; Susan Lloyd-Hurwitz – CEO and Managing Director, Mirvac; Ming Long – Former Group Executive, IOF Fund Manager, Investa Office Fund; Romilly Madew – Chief Executive Officer, Green Building Council of Australia; and Carolyn Viney – former Chief Executive Officer, Grocon.