On the 15th of June 2022, Real Estate Women in partnership with Warwick Business School and Leicester University conducted a report on the Gender Pay Gap to address issues of gender bias in pay in the real estate industry and find possible solutions to eliminate any barriers.
Hosted by FREETHS, the event which was RE Women’s maiden edition of roundtable discussions was led with opening insights from Prof. Manuela Galetto (Warwick Business School) and Dr. Fuk Ying Tse (Leicester University) and was chaired by Maria Wiedner (CEO, RE Women). The event was attended by diverse professionals from the real estate industry from organisations such as CBRE, British land, Forbury, Maples Teesdale etc. as well as members of the RE Women Organisation.
We kicked off the discussions with an overview of the current research by Prof. Galetto and Dr. Tse.
Summary
The issue of gender pay gap dates back to the 50’s and is experienced in every country albeit to various degrees. According to Property Week’s article It’s time to close the gender pay gap | News | Property Week “The lack of women in senior positions is helping to foster a more profound gender pay gap” however, even when we have women in positions of power, resources and support are unevenly allocated which unfortunately sets her or her campaign up to fail. Women are over mentored but under sponsored hence the concept of hierarchy in itself can be gendered which is why the ability for men to negotiate up is an inherent privilege. Generally, everyone has their own unconscious bias but discrimination in any form is a choice. In recent times, we see a willingness for people in leadership positions to change this narrative due to their appetite for change and discomfort but progress is likely to be driven by client demands to see the ‘supply chain’ as an accountability chain. In conclusion, if we want to see change, it starts with leadership. They need to be empowered to progress for a cultural revolution.
Some insights from Dr Manuela on ways to close this gap include:
- Transparent pay structures
- Endorsement from top management
- Horizontal pay audits
Remarks from some of the guests:
“A challenging but insightful discussion that acknowledged the cultural shift required to create a more equitable future. Lovely to be sharing market insights and hearing about research that highlighted we need to remain determined and focused to create parity throughout society. “
- Robert de Jong, Co-founder, UrbanOvation
“What a group, I’m feeling inspired by the passion I saw in everyone.”
- Ian Clarke, Founder, Delight Consulting
“Really great discussion this morning. Thank you for letting me be part of this.”
- James Brandon, DE&I and Business Manager, CBRE
“Amazing energy, data AND insights! Thanks, Maria Augusta Wiedner, MRICS, CFA for bringing together this amazing group and event.”
- Anyi Hobson, Safra Real Estate
“What a great session it was, thank you for organising Maria and REWomen. Really insightful to hear about the findings of the research across the various sectors and the experiences and passions from around the table.”
- Naureen Ahmed, Global Hospitality Professional, Inspiring Women in Hospitality
“Inspiring and motivating; all of the above comments apply. It was great to be part of a forum where there was honest and personal sharing of stories about pay gap issues and not just gender related. Thank you to Dr Manuela Galetto and DR. Fuk Ying Tse for highlighting their invaluable research.”
- Tracy Marsh, Managing Director, HUSH Project Management and Consulting Limited
