INREV and ULI Europe have today published a short paper focusing on DEI challenges, progress and initiatives of market participants across Europe. The paper combines data from a joint global survey on DEI undertaken by seven leading industry associations (ANREV, INREV, NAREIM, NCREIF, PREA, REALPAC and ULI) together with Ferguson Partners in December 2021, alongside additional interviews with leading DEI professionals, including senior fund managers, leading HR practitioners, dedicated DEI experts and CEOs.
Below are the key takeaways and themes from the paper:
- There is a growing commitment by the European real estate industry to putting in place strong policies and initiatives to address DEI needs and practises - 92% of firms surveyed have formal DEI practises in place or initiatives to improve DEI
- DEI efforts have been catalysed by the pandemic - it has led to a greater focus on employees and increased business interest in achieving social goals
- Europe is leading the way when it comes to physical disability
Both visible and non-visible disabilities were addressed in 81% of European organisations’ DEI initiatives
Some businesses reported putting efforts into ensuring interview processes are unbiased, improving the physical office environment for neurodivergent needs and engaging with third party non-profit disability organisations - 86% of European firms report having initiatives that address race, 71% have policies around sexual orientation, and social economic background was being addressed by 57% of European firms
Many reported that socio-economic background will take greater precedence in DEI policies going forward, as recruitment is still largely led by word of mouth and employee referrals
In terms of solutions, many firms are partnering with diverse recruitment organisations and engaging with secondary schools to encourage careers in real estate - Addressing gender inequality is a top priority for Europe
Every European company that took part said that gender was directly targeted by its initiatives - yet only 14% of boards of directors in the region are women (Asia-Pacific 26%, 21% North America), showing that Europe is lagging behind at senior levels
Respondents identified potential solutions as mentoring partnerships between women at different levels; analysing people metrics; introducing flexible working and prioritising childcare and introducing paternity leave policies - Data gathering is the main challenge to DEI progress, as legal restrictions hamper the collection of demographic data in Europe
For further information please contact inrevteam@firstlightgroup.io