Seven real estate industry associations back launch of global DEI benchmark
Seven real estate industry associations have partnered to create a global benchmark of Diversity, Equity and Inclusion (DEI) metrics for the commercial real estate industry.
ANREV, INREV, NAREIM, NCREIF, PREA, REALPAC and ULI have joined forces to support and expand the Global Real Estate DEI Survey, a corporate benchmark of gender, ethnicity and nationality across seniority and job functions across commercial real estate globally. Ferguson Partners will conduct the survey on behalf of the organisations.
The Global Real Estate DEI Survey will launch on 8 September, 2021 and remain open for data submissions until 22 October. The final results will be released in December.
First created in 2017 as part of an annual compensation study by NAREIM and Ferguson and launched as a dedicated survey in 2020, the Global Real Estate DEI Survey will provide employee demographic and best practice metrics for Asia, Europe and North America.
It will also expand the type of commercial real estate firms being tracked to include all players within the CRE asset class, from institutional investors to real estate investment managers, architects, developers and operating partners, to service providers and consultants.
The Survey’s expansion geographically and in terms of eligible participants is a response to the growing prioritisation of DEI within CRE organisations, and the need among organisations to benchmark not only their own internal DEI policies but also that of partners and vendors.
“Having a holistic and thoughtful approach to DEI is an essential component of an effective human capital management strategy,” said Erin Green, Managing Director of Ferguson Partners, which is leading the data collection, validation and analysis on behalf of the Associations.
The Global Real Estate DEI Survey will track:
• DEI program structure, resources and ownership
• Policies focused on recruitment, retention, training and development, inclusivity, tracking and accountability and pay equity
• Employee demographics by gender, ethnicity and nationality, across seniority and job function, as well as DEI hiring, promotion and departure trends year-over-year.
The Survey results will be presented at a regional level and by type of firm to ensure the ability of participants to compare themselves on a peer-to-peer basis.
“As DEI initiatives have become a major point of focus within the CRE industry, there is a strong desire among industry participants to understand best practices and learn from the experiences of their peers. This survey, the most comprehensive of its kind, is designed to provide actionable guidance that real estate companies can leverage to benefit employees, owners, investors, and the industry at large.”
The Global Real Estate DEI Survey 2021 builds on more than four years of DEI benchmarking within the real estate investment management industry.
In 2020, the DEI Survey – then completed by 74 real estate investment management organisations representing more than USD2 trillion of assets under management and 20,000 full-time employees – showed a majority of real estate investment management firms were prioritising DEI within their organisations and dedicating more resources to DEI initiatives. It also revealed that women and minority professionals at the most senior levels – executive management – had increased their representation but still comprised just 15 per cent of positions respectively.