Lawrence, KS – April 18, 2012 — In its latest white paper, Commercial Real Estate Women (CREW) Network recommends strategies for women to overcome the pay and promotion level disparities that continue to exist in the field of commercial real estate.
The white paper, Success and Satisfaction of Women in Commercial Real Estate: Retaining Exceptional Leaders, includes a summary of responses from its interviews with 20 senior commercial real estate executives regarding select findings from CREW Network’s 2010 benchmark study, Women in Commercial Real Estate 2010. That study – part of CREW Network’s tracking of women and men in commercial real estate that began in 2005 – found that more women are entering the field of commercial real estate, but that pay and promotion levels remain obstacles.
The white paper, Success and Satisfaction of Women in Commercial Real Estate: Retaining Exceptional Leaders, includes a summary of responses from its interviews with 20 senior commercial real estate executives regarding select findings from CREW Network’s 2010 benchmark study, Women in Commercial Real Estate 2010. That study – part of CREW Network’s tracking of women and men in commercial real estate that began in 2005 – found that more women are entering the field of commercial real estate, but that pay and promotion levels remain obstacles.
The objective of the interviews for this white paper was to discuss and provide insight into issues related to success and satisfaction in the workplace in the hope that organizations will develop and implement plans designed to retain and promote the women among their ranks.
The interviews revealed the following misconceptions about women in commercial real estate and in the workplace in general:
The interviews revealed the following misconceptions about women in commercial real estate and in the workplace in general:
· Compensation is not as important to women as it is to men
· Women will not take risks
“By understanding the factors that drive professional satisfaction for women and debunking many of the myths surrounding managing women in the workplace, we believe we will advance to a more diverse workplace in the field of commercial real estate,” said Diane Butler, 2012 President of CREW Network.
Sponsorship of women remains an area that requires more focus within the industry. Research published by the Harvard Business Review shows that men are 46 percent more likely than women to have a sponsor – someone who advocates for the individual’s career success. The lack of female executives in top leadership positions is a contributing factor, as is the reluctance of women and men to engage in a sponsor relationship with one another due to the potential misperceptions that can occur about the nature
of the relationship.
The interviews with senior leaders in commercial real estate also yielded strategies for women to work to achieve parity:
1. Develop an understanding of the market value of their skills.
2. Talk to recruiters to get their insights on compensation. Speak with colleagues and share details of compensation and benefits to common advantage.
3. Stay in touch with colleagues while taking a leave of absence, be a life-long learner and find ways to continue to develop their skills.
4. Articulate their wants and needs. Negotiate for what they deserve.
5. Communicate their accomplishments and achievements to those who matter.
6. Raise their hands to volunteer for stretch assignments.
7. Network, network, network.
8. Look for sponsors to help propel them to the top of the ladder and help others do the same.
CREW Network’s industry research efforts are underwritten by CBRE, Premier Underwriter; Prudential, Executive Underwriter; Fannie Mae, Senior Underwriter; and Associate Underwriters Kutak Rock LLP and CREW Network Foundation.
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