Report proves financial case for gender diversity

Report proves financial case for gender diversityA landmark report from EY and the Property Council has found that by failing to embrace gender diversity, the Australian property industry is missing out on an important opportunity to lift its financial performance.The report, The next big deal is on. Property industry, where are you on gender diversity, tracks the industry’s performance on the gender ‘smart curve’ and provides analysis and recommendations for the sector to improve its score.The smart curve is a model developed by EY to help businesses measure the maturity of their diversity strategies.Property Council of Australia Chief Executive, Ken Morrison said gender diversity in the workplace made good business sense.”The organisations that provide men and women with the same opportunity to succeed and become leaders will thrive. The potential deliverables are tangible and proven.””The property industry has proven its credentials when it comes to embedding safety, technology and sustainability across the sector. The same sharp focus now needs to expand to also address gender equity,” Morrison said.In September the Property Council launched Male Property Champions of Change to take up the challenge of gender diversity in the industry. The group, convened by Carol Schwartz, is made up of chief executives and chairmen in the property industry including:Angus McNaughton, MD Property, NovionBob Johnston, MD, Australand HoldingsDarren Steinberg, CEO, DEXUS Property GroupDaryl Browning, CEO, ISPTMichael Cameron, CEO & MD, The GPT GroupDavid Southon, Joint MD, Charter HallDavid Woolford, MD, Cushman WakefieldJohn Kenny, CEO Australia, Colliers InternationalJohn Mulcahy, Chairman, Mirvac GroupJonathan Callaghan, MD, Investa Property GroupKen Morrison, Chief Executive, Property Council of AustraliaMark Steinert, CEO and MD, StocklandPaul McLean, CEO Australia and NZ, SavillsPeter Allen, CEO, Scentre GroupStephen Conry, CEO Australia, JLLStephen Ellis, Regional Head, Asia Pacific, Knight Frank AustraliaSteve McCann, CEO and MD, Lend LeaseSteven Leigh, MD Global Real Estate, QICSteven Sewell, CEO and MD, Federation CentresTom Southern, President and CEO, CBREEY Real Estate Leader Doug Bain said the report was a call to action for the property sector.”The case is clear, there is much to be gained by focusing and investing in gender diversity.”It is vital that the industry improves its overall understanding of the business case for gender diversity and importantly actually takes action. Ignoring the bottom line benefits that come from inclusive gender diversity policies and strategies will be to the future detriment of the sector.”Of particular concern is the female talent vacuum. As seen in other industries, women are joining the property industry at the entry-level but are leaving before they move up the ladder meaning there are very few women in leadership positions,” Bain said.The research found that this drop-off is occurring before women typically start families and may be a symptom of women ‘seeing the writing on the wall’ when it comes to the career path ahead of them.Bain said the research showed organisations who embrace gender diversity could not only improve their financial performance, but also create a modern culture with the flexibility and innovation that the younger generations of both genders demand.”Gender diversity is a strategy, not an issue and must be seen by the industry as an important investment opportunity,” he said.A full copy of the report is available at http://www.ey.com/AU/en/Industries/Real-Estate/EY-gender-diversity-in-the-property-industry