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Gender Equity:Why It Matters
Industry Best Practices for Recruiting, Retaining, and Advancing Our Women
Mimi RaygorodetskyVice President
LanganJune 27, 2018
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Technical Excellence Practical Experience Client Responsiveness
OUTLINE
• Data & Statistics• Benefits of Gender Equity• Industry Challenges• Industry Best Practices• Discussion & Feedback
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Technical Excellence Practical Experience Client Responsiveness
FEMALE COLLEGE GRADUATES
Source: nces.ed.gov/programs/digest/2013menu_tables.asp | Author: Randy Olson (randalolson.com / @randal_olson) | Note: Some majors are missing because the historical data is not available for them
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Technical Excellence Practical Experience Client Responsiveness
GENDER IN THE WORKPLACE
Source: CREW (2016). Closing the Gap: Addressing Gender Bias and Other Barriers for Women in Commercial Real Estate [White paper].
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Technical Excellence Practical Experience Client Responsiveness
• Income differences: shrinking but still significant
SALARY COMPARISON
2015 median total annual compensation
MEN: $150,000
WOMEN: $115,000
INCOME GAP = 23.3%
Source: CREW. “2015 Women in Commercial Real Estate Benchmark Study.”
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Technical Excellence Practical Experience Client Responsiveness
Bottom Line: Gender Equity Increases a Firm’s Bottom Line
IMPORTANCE OF GENDER EQUITY
• Improved problem solving through diverse viewpoints• Strengthened collaboration and development*• Enhance firm reputation• Decreased turnover• Discover untapped talent pool*
*Source: Women Matter 2013 Report & IT Business Edge article & analysis of DDI study
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Technical Excellence Practical Experience Client Responsiveness
• Aspirational Gap• Flexible Mindset• Sponsorship• Unconscious/Implicit Bias
COMMON OBSTACLES
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Technical Excellence Practical Experience Client Responsiveness
ASPIRATIONAL GAP
Source: CREW (2016). Closing the Gap: Addressing Gender Bias and Other Barriers for Women in Commercial Real Estate [White paper].
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Technical Excellence Practical Experience Client Responsiveness
ASPIRATIONAL GAP
Source: CREW (2016). Closing the Gap: Addressing Gender Bias and Other Barriers for Women in Commercial Real Estate [White paper].
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Technical Excellence Practical Experience Client Responsiveness
FLEXIBLE MINDSET
Source: CREW. “2015 Women in Commercial Real Estate Benchmark Study.”
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Technical Excellence Practical Experience Client Responsiveness
FLEXIBLE MINDSET
• Flexible Mindset• “Corporate Lattice” vs “Corporate Ladder”
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Technical Excellence Practical Experience Client Responsiveness
SPONSORSHIP
• Identify future leaders• Invest your time
– Help develop skills– Provide opportunities– Advocate for them– Teach them confidence and
to self-advocate
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Technical Excellence Practical Experience Client Responsiveness
UNCONSCIOUS BIAS
• Recognize bias: – Implicit Bias Test: https://implicit.harvard.edu– Corporate Sensitivity Training: Catalyst
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Technical Excellence Practical Experience Client Responsiveness
CLOSING THE ASPIRATIONAL GAP
• Promote workplace flexibility• Showcase successful women • Nurture the pipeline• Recognize bias
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Technical Excellence Practical Experience Client Responsiveness
INDUSTRY BEST PRACTICES: RECRUITING
• Make female participation a requirement in recruiting• Interview at least two female job candidates for every
open position*
*Source: Heermann, Tammy. Elevating Women in Leadership. Lee Hecht Harrison. Page 19.
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Technical Excellence Practical Experience Client Responsiveness
INDUSTRY BEST PRACTICES: RECRUITING
• Foster (non-traditional) female pipelines• Utilize gender-blind hiring practices
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Technical Excellence Practical Experience Client Responsiveness
INDUSTRY BEST PRACTICES: RETAINING
• Create and sponsor female resource groups• Showcase women leaders• Implement pulse checks
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Technical Excellence Practical Experience Client Responsiveness
INDUSTRY BEST PRACTICES: RETAINING
• Offer paid family leave• Provide re-entry program after paid leave• Be flexible!
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Technical Excellence Practical Experience Client Responsiveness
INDUSTRY BEST PRACTICES: ADVANCING
• Make smart mentorship and sponsorship pairings• Institute implicit bias training• Perform periodic pay equity tests
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Technical Excellence Practical Experience Client Responsiveness
INDUSTRY BEST PRACTICES: ADVANCING
• Evaluate a female candidate alongside every male promotion candidate
• Establish measurable inclusion goals at the corporate level and keep them top of mind
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Technical Excellence Practical Experience Client Responsiveness
FEEDBACK QUESTIONS
• Open Discussion– What does your firm do well now?– What can your firm do differently?
• Individual Reflection– Who are your superstars?– Are you an advocate and sponsor?– Have you taken an Implicit Bias Test?