Vicky Cotton, Partner and Head of ESG, reflects on how the industry is progressing beyond its old boys’ club roots – and why there’s still more work ahead.
In my world of sustainability, we often talk about the “say-do” gap – the yawning spaces between what people say they want, versus how they actually behave. And for a long time now, I’ve been seeing the same pattern when it comes to culture and values in the real estate sector.
Widely regarded as a bit of an “old boys’ club”, the sector has found it hard to shake off this self-limiting reputation. And despite best intentions, the picture isn’t necessarily improving. Research shows women make up approximately 40% of the UK’s real estate sector workforce, yet the number of women in senior positions in real estate fell from 32% in 2016 to 27% in 2022.
Sometimes latent goodwill is simply not enough. For every firm that sets out glossy plans, there are hundreds of careers lain to waste thanks to inflexible policies, a lack of leadership role models, or that infamous concrete ceiling. We need to make change happen – not because it’s the right thing to do, but because it’s economically proven to push profit.
Not altruism, but profit
Against the backdrop of culture wars and geopolitical polarisation, it’s all too easy to dismiss the value of company culture – and yes, I’ll say it: diversity, equity and inclusion as the worst kind of woke-ism. But, for those that choose to double down on culture, real impact on the bottom line has been proven time and again.
Take Currys, where transformation over the past three years has linked culture, leadership, inclusion, wellbeing, and colleague engagement with performance outcomes. Results released in July revealed annual profits of £162m, up 37%, despite flat retail markets. As chief executive Alex Baldock pointed out: “Well-supported and highly engaged colleagues deliver better business results.”
Or the UK law firm Lewis Silkin, which recently introduced an open-source equal parenting policy that prompted 15 other top-100 firms to do the same. In the past year, the firm has seen revenue rise 19% to £119.2m and total profits up 30%. It’s an unprecedented acceleration of workplace policy reform, in a sector known for its resistance to change.
In both cases, this is not altruism. The multiplier effect of progressive action is clear, challenging conventional wisdom about the trade-offs between employee benefits and business performance. Firms that fail to change risk losing staff and clients alike. It’s more than a moment or a passing fad – it’s a chance for the industry to step up and keep pace with other sectors.
Ambitious action required
We all know the real estate industry does not lack ambitious minds. So why not apply a modicum of that ambition to this challenge?
It’s an investment in people that clearly pays off, and one that we are committed to.
Recent changes in our management structure have set in motion a broader cultural transformation at Workman that began by listening to our people. Through extensive staff interviews and feedback sessions led by an independent specialist, we understood that our team wanted to see genuine commitment to creating an inclusive workplace.
At the same time, client interviews revealed just how important our culture is to them, in terms of talent retention, relationship building, and service delivery.
“Firms that fail to change risk losing staff and clients alike. It’s more than a moment or a passing fad”
Beyond old norms
Recognising that every member of our workforce faces their own challenges means acknowledging that the one-size-fits-all approach to work simply does not work.
This is why we’ve woven trust and flexibility into our new agile working policy, rather than pushing for a return to the traditional five-day, in-office work week. According to Gartner, strict return-to-office mandates risk talent loss, unravelling hard-won progress, creating significant challenges for those balancing career and caregiving responsibilities, and entrenching old norms.
We must not waste the opportunity for real estate to move beyond the outdated ways, to set new patterns which not only serve returners and parents, but also stand as a signal of trust. If we allow our people the space and support to collaborate and do their jobs without the constant burden of presenteeism, we also hand them the autonomy to build the best relationships, and empower them to provide consistent service levels, driving progress across our industry.
“Strict return-to-office mandates risk talent loss, unravelling hard-won progress”
This article first appeared in Green Street News.
