REPORT: Scant Opportunities Pushing Women In CRE To Seek New Career Options
A new report by the CREW Network focused on women in the commercial real estate workforce, which offers a significant chance to gauge pandemic-era shifts in equity and opportunity in the industry, found women have left or plan to leave the profession in significant numbers.
Combined with survey results that found much more openness to move to different firms or find other employment, the report suggests many women in CRE haven’t found the inclusion, compensation or — most important to the majority of respondents — opportunities and career support they would like.
Research conducted by the networking and advocacy group for women in commercial real estate in early summer of 2022 discovered 29% of women left their company voluntarily over the last two years, a 5% jump from 2021.
Further analysis found that of the 27% who left to take a job at another company, 51% left in search of better opportunity and career growth, with just 13% leaving for better compensation and 7% citing personal reasons, including health or caregiving responsibilities.
Inequity is a persistent problem in the industry, both in terms of compensation and the number of women at the top of most CRE organizations. Women make up less than 10% of C-suite roles in the industry.
These shifts don’t appear to have an end in sight, but aren't specific to CRE, either. A Deloitte report found that more than half of women surveyed are preparing to resign within the next two years, while 40% of women are seeking other employment due to burnout. A lack of advancement opportunities was also cited in Deloitte’s research as the most common reason that women resigned since the pandemic began.
A 2022 ADP study found that 71% of workers have seriously considered a major career move this year as they re-evaluate the importance of job security and business ethics. According to the U.S. Department of Labor, women comprise 43.6% of all full-time workers, but only make 84% of what men do, per a Pew research study.
