AMBITION REPORT WOMEN IN REAL ESTATE 2018 SURVEY SUMMARY
BY SADHANA SMILES
© Copyright Sadhana Smiles 2018
AMBITION REPORT
IND USTRY FIRST BY SADHANA SMILES
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SADHANA SMILES
AN AMBITION REPORT FOR WOMEN IN THE PROPERTY INDUSTRY IS A FIRST.
The aim of this survey is to: Collect data based on experiences of women working in property across the country. Share results in the hope that other women know they are not alone in their experiences. Ask leaders, especially male leaders, to stand up and truly become champions of change. Invite key male and female leaders to round-table discussions,and to share the outcome of these discussions and determine actions that each will take.
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AMBITION REPORT
131k
$
Average male salary in the real estate industry
93k
$ WHEN WAS YOUR LAST PAY RISE?
Average female salary in the real estate industry 3+ years ago 3 years ago 2 years ago 1 year ago
The real estate landscape is changing – we are seeing a shift in workforce demographics, culture, expectations, age and No technology. Women are now voicing Yes opinions, ambitions and being appointed to key roles –which is putting pressure on the so called “boys club”. Women account for 43% of the industry according to the Workplace Gender Equality Agency report, (Gender Equality Insights 2017: Inside Australia’s Gender Pay Gap). No Yes
18% 6% 18% 58%
It was found that the pay gap in the property sector sits at 29% – the second highest in the country. % Men earn an average of more than $131K per annum compared to $93K for women, % for performing the same role.
23 77
One of the issues women face that is a direct result of pay inequity is the levels of superannuation available at retirement. Today women retire on $113,000 less super than men. Australian women aged over 50 are at greater risk of financial and housing insecurity than men of the same age.
17% 83%
29
% 48 % % 52 No
Yes
Pay gap
Salaries must be based on experience, skills, expertise and performance. We must also remember that women No are less likely to negotiate for higher wages. Yes
43% of our survey respondents have not received a pay rise in over 2 years. Senior Manager Team Leader Department Manager General Manager CEO Director
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39% 61%
14% 11% 13% 16% 14% 32%
SADHANA SMILES
THE ISSUE OF EQUAL REPRESENTATION IS NOT ONE FOR WOMEN TO SOLVE ON THEIR OWN.
We need leaders who will make deliberate hiring decisions, men who will call out inappropriate behaviours and human resources to ensure that we have a talent pool of young women promoted into management or leadership roles.
This survey highlights that:
I hope that this survey provides an insight into not only how women feel, but the key issues we are facing.
= Female leaders bring to the table a diverse range of capabilities, thought and leadership styles
= There is technology available that allows for flexible workplaces = Women are ambitious and want leadership roles, directorships and shareholding
= There are female role models who are leading the way, challenging the status quo and mentoring other women
My intention is to do this survey every year, share the data, start and reignite key conversations and, along the way, my hope is that leaders and businesses will step up with us and ask: = How do we make changes? = How do we support women? = How do we create equality? After each survey, we will have a think tank with key business leaders to review the results, agree on what needs to change and how they can influence their circle on these changes. I want to thank everyone who promoted and participated in this survey, and I look forward to your continued support and voicing your ambitions to an industry that needs to change. 5
AMBITION REPORT
WHY REAL ESTATE?
Love of the industry.
To build wealth.
Flexibility.
Love of property.
I fell into it.
Working with people.
It chose me.
Desire to own a business.
These are the top 8 reasons why women join real estate and it is interesting that flexibility, building wealth and desire to own a business were part of the top answers. Women want flexibility and this is critical to women coming back to work. Our industry has the capability of providing this, making real estate an attractive career choice.
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IS FLEXIBILITY IMPORTANT?
No Yes
5% 95%
SADHANA SMILES
CAREER CHALLENGES These are the top 8 career challenges woman face. Are these also the lessons that are stopping women stepping into leadership roles?
Bias behavior.
Experienced bullying.
Pay equality.
Work/family balance.
Managing stress
Career opportunities
Lack of respect
Loss of confidence
DESPITE THESE OBSTACLES AND CHALLENGES WOMEN CONTINUE TO RISE TO THE TOP, THEY ARE FEW AND FAR BETWEEN HOWEVER THEY ARE THERE.
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AMBITION REPORT
WOMEN IN REAL ESTATE HAVE EXPERIENCED CHALLENGES, OBSTACLES AND BARRIERS AND THE RESULT IS WE ONLY HAVE A HANDFUL OF WOMEN IN LEADERSHIP ROLES.
ARE YOU INTERESTED IN OWNING YOUR BUSINESS OR SHAREHOLDING?
We do have to ask ourselves why we have so few women in leadership roles. Our survey clearly shows 70% of women are interested in shareholding opportunities yet only 36% have the opportunity to buy in.
No Yes
5% 95%
No Yes
30% 70%
DO YOU HAVE AN OPPORTUNITY TO BUY IN?
No
5%
Yes
30 70%
I have nothing in place % KPIs in place to ensure you meet your performance targets Regular discussions on potential promotion
Monthly one-on-ones Business planning
I have 8 nothing in place KPIs in place to ensure you
22% %
Zero One
22% 21% 11% 22% 24%
16% %
No Yes
64% 36%
3+ years ago 3 years ago 2 years ago 1 year ago
18% 6% 18% 58%
No
48% 52%
SADHANA SMILES
Yes
23% 77% 48% ARE YOU INTERESTED 52% IN A LEADERSHIP ROLE? No
No
Yes
Yes
39% 61%
No
NUMBER OF FEMALE MANAGERS.
Yes
Senior Manager
Zero
No Yes
16
17 83% 39% 61%
%
%
16
%
Yes
83% of women are interested in leadership roles with 30% interested in either a GM or CEO role.
Team Leader Department Manager General Manager CEO Director
General Manager
Three
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Director
%
The number of female managers in our businesses is not high.
WHAT TYPE OF LEADERSHIP ROLES ARE YOU INTERESTED IN? Senior Manager
33
%
Department Manager
CEO
Two
No
One
Team Leader
14% 11% 13% 16% 14% 32%
If you do not have any, or very few women in management roles, then leaders need to deliberately focus on changing this. We all know and understand the benefits of having a business and leadership teams that are diverse, yet we are not seeing a strong desire for work places to become more inclusive.
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14% 11% 13% 16% 14% 32%
AMBITION REPORT
CAREER5 95 PLANNING No
Yes
We all know the importance of having a career plan. I believe if you don’t have a plan, you will become part of someone else’s and probably wont like it. 22% of women have no business plans in place 11% have regular discussions on potential promotion opportunities
%
%
Yes
There is an opportunity for leaders to put plans in place that will positively impact their teams, bottom line, culture and performance.
CAREER PLANNING. I have nothing in place
22% have monthly one-on-ones
KPIs in place to ensure you meet your performance targets
24% have a business plan in place
Regular discussions on potential promotion Monthly one-on-ones Business planning
10
No
22% 21% 11% 22% 24%
30 70
SADHANA SMILES
HOW CAN LEADERS ELEVATE WOMEN?
Understand womens ambitions.
Support and promote.
Equal billing at conferences.
Ensure you have a talent pool of women.
Mentoring programs.
Parity.
Respect women.
Acknowledge there is an issue.
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AMBITION REPORT
HOW CAN EXISTING FEMALE LEADERS HELP YOU ACHIEVE YOUR GOALS?
18 18% Peer Empower % % 3 years3ago years 6 ago mentoring. each6 other. 2 years2ago years 18 ago % 18% 1 year ago 1 year ago 58%58% % 3+ years 3+ago years ago
Share experiences & success
DO YOU FEEL WELL SUPPORTED BY OTHER WOMEN?
No Yes
% % 2323 % % 7777
Call out behaviours.
Networks.
not compete.
Yes
Yes
CAN YOUR BUSINESS BECOME MORE SUPPORTIVE OF WOMEN?
No
No
Yes
Yes
It is great to see that 77% of women feel well supported by other women.
4848% % % 5252
% No Collaborate No
% % 3939 61%61% No
Yes
However two-thirds believe their business could be doing more to support of women.
14% 14% Team Leader Team Leader 11% 11% Department Manager Department Manager 13% 13% GeneralGeneral Manager Manager 16% 16% CEO CEO 14% 14% DirectorDirector 32%32 Senior Manager Senior Manager
No Yes
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17%17% % % 8383 No
Yes
SADHANA SMILES
HERE IS HOW 61% OF RESPONDENTS FELT THEIR BUSINESS CAN BECOME MORE SUPPORTIVE OF WOMEN:
Promoting women into senior positions.
Stop sexist behaviors.
Mentoring.
Deliberate hiring decisions.
Networking.
Parity.
Recognition.
Options postmaternity leave.
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AMBITION REPORT
RESPECT FOR WOMEN There is a clear message on the issue of respect of women in the workplace. Over 52% of respondents have experienced inappropriate behaviour in the workplace. If male co-workers and leaders do not respect women, how are they ever going to get a promotion or support into leadership roles? % 3+ years ago 3 years ago 2 years ago 1 year ago
No Yes
23% 77%
18 6% 18% 58%
HAVE YOU EXPERIENCED INAPPROPRIATE BEHAVIOR FROM MALE COLLEAGUES?
No Yes
No Yes
48% 52%
39% 61%
Senior Manager
14
No
17%
Team Leader Department Manager
14% 11% 13%
SADHANA SMILES
Daily I experience inappropriate sexual jokes and it makes me exceptionally uncomfortable.
Acceptance of capabilities by male counterparts.
Getting the same recognition as males in the same position.
RESPONDENTS’ EXPERIENCES OF INAPPROPRIATE BEHAVIOUR IN THE WORK PLACE.
People not believing in me or thinking I am too young.
Rumors about me (which aren’t even true) in the office. The biggest hurdle is women actually supporting other women.
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AMBITION REPORT
HOW CAN WE CHANGE THE BOYS CLUB? WOMEN SAY:
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Promote women into leadership roles.
Call out sexist behavior.
Behave professionally.
Treat women respectfully.
Male co-workers to step up.
Support for one another.
Keep the conversation going.
Make deliberate hiring decisions.
SADHANA SMILES
WHAT CAN YOU DO AS A LEADER? Review your hiring and salary policy and procedures – you need to be intentional and deliberate in making changes Set a goal of equal leadership by 2025 Ensure that you have flexible and family friendly policies Don’t ignore the pay gap – it has an impact on a woman’s buying power and retirement Ensure that women are respected by their male peers – call out unacceptable behaviour Hire young women who you can mentor into leadership roles Develop coaching programs specifically for women
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AMBITION REPORT
KEY INSIGHTS OF THE 2018 AMBITION REPORT
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SADHANA SMILES
230 respondents across Australia Data collected was confidential with no names or contact details provided 43% had not received a pay rise in over 2 years 95% stated that flexibility was critical to them 70% are interested in business ownership or share holding 36% have an opportunity to buy in 83% are interested in leadership roles 32% are interested in directorships 22% have no business plan 77% feel well supported by other women 61% felt their business could be more supportive of women 52% had experienced inappropriate male behaviour 16% of businesses have no female managers
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AMBITION REPORT WOMEN IN REAL ESTATE 2018 SURVEY SUMMARY
BY SADHANA SMILES