Source: firsttuesday Journal —
Diverse representation among real estate professionals is coming up short — and it’s a missed opportunity for financial growth.
In a study of more than 1,000 U.S. companies, those companies which prioritized an ethnically and gender diverse workforce outperformed their less diverse counterparts by a staggering 36% in profitability, according to McKinsey.
This paints a stark picture on the lack of gender diversity in the industry, where roughly 36% of commercial real estate professionals are women, and only 9% of C-level positions at CRE firms are held by women. Comparatively, brokers and agents from minority groups include:
- 85% white individuals, compared to 35% of California’s population;
- 12% Latino individuals, compared to 39% of California’s population;
- 8% Black individuals, compared to 5% of California’s population; and
- 4% Asian American individuals, compared to 15% of California’s population, according to BLS Beta Labs.
By placing greater emphasis on developing a diverse workforce, professionals will better position themselves for success by building a system to support more people in the community.