Why CRE Execs 'Must Hold One Another Accountable' For DE&I Initiatives

Diversity, equity and inclusion efforts have taken center stage in corporate governance over the past few years, and commercial real estate is no exception.  And for Stephanie Wiggins, an CRE finance industry vet who joined PGIM Real Estate last year as Head of Production, Agency Lending, stakeholders across the commercial real estate spectrum must continue to hold one another accountable and share best practices for DE&I initiatives to truly thrive. 

Wiggins will expand on those thoughts as she moderates the Fireside Chat: Taking Charge of Your DE&I initiatives at the upcoming WOI conference in Deer Valley alongside panelists Lisa Hurd, Chief Investment Officer, RADCO and  Nashunda Williams, Head of Diversity, Equity & Inclusion, JLL.

“The leaders in the industry and our advocacy groups are all keenly focused on DEI, and that’s been borne out of painful moments, quite frankly, whether it’s the treatment of women spotlighted by the Me Too movement or the racial and social inequities that have really come into focus,” says Wiggins, who is responsible for overseeing PGIM’s originations for Fannie Mae, Freddie Mac, FHA, and affordable multifamily loans. “Young people in particular are really pushing up to question the way we live and work, and they found their voices during a very difficult time, the pandemic.” 

The key, Wiggins says, will be executing on that awareness and focus through tangible action.  She’s “encouraged and enthusiastic” about where the business is heading in terms of diversity, equity, and inclusion – but says more work must be done. Should the US economy slip into a recession, for example, she says companies must hold onto employees in chief diversity officer roles, which are typically among the first cut during periods of instability. And she advocates strongly for shared industry frameworks and best practices, “to ensure we’re not just using diversity as a recruiting and retention tool, but more of a way of doing business.”

 “What keeps me up at night is this: I’ve been walking around a woman and Black for 57 years,” Wiggins says. “So for me, the thought that this moment doesn’t actually become a sustainable movement – that is really painful.”

Check back for more thoughts from Stephanie and her colleagues on the upcoming Women Of Influence Fireside Chat: Taking Charge of Your DE&I Initiatives panel in the coming weeks.