CREW Network's most recent survey of women in commercial real estate workplaces reveals that nearly three-quarters of respondents expect their compensation to increase this year, while 21% think it will remain on par with 2021 levels.
Just 30% of respondents had asked for a raise in the last year and 65% received an increase, according to the CREW data. The survey also notes that while women in commercial real estate have typically listed the lack of a company mentor or sponsor as one of the top barriers to their advancement in the industry, just 56% of 2022 survey respondents said they had access to a mentor or sponsor in the last two years. And that number was significantly lower for people of color: just 21% had a mentor or sponsor in the last two years.
Twenty-nine percent of respondents to the survey said women in their work location left their work location, and of that 29%, 95% said the women who left have not returned.
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Since the beginning of the pandemic, 62% of professionals CREW surveyed said they did not leave their jobs or seek new opportunities, while 27% took a position at a new company and 8% applied or interviewed for a job but ultimately did not make a switch. Another 2% left and returned to the CRE workforce, and 1% either voluntarily or involuntarily left commercial real estate and have not returned to the industry.
Of the 27% who left to take a position at another company, 51% sought better opportunities and career growth, 22% said their values and priorities no longer aligned with their previous company, 13% left for more money or benefits, and 7% left for personal reasons. Six percent desired a more flexible work environment
Flexible working arrangements are also increasingly important to women in the industry: 70% of respondents said they favor working for a company with flex work policies, an uptick from 2021′s number (68%). And 37% said that if they had the choice of two equal offers, they'd view the offer from the company with flex work arrangements as more desirable. Thirty-three percent said that they actively seek to work for a company that has flexible work arrangements "because it demonstrates the value of its people and that their varied needs come first."
The report also says "retention strategies should be a top priority for companies," with pay equity, inclusion, and work-life balance policies top of mind.
"Pay equity continues to be a hot button topic among employees," the report observes. "Inclusion policies must grow beyond ratios into meaningful measurements. Work/life balance will be a major factor for many when deciding on career choices. Wellbeing at work has risen in prominence and companies must address this concern in the workplace."
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