Workforce advantage

Fostering a diverse workplace provides a real strategic advantage. Teams with a significant mix of identities and backgrounds tend to have improved problem-solving abilities and better decision-making outcomes than others. In an industry where client needs and community demographics are constantly changing, a diverse workforce will be better equipped to deliver superior service.

Building a diverse workforce requires more than just good intentions. Industry leaders must recruit intentionally, practice equitable hiring, and execute thoughtful retention strategies. 

Before diving into recruitment and retention strategies, it’s important to understand why diversity matters in real estate management. 

• Enhance decision-making. Diverse teams bring a range of perspectives and lived experiences, leading to more creative and effective problem-solving. Studies have shown that diverse teams outperform individuals about 87% of the time during business decision-making processes. 
• Increase market competitiveness. Companies with diverse teams are often better positioned to understand the needs of their clients and tenants from different cultural, socioeconomic, and demographic backgrounds. By diversifying your team, your company can relate to and maximize different markets better than others.
• Improve employee retention and satisfaction. We’ve all experienced workplaces with toxic, uncomfortable, or unwelcoming environments. It’s hard to bring your best when you feel mistreated or underappreciated. Inclusive workplaces create a sense of belonging that can reduce turnover and encourage greater engagement.

Recruiting a diverse workforce calls for people-leaders to be more proactive and intentional.

Instead of relying on the same recruitment channels you always do, broaden your sourcing by working with community-based organizations or programs that connect job seekers from diverse communities with employment opportunities. Reach out to minority-serving educational institutions, such as Historically Black Colleges and Universities (HBCUs) and Hispanic-serving Institutions (HSIs). Share job openings with your current employees and tell them about your interest in diversifying the team. Word-of-mouth advertising is often overlooked but effective.

Review your job descriptions to make sure they’re as inclusive as possible. Avoid biased language that might discourage certain groups from applying. Focus on “must-have” skills like budget management or customer service rather than narrow expectations for specific prior experiences. 

Unconscious biases can creep into the hiring process no matter how hard we try. Firms can address unconscious biases by:

• Implementing anonymous resume reviews to focus on skills and experience rather than names or demographic indicators
• Using prepared interview questions to ensure that all candidates are evaluated on the same information
• Offering proactive training to raise awareness of unconscious bias and how to work against it

While these strategies might feel like extra work, they pay off in the end.

Importance of culture for retention

An inclusive culture is one in which all employees feel valued, respected, and able to thrive. This culture can reduce turnover and increase employee engagement. As your team’s diversity grows, leaders must create an environment employees want to stay in.

Encouraging honest conversation and regular feedback can make a big difference in workplace culture. Honest feedback is more readily accepted when employees can work through their differences in meaningful ways, strengthening trust. 

Larger organizations might also consider creating employee resource groups (ERGs) to give employees of marginalized identities, who tend to be in the minority, a way to build communities of support and work against isolation.

Other inclusive practices include celebrating and recognizing cultural events and holidays, providing regularly scheduled, ongoing DEI training for all employees, and reviewing your policies on promotion, raises, and professional development to ensure all employees have equitable opportunities for career advancement.

Measuring success in DEI recruitment and retention

To ensure your recruitment and retention strategies are effective, create key performance indicators, or KPIs, to measure your progress. Some examples of effective KPIs might be:

• Diversity of new hires. Is your organization increasing the number of diverse hires in categories such as race, gender, ability status, and educational background? Raising awareness of your organization’s diversity, or lack thereof, is a great first step to building a more inclusive culture.
• Retention rates by demographic. Track employee retention rates to see if certain groups leave more frequently. If you discover, for example, that women leave their positions more frequently than men, that might indicate that women do not experience the same level of inclusivity in your organization.
• Employee engagement surveys. Do all employees feel equitably engaged in the company culture? Conduct regular surveys to understand employee satisfaction and identify growth opportunities.
• Staff development and growth. Measure how often employees from diverse backgrounds are promoted.

KPIs are a great tool to help your organization identify gaps and take corrective actions to ensure their DEI efforts are impactful.

Recruitment and retention efforts to build a diverse workforce and inclusive culture must be intentional, equitable, and ongoing. By broadening how you recruit staff, eliminating bias from hiring practices, fostering an inclusive workplace, and measuring progress, you can create an environment where all employees feel valued and empowered
to thrive.