Colliers responds to the Bridge Group survey on real estate and socio-economic diversity

240920officewalkin

The latest report from the Bridge Group shows limited progress on social mobility in one of the UK’s most important industries.


The real estate sector contributes more than £94 billion annually to UK GDP and employs over one million people. Leaders in the industry shape where we live, work and play. But who gets in, and who gets ahead and how – and what are the effects of socio-economic background? Colliers International was one of 12 leading real estate firms that took part in the latest survey from the Bridge Group.

The aim of the survey was to understand how socio-economic background affects access to, and success in, the industry. The research was funded by the JLL UK Foundation, a registered charity focused on supporting young people from low socio-economic backgrounds into the property industry.

  • The report reveals that the sector is deeply lacking in diversity - and acutely by socio-economic background. Analysis of over one million data points shows that:
    Among the participating organisations, 33% of senior executives attended an independent school, half (50%) attended an independent or selective state school, while 52% are from a higher socio-economic background when parental occupation is also taken into account. This is similarly unrepresentative to occupations such as government ministers and FTSE 350 Chairs. 
  • White men dominate senior positions in the sector. Men are 21% more likely to be from higher socio-economic backgrounds (by school type and parental occupation) compared to women; and White employees are 40% more likely to be from higher socio-economic backgrounds compared to those who identify as Black.
  • There is significant variation between firms, but on average the real estate firms in the research have a lower proportion of employees from lower socio-economic backgrounds compared to, for example, leading accountancy firms, most leading law firms, and government departments. 

Interviews with over 150 senior leaders, mid-level employees and young people highlight a range of factors that are contributing to this acute lack of diversity, including the persistent importance of family connections, a strong lack of diversity at university courses that provide access to the profession, work cultures dominated by White men that can exclude other groups, and tolerated micro-aggressions in the workplace. 

The report challenges the sector to introduce a range of recommendations. These include the need to launch a comprehensive programme of careers guidance for young people, reform recruitment processes (both for universities and employers), develop clearer and more objectively assessed definitions of talent, and the collation (and benchmarking) of socio-economic diversity data by all real estate firms to inform and assess progress. 

Lydia Ings, HR Director at Colliers International, commented: “It’s no secret that our industry needs to do more to encourage people from all backgrounds to consider a real estate career. The survey from the Bridge Group highlights just how much needs to change, particularly in terms of a wider awareness of our sector across schools and higher education.

“There needs to be a shift from the inside of the industry, creating an environment of acceptance, collaboration and positivity. This, combined with a focus on providing greater opportunity for young people looking to enter the sector, will be key to unlocking a new and more diverse generation of real estate professionals.

“At Colliers we are invested in engaging with schools and education bodies through our apprenticeship programme and our continued work with schools to put a real estate career firmly on the map. Recently we won ‘Top Employer’ at The School Leaver Awards for the second year running and are pleased our efforts are being recognised.”

Nik Miller, Chief Executive of the Bridge Group, said: “This research is a critical step in using evidence to identify and address challenges in the UK real estate sector. We commend the participating firms for their commitment to the collection of data and to listening to colleagues’ lived experiences. The real value of this work, however, will be in the way the whole sector responds to these findings and recommendations – which should be very hard to ignore”. 

Mark Stupples, Chair of the JLL UK Foundation added: “Covid-19 threatens to further exacerbate existing social inequalities and there are already reduced job opportunities for young people, so social mobility is more important than ever. This research highlights that there is much work to be done but provides invaluable evidence and impetus for change on such a critical issue. We look forward to working alongside others in the real estate industry to advance these recommendations.” 

 

Related Experts

Lydia Ings

HR Director

London - West End

I join Colliers with over 18 years experience in Human Resources, most recently holding the senior position of Head of Talent Acquisition and Development.

As a highly respected HR professional with extensive knowledge of the real estate market, I have worked across the full spectrum of HR; including talent acquisition, graduate development, training & career development, operations, and business partnering.

I lead Colliers’ UK HR team, using extensive experience in real estate to understand the challenges we face across all business lines, adding real value to the UK business.

 

View expert

Suzy Simpson

Associate Director

London - West End

As Acting Head of PR & Communications for UK and EMEA, I am currently covering maternity leave for Director of PR & Communications,  Charlotte Williams. 

In this role I am responsible for:

• Developing and executing internal, external & digital communications strategy for the UK and EMEA business.
• Developing and implementing tactical communications plans to build the brand and promote key messages across all aspects of the mdeia - print, broadcast and social
• Advising senior management on communications and developing a media engagement programme that supports key business lines.
• Media evaluation and reporting objectives, targets and successes across the business.
• Reputation management and crisis management
• Media training

Managment:

  • Manage the UK in-house PR team and oversee the work of our external PR agencies and consultants
  • Provide strategic direction to the PR & Digtal Marketing teams across EMEA
  • I am a member of the EMEA Marekting Leadership and Global PR & Social teams
  • I lead the EMEA PR Leadership team

Prior to taking on this role, I was an Associate Director with my main responsibilities being to oversee PR strategy for the UK regions, my key resiponsibilities include:

  • Developing and implementing PR campaigns for service lines across the UK/EMEA regions as well as on ongoing profile raising of our UK regional offices.

  • Delivering creative PR campaigns and distributing news from across the business, including new instructions, transactions, research reports, new starters and new business initiatives.

  • Developing relationships between key individuals and relevant journalists through our strategic media engagement programme. 

  • Drafting and managing industry award entries.

  • Supporting PR Director Charlotte Freeman on EMEA M&As and major corporate annaouncements  to ensure that the brand is properly represented externally.

  • Media Training for key spokespeople

View expert