FOR IMMEDIATE RELEASE:
Commercial Real Estate Women (CREW) Releases Pay Inequity Information
ALBUQUERQUE - Recent social movements have heightened society-wide awareness about negative treatment and pay disparities that women are facing in the workplace. Like other industries, commercial real estate is now under greater pressure to address these issues as companies strive to meet equality, diversity and inclusion goals. Commercial Real Estate Women (CREW) New Mexico is a chapter of CREW Network, the premier business networking organization dedicated to transforming the commercial real estate industry by advancing women globally. CREW Network is the world’s leading researcher on women in Commercial Real Estate.
CREW Network recently released its annual white paper- Achieving Pay Parity in Commercial Real Estate. The white paper provides expert insight, data, best practices and action steps for company leadership, HR and women to close the gap. It also explores the business benefits of pay parity, why the pay gap exists and what’s on the horizon for equal-pay-for-equal-work legislation.
Key findings include:
- More than 80 countries have some form of equal-pay-for-equal-work legislation in effect, while approximately 24 have some sort of mandatory reporting requirement.
- Women and men on the executive level appear to be negotiating their salaries equally. Most candidates have outside guidance on the offer process from an employment lawyer, mentor, or HR professional.
- Closing the pay gap could be determined by unconscious bias and how employers react to women’s increased and improved compensation negotiations. Harvard research found that for women, sometimes it does hurt to ask for more. In a series of experiments, evaluators penalized women more than men for initiating negotiations. The white paper provides tips and action items for employers to overcome this bias and for women to navigate negotiation.
- Pay data is more accessible than ever through technology. Women are open to sharing their compensation information with other women, especially when they are in similar positions or markets.
- Companies that have achieved pay parity agree that it’s not a one-off event and must be evaluated annually and reviewed on an ongoing basis.
“This important research shows that there is still some work to be done in eliminating the pay gaps that exist for women,” explained Justine Deshayes, CREW New Mexico, 2018 President. “CREW New Mexico is committed to taking on this challenge through advancing women in commercial real estate. The strength of our 100 plus members, specialized mentoring program, community outreach, education and leadership development has historically provided the skills necessary for our members to experience new career opportunities and advancement. CREW Network’s annual white paper gives examples of how the work we are doing breeds diversity and pay parity that will ultimately benefit the local business community.”
To read the full report, click here