“The Time is Now” to Close the Gender Pay Gap

Founded in the U.S. in 1989, CREW Network has since established chapters in the U.K. and in Canada. This year, as part of its latest industry research white paper, “Achieving Pay Parity in Commercial Real Estate,” the network compared parity between women and their male colleagues across the three countries where it’s active. The comparison underscored where the U.S. stands in this regard, and how much ground still needs to be covered.

Across all industries in the three countries, the wage gap is smallest in the U.K., declining to 9.1% in 2017 from 9.4% the year prior and 17.4% in 1997, when the U.K.’s Office for National Statistics began keeping track. It’s widest in Canada, averaging 25% and worsening for indigenous people, minorities or newcomers to the workforce.

As of 2016, the U.S. wage gap sat closer to Canada’s, than the former mother country’s. It was 20% two years ago, and for several years it was expected to close by 2059. However, the rate of progress for women in pay parity has slowed in recent years, according to CREW Network.

Within commercial real estate, the wage gap is 23.3% and especially high for commercial brokerage, although progress has been made. However, said CREW Network CEO Wendy Mann, “pay parity cannot be achieved without consistent, continuing efforts from all of us—and it starts with company leadership.”

The 2018 white paper presents expert insight, data, best practices and action items for company leadership, human resources, and women professionals to close the gender pay gap. The publication also outlines how pay parity benefits business and explores what’s on the horizon for equal-pay-for-equal-work legislation globally. More than 80 countries already have such legislation in effect.

“Understanding and committing to best practices today will help us progress to parity,” said Mann. “The time is now. Parity and diversity and inclusion are clear business advantages, and CREW Network is at the forefront working with commercial real estate leaders to move the needle forward, and ultimately, strengthen the industry.”

Noting that “national dialogue regarding pay parity continues to increase awareness on a wide scale,” Francesca Braninger, a VP with Sunwest Bank and spokesperson for the Orange County chapter of CREW Network, added that “real estate is a local business, and we must look at this as a local issue that needs to be addressed.”

In Orange County, “Commercial real estate is one of the most active employment sectors,” said Braninger. “ As companies in this region recognize the bottom-line benefits of pay parity – including improved employee engagement and retention, increased business activity, and ultimately greater productivity and profit – we will see more companies embrace change, and work to level the playing field for a more diverse and balanced workforce.”

For comments, questions or concerns, please contact Paul Bubny