Leveraging DE&I in Talent Management in Canadian Commercial Real Estate
A mere decade ago, Canadian businesses viewed reducing environmental impact as a “nice to have”. Today, ESG initiatives and efforts are deemed essential to successfully compete and thrive in the Canadian Real Estate marketplace.
Similarly, putting forth strategic efforts towards Diversity, Equity & Inclusion (“DE&I”) initiatives is front of mind for commercial real estate firms and their clients. Senior leaders and Human Resources professionals recognize that having a strong and transparent DE&I strategy and key performance indicators (KPIs) not only embody good moral and ethical principles, but also provide a distinct competitive edge.
DE&I in Talent Acquisition and Management
To attract a wider variety of qualified candidates, commercial real estate firms are prioritizing strong DE&I initiatives. In today’s job market, candidates are increasingly seeking socially responsible employers, and organizations that are inclusive and equitable.
According to the Deloitte Global 2022 Gen Z and Millennial Survey, employees who are satisfied with their companies’ efforts to create a more diverse and inclusive culture are more likely to remain with their employer long term.
Commercial real estate firms that can attract and retain a valuable and diverse talent pool have a competitive advantage.
These firms are perceived as socially conscious and more likely to be selected by prospective clients. When commercial real estate firms are diverse, they are better equipped to represent and serve the communities they operate in, which can result in more strategic and inclusive approaches to business.
Moreover, teams that are diverse and have an inclusive culture are more likely to be innovative, productive, forward-thinking, leading to higher employee engagement and essentially higher financial returns. By effectively utilizing their team’s unique life experiences, skill sets, background, and perspectives, advisory firms can make better-informed decisions and help their clients achieve the best possible outcomes. Companies and teams that are more diverse are more successful, with higher employee morale, more creativity and higher financial returns.
Even in challenging market conditions, experienced and diverse advisory teams can offer a valuable proposition to investors who need to manage their positions or deploy capital. By prioritizing diversity and talent management organizations can transform not only their internal culture but also the communities they serve, making a positive impact in the marketplace.
The Strategic Value of Diversity in Advisory Services
In today’s business landscape, an organization that champions diversity and inclusivity is recognized as a socially responsible entity. When it comes to choosing an advisory firm, prospective clients place a premium on reputation, and are more likely to choose a firm with a stellar reputation for prioritizing diversity and talent.
Clients want to partner with organizations that possess a diverse and knowledgeable workforce, as well as extensive experience in multiple market cycles. This holds true in both bull and bear markets. Despite the challenges that come with the current market cycle, a leading advisory firm can deliver compelling value propositions, offering investors opportunities to generate or save money by strategically managing portfolios even during periods of uncertainty.
Numerous Opportunities Present in the Current Market
In the current economic climate, despite the challenges that may arise, there remains ample opportunities for investors to effectively manage their positions and capitalize on strategic investment opportunities. To do so, they need the expertise of a highly skilled and diverse advisory firm that is well-established in the Canadian market.
There are two types of investors in the market today: those who are concerned about their real estate exposure and the uncertain future, and those who have capital available to deploy but are waiting for the right moment. Both groups can greatly benefit from partnering with an experienced and diverse advisory team that has successfully navigated many economic cycles.
By relying on the diverse backgrounds, skill sets, and perspectives of their team members, organizations are able to elevate decision-making and help clients achieve the best possible outcomes. This diversity of viewpoints enables advisory firms to be more knowledgeable, innovative, and creative in their approach, thereby ensuring their clients’ success regardless of the economic cycle.