Bridge Group launches report on socio-economic diversity in the real estate sector
Real estate and socio-economic diversity: shaping where we live, work and play
24 September 2020
The latest report from the Bridge Group shows limited progress on social mobility in one of the UK’s most important industries.
Twelve leading real estate firms have collaborated with the Bridge Group 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.
Amongst our key findings:
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.
Recommendations include:
Launching a comprehensive programme of careers guidance for young people
Reforming recruitment processes (for higher education and employers)
Developing clearer and more objectively assessed definitions of talent
Collating socio-economic diversity data to inform and assess progress.
Nik Miller, Chief Executive, Bridge Group:
“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, JLL UK Foundation:
“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.”
The summary report is available here. The full report has been shared with participating organisations.
Click anywhere on the video below to watch the full webinar.
