REIB promotes gender equity in the property sector

REIB promotes gender equity in the property sector

At a recent event, RMB’s Real Estate Investment Banking (REIB) team facilitated an important, engaging conversation among entrepreneurs, property investors and property developers on gender equity in the property sector and the key ingredients for success. A prevailing theme was the need to open doors for the next generation of women in property through intentional inclusion, mentoring and storytelling. This is not just the responsibility of pioneering women in the industry, but a priority for men too. With over 50% of its workforce being women, RMB believes that diversity is our crucial differentiator, and the key to unlocking better business outcomes for our valued clients.

Some of the key topics discussed at the event were:

The property sector is at a turning point in terms of gender equity

Although some strides have been made in promoting gender equity in the property sector, there is still scope for significant change. Thuli Mphuntshe, National Chair of the Women’s Property Network noted that she still sits in commercial real estate boardrooms where she is one of a handful of women. She added, “We need acceleration in order to achieve equity. Although property organisations will tell you about empowerment initiatives and diversity and inclusion, the commercial real estate sector remains untransformed, even today.”

Riyaad Khan, Co-Head of Real Estate Investment Banking at RMB noted that the property sector has reached a turning point in terms of gender equity. After referring to a USA based study that projected  up to a 3:1 ratio of women to men completing their tertiary qualifications over the next 10 years he said, “It’s probably the best time in history for women in the workplace. In the next decade or two, we are going to see significantly more qualified females entering the workplace. . Boardrooms and leadership positions will change as a consequence. The environment in which women operate within the business world will change.”

He added that, in order to shift the dynamics of the workplace, institutional change needs to take place, “RMB is committed to gender equality, and I want to challenge each of you – male and female – to be a leading light going forward.”

 True transformation requires intentional equity

Mphuntshe spoke against surface level diversity in favour of a thoughtful, strategic and value-focused approach to inclusion, “For me, it doesn't necessarily mean just parachuting women just for the sake of reaching quotas to roles, because it's not going to help. If we put somebody in that boardroom and they sit there, their beautiful flower, which has no impact, because that also doesn't help.”

 She defined inclusion as a matter of placing women in value-adding roles at the commercial centre of the business. She said of the audience at the event, “I’m so happy to see a diverse group of women sitting at senior levels, making their voices heard. The solution truly sits within us.” 

Guest speaker Natasha Sideris, Owner and Founder of Tashas Group, who began with the opening of a single restaurant that set out to challenge the norm, and has swelled to a total of 39 locations and counting, both in South Africa and globally, said, “I have women, as well as men, leading at a head office level. There’s an extra special connection that women are able to bring to the table. That being said, I believe the focus should not be on lack, but on empowering women to reach their rightful potential in leadership.”

Transformation can be incremental, but over time it is possible to pivot to greater gender equity. Khan shared his experience at RMB, “When I joined the team 11 years ago, it was about 70/30 split in favour of men. Thankfully today it's around 50/50 and that's something we're really proud of as an organization. Organizationally, there is a fundamental  commitment to gender equality in the workplace. RMB CEO Emrie Brown is  the first female CEO of RMB, while similarly, at a group level Mary Vilakazi is our first female CEO.”

Mentorship and storytelling are enablers to lasting change

To open the doors to the next generation of women in property, leaders need to consciously mentor younger women. Mphuntshe said, “It’s about remembering – who sent the lift down to fetch me so that I can get to where I am, and how am I doing that for the people who are coming next?”

“We consistently identify strong women within the organisation to promote. One of my staff members Cynthia started her career with us at Tasha’s Athol making cappuccinos, and has grown to a leadership position where she trains over 1400 people,” says Sideris.

She added that mentorship can be a valuable relationship for all parties involved, “Mentorship is a relationship with a person that inspires and challenges you. It’s a symbiotic process, where the mentor ends up learning a lot too. As a leader, I find that sometimes you can learn from people who don’t have experience, and they come through with fresh ideas.

Mphuntshe concluded with a call to action for women to share their stories of resilience within the property industry, “So how are we showing up? How are we sharing our own stories with the ladies that are coming? Because, funnily enough, some of these journeys, they look exactly the same. The ingredients are the same. If you're talking about resilience, you know the next person will share a similar story.”

As parting advice, Sideris told women to be steadfast in their career path, “Don't get hung up. Don't sweat the small stuff. Do not let it deter you. Just keep on pushing through. People will eventually listen.”

 Now is the time to further gender inclusion in property, but in order for this to be successful, there needs to be institutional change, mentorship and a commitment from male and female leaders to nurture women in the sector. 

End