A new toolkit developed by the Property Male Champions of Change in collaboration with the Male Champions of Change coalition, examines the touchpoints business leaders can use in recruitment and promotion processes to interrupt bias and widen their talent pools.
The Property Council of Australia established the Property Male Champions of Change in 2015 to drive greater gender equality in the property industry and increase the number of women in leadership roles.
Convened by former Property Council national president Carol Schwartz AO, Property Male Champions of Change brings together 21 leaders in the property industry who use their individual and collective leadership to increase gender equality.
40:40:20 for gender balance: Interrupting bias in your talent processes details lessons learnt from in-depth reviews and feedback from talent managers, human resources professionals and women at various stages of their careers.
Led by Mirvac’s independent non-executive chair John Mulcahy and Investa Property Group’s chief executive officer Jonathan Callaghan, the toolkit offers examples of practical, high-impact actions.
“The value of gender balanced representation in organisations and on boards is now widely accepted. We now need robust and consistent talent processes in place so that our diversity goals are achieved and translated into genuine competitive advantage,” Mulcahy explains.
The toolkit builds on In the eye of the beholder: Avoiding the merit trap, a report published by Chief Executive Women and the broader Male Champions of Change group in 2016. This outlined how biases can influence the way merit is understood and applied, and why organisations can miss out on the best talent.
“Interrupting gender bias at all points in our talent processes takes deliberate action. If we want the best candidates and the best team and organisational results, then we need to invest in systems and processes that will ensure a broad talent pool is considered in every recruitment and promotion decision. It won’t just happen on its own,” says Callaghan.
The toolkit also outlines a compelling business case for gender diversity. Just one study published by McKinsey & Company in 2018 found that companies in the top quartile for gender diverse executive teams were 21 per cent more likely to post above-average profitability.
Carol Schwartz AO, the convenor of Property Male Champions of Change, sounds a clear warning.
“To stay competitive over time, we need access to the best people and a range of capabilities. If we are only tapping into 50 per cent of the talent pool, we are clearly putting the performance and sustainability of our organisations at risk.”