Whether they are property managers, C-suite executives, or investors, women bring unique perspectives and skills to multifamily workplaces. Even so, women face numerous challenges, like gender bias, harassment, and discrimination.
If we break down these barriers, the multifamily industry can become more equitable and prosperous. Keep reading to uncover five ways to support women working in the multifamily industry.
#1. Promote Pay Transparency
The gender pay gap is real, and it hasn’t changed much in 20 years. In 2022, women earned 82% of what men earned in 2022, compared to 80% of men’s wages in 2002.
Pay transparency is crucial to closing the gender pay gap. Without it, women can’t advocate for fair compensation and miss out on leadership roles.
Foster pay transparency at work by:
- Having transparent conversations about pay rates.
- Discussing compensation early in the recruiting process.
- Reviewing pay policies for clarity.
#2. Offer Mentoring and Sponsorship
Mentoring and sponsorship are vital for women’s career growth. Mentors provide guidance, while sponsors use their influence to advance another’s career.
Kristi Fickert, Vice President of Enterprise Growth, Realync, recognizes the importance of mentorship. Her top career tip: Use your knowledge and expertise to make things easier for those who come behind you.
Mentorship and sponsorship are powerful for a woman’s career. Consider founding a mentorship or sponsorship program at your multifamily business.
#3. Provide Opportunities for Growth
Did you know that for every 100 men promoted to leadership positions, only 87 women are promoted to leadership roles? This number drops to 82 for women of color.
A lack of leadership opportunities motivates women to leave for better options. Two female directors leave for every one promoted to a higher position.
Growth opportunities are vital for retaining female employees. Consider implementing:
- Ongoing training opportunities.
- Attendance at industry events.
- Cross-functional collaboration among teams.
#4. Incorporate Flexibility
Flexibility is one pandemic-era perk that shouldn’t be lost in the post-pandemic world. As primary caregivers, women look for flexible working hours in their ideal job more often than men.
Kara Rice, Chief Communications Officer, Swift Bunny, credits her illustrious career to flexible employers:
“Building a professional life that accommodates your personal life and vice versa [is important]…I could not have done it without bosses [and] coworkers…who were supportive of that overlap.”
To promote flexibility for employees, try:
- Providing remote work options.
- Allowing flexibility in scheduled hours.
- Granting paid time off for caregiving.
#5. Open the Lines of Communication
Open communication is vital for inclusive workplaces. Multifamily companies that welcome feedback and concerns help employees build better relationships and feel happier at work.
Effective communication enables teams to address conflicts, such as harassment and discrimination, with confidence that the matter will be handled correctly.
Being transparent with teams about critical decisions is an excellent way to foster open communication. You can also elicit feedback in 1-to-1 meetings and employee focus groups.
An inclusive, equitable, and supportive multifamily industry benefits everyone. Adopt these strategies, and you’ll certainly see positive changes in your company culture over time.
Grace Hill helps create equitable workplaces for women. Request a demo today for employee training solutions that foster inclusivity.