CBRE’s UK Advisory Business Reduces Mean Ethnicity Pay Gap
CBRE Advisory Services has today voluntarily published its 2021 Ethnicity Pay Gap report, which shows that CBRE’s UK Advisory business had a mean (average) ethnicity pay gap of 14.5%. This represents a reduction of 0.9% since CBRE last reported in 2019.
CBRE’s pay gap reflects the current structure of CBRE’s UK workforce, which has a greater number of white employees in senior positions. Ethnic representation has increased across all quartiles of the UK business, but the greater rates of change were in the lower quartiles. As a result, the median (mid-point) ethnicity pay gap was 14.8%, an increase of 0.7% on the 2019 figure.
Whilst progress has been made, CBRE is taking accelerated action across the whole talent pipeline to increase diverse representation and is committed to attracting, retaining, and promoting ethnically unrepresented communities through a variety of initiatives. These include:
- Committing to 75 work placements over three years to raise the profile of the property sector to underrepresented groups in partnership with UK charity, CareerReady.
- Ensuring greater diversity in our ‘Next Generation’ programmes, including school, intern, graduate and apprenticeship programmes as well as talent, learning and development pipelines.
- Targeting non-traditional graduate pathways to bring diverse talent into the sector.
- Established a Race Taskforce to identify key barriers for underrepresented groups in the workplace.
- Launched a global policy on Racial Misconduct and an Ethics Helpline, reaffirming CBRE’s commitment to zero tolerance for racism and providing a way of reporting instances of racism or business conduct that falls below expectations.
- Implemented mandatory unconscious bias and inclusion training for all recruiting and performance managers.
- Ensuring minimum standards for all diverse interview panels and monitoring long and short lists to ensure diverse candidate slates when recruiting.
This report forms part of our ambitions to both create change in our business and to hold ourselves accountable. While this report shows some promising data that indicates we are making progress there is a need for continual action to accelerate change. Our focus remains on outreaching to schools, non-cognate universities and our cities to establish the property industry as a career of choice for many and not just a few.
Our Ethnicity Pay Gap demonstrates our continued commitment to transparency and accountability and ensures we are being open about any equality gains whilst also monitoring closely for any regression. Our Race Taskforce and Race Ethnicity and Cultural Heritage (REACH) Network will be pivotal in helping to instigate change and develop the actions and behaviours that will tackle racial inequity in our business.