CAREERS
HAILEY THIEL | BLDG MANAGEMENT
Bridging the Wage Gap
In the years since 1963, when JFK signed the Equal Pay Act, the education and experience gap for women has been steadily closing. More women are educated and entering-- and staying in-- the work force. But for all of our progress, the pay gap has not changed much in the last 10 years. According to CNN Money, males out-earn their female counterparts by 22 % on average.
When I find myself asking why this gap still exists( and that the percentage difference is so staggering) I am reminded that, as a whole, women tend to be less aggressive in their career choices, in negotiating salaries and in asking for a raise. Are women hard-wired to seek out positions that are somehow less weighty than those that are“ typically” male and usually pay more? According to the Center for American Progress,“ One of the largest driving factors of the gender wage gap is the fact that men and women, on average, work in different industries and occupations”.( Glynn, 2014)
The company in which I began my career in commercial real estate is dominated by men who buy, sell, build and lease buildings. What I found interesting, however, is that those same men generally hire women to manage those buildings.
I realize it is taboo to say such things, but because I too have followed“ the safer path” throughout my career, I am able to speak from experience. The High Risk / High Reward model was way outside of my comfort zone, but I knew in order to get to the next level I needed to take a risk. When I finally did, I was relieved to find a soft landing at BLDG Management where I have had the unique opportunity to develop our Business Services division. This division of BLDG was designed to operate as a resource center to our employees and includes our Human Resources department. My mission, when joining this company, was to make a real difference for our people, this industry and our community.
Fortunately, I took this leap of faith at the right moment and have been a part of explosive industry growth. I have found that many professionals, due in large part to the market growth, are migrating to property management.“ The office sector was the most popular among applicants in 2014, 13.7 % of all applications. Multifamily jobs came in second with 11.8 %. Lagging behind in popularity, retail( 6.6 %), industrial( 4.3 %), and single family openings were nevertheless toward the top of the charts in terms of applications received.”( The Job Barometer, 2014)
As a result of this tremendous growth, I’ ve hired a lot of amazing people, men and women alike. As I’ m sure many of my peers would attest, men and women gravitate to certain positions. Women lean toward leasing, housekeeping and administrative openings, while men seek out maintenance, groundskeeping, and accounting positions.
With that said, I believe women have found property management to be a platform for professional and financial success and an industry where they can wear their leadership hats proudly. They can marry their business mind with their nurturing nature – a trait which is essential to great customer service-- in order to achieve truly great things.
Property management, unlike commercial brokerage, has long been a female-dominated industry and as such, I believe industry leaders have a responsibility to take the next step in supporting these earners by offering greater benefits that will keep them engaged in the work force longer and support a work / life balance that will keep them focused on growth and the long-term opportunities available to them.
In recent years, there has been a huge push to engage employees at all levels across all industries. Google and Amazon have done this by offering
more robust benefit packages which include extended leaves of absence. Recognizing the value women bring to the workplace is fundamental in taking the necessary steps to retaining their talent.
For my company, this means a paid parental leave program, flexibility and promotion from within. We also seek to develop our talent through a number of internal and external education programs and have had tremendous success with these initiatives to create opportunity for our employees.
Along the way, we have found that these programs foster loyalty, sound decision making and ultimately increase the performance of our properties. I am excited to be seated at a table where the leadership is balanced between men and women and where bold ideas are embraced and encouraged. This is a step in the right direction for women in real estate and I am honored to play a part in narrowing this wage gap for women. I am encouraged that there is so much attention being given to this subject and I know many more women will find property management as an avenue for achieving financial success and a seat at the table. www. aamdhq. org AUGUST 2016 • TRENDS | 25