The DEI Policy, which stands for diversity, equity, and inclusion, is important to be established in all working environments. That is why today I will talk about the importance of DEI and how to make sure that your real estate workplace environment is more inclusive.
According to research done by Global Recruiting Trends back in 2018, diversity is directly related to your business’s culture and financial performance. However, even though a lot of companies have tried to make their employees of all cultures and backgrounds feel represented, many failed to do so. A big part of the problem is that most of the time people assume that diversity, equity, and inclusion are one and the same. Therefore, in order to have a more diverse work environment, we must know the exact definition of what DEI actually stands for.
Diversity
Diversity is representation, not only of a person’s cultural background but also of other aspects such as their gender identity, sexual orientation, race, age, and mental and physical health.
Equity
Equity is ensuring that all your processes are fair, unbiased, and provide equal possibilities for all your employees.
Inclusion
Inclusion is the process of involvement which basically means that once a person is recruited at your workplace they must be provided with the same opportunities as their coworkers and treated equally.
Ways to Make Sure Your Real Estate Work Environment is More Inclusive
There are ways in which you can make sure that you are contributing to a more inclusive workplace. Charlie Lee Senior Counsel at NAR (National Association of Realtors) suggests including the following in your real estate company’s DEI policy:
- Create a team of your company’s leaders, employees, consultants that will be able to provide insights into how your organization has been handling things and which areas need improvement.
- Make sure that you and your coworkers have a clear understanding of the difference between the three key words: Diversity, Equity and Inclusion, what they stand for and create guidelines in order to reflect them.
- Be sure that your company better represents diversity and your partners share the same values as you.
- Provide your staff with training and development opportunities that can help your organization achieve your DEI mission.
- Always make sure to check in with your coworkers to see how they are doing.
- Assign one of your employees to be in charge of DEI and monitor brokerage progress and goals.
Creating an Inclusive Culture
When the values and needs of your employees align with your company’s culture, they tend to have better relationships with their coworkers, become more productive within their role, and stay in the organization for a longer period of time, but most importantly they find their sense of belonging. They feel that they are welcomed in their workplace. They see themselves reflected in their organization and feel comfortable contributing to it.
Benefits of the DEI Policy
Some key benefits of including the DEI Policy in your real estate work environment are that it prevents issues regarding discrimination and fair housing. It also represents your organization as open-minded and committed to ending discrimination based on a person’s gender identity, sexual orientation, race, age, or mental and physical health and shows that you are integrating diversity within your workplace culture and mission.
Overall, studies show that those who are committed to having diversity within their workplace are on their way to benefiting from higher revenue growth, increased innovation, a better work environment, and profit.
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