Authenticity is everything for real estate’s up-and-comers
More than 90% of young employees feel they have a voice at work when it comes to ESG – Environmental, Social and Governance - issues, writes BPF Futures Chair Isabelle Hease.
Being able to influence decisions, rather than just being involved in the discussion was a big deal for this purpose driven group as we sat round the table to discuss ESG strategy. This BPF Futures session, delivered in partnership with SAY Property Consulting, brought together young-in-career professionals from both large and small companies to understand initiatives, barriers and solutions across ‘E’, ‘S’ and ‘G’.
It is incredibly powerful to sit alongside the next generation of property leaders. We were from very diverse backgrounds and brought different professional experience through our work at law firms, investment funds, planning consultancies, developers, and project managers. We met to discuss what matters to us and to recognise that we have collective power in our youth and commitment to the ESG agenda. So, how can we take a leading role to support and consolidate our future voices across the sector?
Start small – build from there
There’s increasing impetus being placed on what we, the next generation, want from our employers. But from an employee’s perspective, it can be overwhelming knowing where to start when it comes to environmental initiatives – from knowing what schemes your company has in place, to how wider initiatives can be delivered across the business, and how to get involved. But without our involvement it will be difficult for those at the boardroom table to understand what Gen Z is looking for and expecting their business to do.
Practical issues such as time and available capital came up time and time again as barriers to progress, which is further slowed by the need for senior management to approve and enforce initiatives. A disconnect between senior leaders and younger talent was highlighted too, with the suggestion that regular knowledge sharing sessions and the involvement of younger employees could help address resourcing challenges and drive forward new essential ESG initiatives.
There’s a general consensus that getting the ball rolling with these initiatives is the hardest part. This is particularly the case for SMEs, where initiatives like carbon monitoring techniques are more challenging, due to limited capacity and resource allocation. This means that the small steps that companies can take are important, even if they are modest initiatives like Oddbox deliveries of unwanted fruit produce or Bike2Work schemes. Internal workshops and forums can aid in awareness building, helping to establish a dialogue on the significance of these smaller initiatives, while also providing a forum to discuss ESG targets.
Inside out - Social initiatives are key
For companies to attract and retain talent, there is an overarching call to implement robust and authentic social initiatives. On the whole, social initiatives are easier to implement and generally occur organically, even if companies do not have formal ESG strategies in place. They are often surrounded by more positive reinforcement than their ‘E’ and ‘G’ counterparts, which tends to make them more attractive.
Successful social initiatives range from wellness rooms for employees, to important LBGTQ and BAME working groups and regular diversity and inclusivity awareness training. The adoption of ‘Networks’ formed of passionate people discussing subjects which personally matter to them will better educate and equip both employees and employers to tackle the lack of understanding of social issues that continue to permeate the sector. It was promising to hear that several of these are being set-up and often driven by my peers in a positive and inclusive way.
The underlying message on social initiatives was ensuring they are genuine and authentic. We know we can be a cynical generation and will see straight through lip-service.
Looking ahead
In the age of greenwashing, green-hushing and everything in between, it is more complex than ever to clearly articulate and effectively implement ESG strategies. Yet it has never been more important.
Authenticity alongside a willingness to listen and learn are key. As well as providing a framework to measure the performance and impact a company might have on the environment, society and its stakeholders, ESG also has a profound impact on existing and prospective employees. This is increasingly the case as ESG continues to positively influence the creation of professional roles and encourage young diverse voices to enter the sector.
This article originally appeared in EG.
Read SAY Property Consulting's insights paper following the ESG roundtable.
