Towards more inclusive equality and diversity for the Australian valuation industry

This report highlights that the valuation industry in Australia continues to lack diversity in gender and minority group representation, and this is impacting on the future of the valuation profession. As one participant in the focus groups eloquently, but alarmingly, put: “you cannot be, what you cannot see”. Whilst Australian property professional associations, industry, and the education sector are all addressing these concerns, there is a pressing need for more to be done to ensure the valuation profession is being represented in an inclusive manner. Without proper redress, the sector is not capitalising on its capability to be a leader in the Australian and global property sectors and missing out on significant financial opportunities. Professions that do not strive to attain a gender-balanced and diverse workforce risk missing out on the best talent and enhancing corporate performance. Australian graduate research demonstrates that female graduates entering the property profession represent 32% of the total number of graduates in the field but these ratios continue not to be seen in the valuation sector. Under representation of persons of diverse genders and people from minority groups in valuation is at odds with the total number of graduates, and questions arise why such groups are not encouraged and supported? Male and female graduates, as well as students from minority groups attain the same educational qualifications, hence, in this study we urgently query “what is the justification for the imbalance with equality and diversity prevailing in the valuation profession?”. The valuation industry has struggled not only to attract women and minority groups into the profession but also to retain such groups who have chosen to work in the industry. Such lack of diversity in terms of gender, ethnicity and age has huge implications for both how the profession is defined, educated and how it can market itself and in terms of client perception. Lack of gender equality and diversity in a profession exacerbates skill shortages, reduces economic productivity, and constrains its innovative capacity. There is an alarming demographic time bomb in the valuation profession as many current property valuers are set to retire, within the next ten years. The valuation industry therefore owes a duty of care to send out the message that it is actively working on a coordinated approach to encourage equal employment policy and practice, to attract and retain valuers in the profession.