Phillips Edison & Co.'s Support of Efforts to Recruit and Develop Diverse Talent in the Commercial Real Estate Industry
Challenge
Increasing Representation of Underrepresented Minorities in Commercial Real Estate.
Actions
In 2021, as part of a continued effort to promote diversity, equity and inclusion (DE&I) in retail real estate, ICSC (Innovating Commerce Serving Communities), the industry group serving the retail shopping center industry, and its Foundation, announced its inaugural Launch Academy- a unique program under its Talent Incubator Project umbrella designed to recruit and prepare racially diverse undergraduate students for a career in the industry. Jeff Edison, Chairman and Chief Executive Officer of PECO, serves on ICSC's Board of Trustees. The mission of the ICSC Foundation is to create a vibrant real estate industry by building a pipeline of bright, ambitious, and diverse talent that can drive the industry forward.
To engage a robust pool of committed students, the program taps into ICSC's existing university partnerships as well as schools, such as HBCUs, that serve large percentages of diverse students. Providing the tools needed to begin a career in CRE, students receive a paid summer internship from an ICSC member company, a mentor, retail, real estate and professional development training and access to industry leaders.
In addition to sponsoring two interns as part of the initial Launch Academy, the PECO team worked closely with ICSC staff to build and deliver the supporting curriculum to equip students to be successful. Keith Rummer, PECO's Chief People, Diversity & Inclusion Officer, served on the committee that developed the case study students used as a learning opportunity throughout the program. Additionally, Jim Bruckner (Construction) and Lacey Elliott (Transactions) served as panelists/speakers for the program. PECO will again be participating in the Launch Academy program for 2022, serving as a corporate sponsor and host of two interns.
Outcomes
In addition to supporting all Launch Academy participants through development and delivery of the curriculum designed to set them up for success in their internships, Phillips Edison & Co. hosted two interns in 2021, and will be hosting two additional interns in 2022.
Contact
Keith A. Rummer
Senior Vice President, Chief People, Diversity & Inclusion Officer
Quote
As one of the country's largest owners of grocery-anchored shopping centers, we are committed to ensuring our company reflects the diverse communities we serve. Embracing and celebrating diversity has been shown time and again to drive corporate and individual success across the board, and we've seen how these efforts support every aspect of our business from attracting and retaining the best-quality talent to leveraging diverse perspectives to inform decision-making and fuel innovation.