Don’t climb a mountain in high heels!

Article by Forbes Women, December 2019

Ma?gorzata Mier?yńska talks to Monika Rajska-Wolińska, the head of Colliers International in Poland

Your official position is managing partner, or partner zarz?dzaj?cy. Are you not tempted to change the title to be in line with reality, to the female form partnerka zarz?dzaj?ca?

I would love to change it, because managing partner is the typical masculine term. But partnerka doesn't sound good either. In the business world, in which men still are the majority, partnerka seems by definition to be a lower rank. Sometimes I mix the terms and use partner zarz?dzaj?ca.

Why do the female terms partnerka, prezeska or dyrektorka seem less serious than the male ones partner, prezes or dyrektor? Maybe it's time to change this? After all, you have been named Female Champion of Change.

Absolutely. I think this kind of change is needed. There used to be no women in these positions, so these dilemmas didn’t exist. But the world has changed and we should reflect this in business language. However, changing stereotypes is more important than changing names: attention should be paid to the fact that women in managerial positions are doing just as well as men.

You received the Champion of Change title mainly for supporting diversity. How do you understand this term?

It is not just a matter of gender, religion, age or origin, although these are often the first associations. In my understanding, it is about building teams in which people are able to speak freely on various topics, allowing different perspectives. In our company, diversity results from an openness to people.

And how does it manifest itself in practice?

We build project groups composed of employees with highly diverse personalities, skills and experience. The idea is to talk as broadly as possible about a given project, problem or set of client needs. We introduced flexible working hours 10 years ago to support diversity. We understand that employees sometimes have to leave earlier to go to the doctor, sort something out, or pick up a child from preschool. We’ve created the ability for them to do this, and they don’t abuse the trust, they appreciate it. Thanks to their positive opinions about working in our company, we have been named Best Employer twice. When it comes to statistics, we are also doing pretty good as we have gender balance on the board. In terms of the whole company, the proportions are slightly reversed: 60 percent are women and 40 percent are men. This wasn't intentional, though. We only pay attention to competences.

Does this mean that, for example, you only accept anonymous CVs?

 That would be the fairest, but in Poland there is no custom to anonymise applications.

Again you have the opportunity to make a small revolution.

We discussed this topic at a management meeting, because I think that such a solution should apply at a European level. I did an experiment then. I put several CVs of people who were candidates for the same position in front of my colleagues. They admitted that it was hard for them to choose when they didn't know if it was a man or a woman. It makes you think. We will see if we can introduce such a revolutionary change. At the moment we are at the discussion stage. 

Why should business deal with diversity at all?

Because companies that do will grow faster in the future. It is also good if diversity goes hand in hand with the culture of an organisation, which I call the culture of forgiveness. We should all be aware that making mistakes is human. If there is no acceptance of this, people are afraid to submit new ideas in case they are unsuccessful. At Colliers, anyone can put an idea forward. Of course, we can’t implement all of them, but openness to diversity helps us to innovate faster and keep up with change.

If this is so important, why do employers say in job advertisements that their team is young and dynamic, and not that it is diverse?

Maybe diversity is not so important to them. For us it is crucial. We search for employees of different ages with different experience. We value young people who bring freshness, but also older ones because they have experience. I believe that the combination of these two features creates the best solutions. Also, some employers may think that young people are more likely to work overtime. However, they place a high value on work-life balance. They also want to have a life outside the company. Which is right. I do to. Although I work very hard, I try to accomodate private time – for my family, but also for myself - I’ve been practicing ashtanga yoga and meditating for two years.

A real estate broker practicing yoga. The world has turned upside down.

I don’t like the term 'real estate broker' because it does not reflect the essence of our work. We do much more than just broker property lease and sale transactions. And thanks to yoga and the philosophy associated with it, I approach life and work holistically. I also urge our clients to take a similar attitude. When they change office, I suggest that this is a good opportunity to transform the company, and we advise them how to do it. How to use an office move to modernise your work organisation and adapt to the changing needs of employees and clients. It is not about fulfilling the CEO's dream and moving to a prestigious office, or about arranging coworking spaces everywhere, liked by younger staff, but to design a new space that supports effective work while remaining a friendly place for all employees. For those who need a space to concentrate and those who need interaction. For young and old. Office organisation can also be a tool for managing diversity. That is why we employ sociologists, architects and change management specialists. We work with clients at various levels.

Do you convince them that the finish and organisation of the office should come from the culture of the organisation?

Exactly. In fact, we were pioneers of this approach in Poland. I adhere to the principle: show me your office and I will tell you what kind of organisation you have. Architecture is just a tool. If it’s not filled with content, it will just be a shell. If someone changes the interior of an office without an in-depth analysis of the employees' needs and without involving them in the change process, there is a very good chance that they will not adapt to it. Our employees come to the office with pleasure. But we changed the interior together with them. Our clients are also delighted with our workplace and they would like to implement the same changes in their office. But it doesn’t work like that. Each organisation should design its space so that it matches its internal culture.

How would you describe your management style?

I was recently asked this during a strategic meeting. In my case the key word is development. I devote a lot of time and energy to this, both in relation to myself and my employees. I don’t think only in terms of business and profits. The personal development of the people I employ is also important to me. People usually focus on negatives. But when I look at my employees I look for the positives in them. I try to see their strengths. I think that if you develop naturally, because you like doing something, then you will be much more effective and happier. The worst thing you can do is apply the same evaluation criteria to all employees. I believe that 360-degree performance appraisals are the bane of modern corporations.

How do you assess employees then?

We do it without standard forms, in an open conversation between employees and their direct superior. We then set individual development plans. It is important for me that everyone who is evaluated treats its results as a kind of gift. I want employees to be inspired and to give them the opportunity for personal development.

What qualities do you value most in employees?

Openness and honesty. I also like rebels who want to do everything their own way. I let them act this way, provided they have strong arguments and they manage to convince the rest of the team. We have a lot of people like that from the millennial generation. I appreciate that they often have a different point of view and don’t hesitate to express it. We have already introduced a few ideas that they put forward, for example increasing the number of start-ups among our clients. Some of them are developing very rapidly and sometimes, almost overnight, they need modern offices.

What would you never tell a subordinate, e.g. when evaluating them?

I would never use words that would upset anyone's dignity and self-esteem. It’s not my style. 

What’s your style when it comes to letting people go?

I always try to point out specific reasons and speak person to person. When I see that someone has lost the passion for the job, I try to convince them that they should look for a job that will make them happy. Sometimes, I manage to make them realise that they no longer have the passion. These situations are very difficult, but every boss has to face them. I’ve had to deal with them at the highest level. I’ve had to say goodbye to people I’ve known since the beginning, people who I got on well with, whose families and children spent time with mine. It was very difficult.

Do you have a coach who helps ease the burden of difficult decisions?

Unfortunately, everyone is on their own with such decisions. I often talk about it because it is an important topic. In the context of supporting women parity is discussed a lot. It is very important to me to really support women on their way to the top and let them know in advance that it is a great challenge, but also that it can be cold and lonely at the top. So you have to be prepared for it at every level: mental and physical. Just like climbing Kasprowy. Don’t go there in high heels, just put on appropriate footwear.

Only then can you get real satisfaction from climbing?

And not fall along the way, and not hurt yourself. The business world can be brutal. Not everyone can handle it, and getting satisfaction from climbing is possible only if you are well prepared for it.

Do you think women are less mentally resilient?

I think they are more sensitive. Of course, we are generalising, but from my observations in the real estate market men are often less affected by certain situations and are more confident.

Now that we've finally reached the market, let's talk a little about it. In terms of transaction volume, 2018 saw the highest result in the history of the Polish real estate – EUR 7.2 billion, which is over 2 billion more than in 2017. Will 2019 be equally good?

Almost. Our investment department's forecasts show that this year will end with a result of approximately EUR 6.5 billion. We are observing a very large inflow of Asian capital.

Asians have been the largest shareholders in the Polish real estate market for several years. Just behind them are investors from Western Europe, Africa and America. Poles occupy only 1 percent of the market. Where does this disproportion come from?

It results mainly from the lack of proper infrastructure and investment tools. We don’t have REITs, which are funds through which all Poles could invest in real estate. The law prohibits insurance companies and pension funds from investing in real estate. We do not really have real estate development capital, such as the Czech CPI fund, which has done very well at home and is now investing in Poland.

The largest transaction in 2019 in the Polish real estate market has been the sale of the Warsaw Spire building for EUR 386 million. Will there be a new record in 2020?

 We expect further record-breaking transactions in 2020, both in terms of yields and volume. I cannot disclose details at this stage though.

 However, the forecasts are not optimistic. They say that 2019 may be the last year of high growth, and in 2020 and 2021 the Polish economy is set to slow down. Will the real estate market also slow down?

We are not noticing it yet. The economic slowdown has been talked about for the last three years, but in Poland the real estate market is still growing. Waiting for the crisis, this is the third time that I’ve prepared a conservative target, but I’ve exceeded it every time. This year, however, the situation is a little different. The United Kingdom is facing Brexit, listed companies have slowed down, moving many operations to Ireland, Germany, France, and also to Poland. The German economy, on which we are strongly dependent, is also clearly slowing down. I’ve just returned from a board meeting in London where we discussed this.

But mainly Asians are investing in our real estate market.

Yes, but a large percentage of companies that lease office and warehouse space are German companies or companies that cooperate with them. When the slowdown comes, decisions regarding expansion, purchase of land and real estate will be suspended. For the time being, we are not seeing such activities yet, but I have prepared a conservative goal, because even if the great crisis does not happen, the economy will definitely slow down. And if it does, the real estate market will react immediately, as it is the first to be affected by a crisis. It’s like the litmus test of the economy.

Do you think that the tightening of the Sunday trading ban will further hit the demand for retail space?

In 2019, smaller shopping centres suffered the most due to Sunday trading restrictions. The largest ones saw an increase in the number of visitors. Customers have disciplined themselves; they go shopping on Fridays and Saturdays. This will also be seen in the run up to Christmas.

Are you disciplined and have already bought Christmas presents for your family?

Yes, I have surprises for almost all family members.

 And what would you like to get for Christmas?

A weekend in Florence. It’s where I’m going to live when I’m old. And some more time to read. I have just bought a new book called “SPEED. No Limits in the Digital Era”. Its author, Aleksander Poniewierski, is an extremely interesting person, a Stanford lecturer, and an expert in cybersecurity, the Internet of Things and new technologies. I’m already looking forward to reading his book.