Our people are our most important asset. We strive to employ the best talent, ensuring that our people are engaged, safe, healthy, and supported for the best performance possible. We actively work to advance diversity, equity, and inclusion.
Diversity, Equity, and Inclusion
At Regency, we believe that a talented team of professionals from differing backgrounds and experiences makes us better.
We are committed to cultivating an inclusive culture and advancing DEI in our organization, operations, and communities. We also believe that an inclusive environment where differences are valued and embraced strengthens decision-making and enables us to live our Core Values more effectively.
Over the past several years, we have become more intentional in advancing and sustaining meaningful DEI change. Aligned with our three-year DEI strategic roadmap, Regency continues to focus on increasing diversity across our organization, enabling our employees to grow and succeed, and promoting and advancing diversity initiatives in our operations and broader communities.
Regency announced in early 2022 its participation in the Management Leadership for Tomorrow (MLT) Black Equity Certification Program. As one of the few publicly traded companies committed, Regency was the first REIT to receive plan approval under the program. The program, aligned with our DEI strategy, will help increase diverse representation across our organization and further promote and advance diversity throughout our communities. To further support our DEI initiatives, we have scaled up our hiring efforts across traditional channels and are excited to announce an expanded partnership with the University of North Florida. Brought to us through our ERGs connection, the University of North Florida helps proactively strengthen efforts to expand our early-in-career outreach and talent diversity. We’re excited about this partnership and continue to look for additional opportunities to bring real-estate career awareness to a diverse pool of qualified candidates.
As a company that invests in our communities as part of our purpose, we aim to advance DEI in society, helping to tackle drivers of systemic disparities through our philanthropic efforts. In 2022, we reevaluated our philanthropic program to identify key focus areas to support this initiative. As we move into 2023, we aim to hone our program efforts further.
Furthermore, our leadership has maintained multi-year partnerships implementing consistent and transparent messaging surrounding DEI inside and outside the Company. For example, Regency’s CEO, Lisa Palmer, is one of the thirty-one female CEOs in the S&P 500 and a signatory to the CEO Action for Diversity & Inclusion pledge that sets a clear “tone at the top” commitment. Additionally, Regency continues to enhance its partnership with the National Diversity Council and Nareit Foundation Dividends Through Diversity, Equity & Inclusion Charitable Campaign.
As part of our commitment to the CEO Action for Diversity & Inclusion, during our Days of Understanding in 2022, Lisa had the opportunity to participate in a fireside chat with former NFL player, N.Y. Times best-selling author and prominent media commentator Emmanuel Acho. Employees company-wide had the chance to join the special recorded session. Opportunities like these allow Regency to join other organizations nationwide to recognize the power of meaningful conversations.
To supplement the quantitative disclosure on this page and in our and in our 2022 Corporate Responsibility Report, starting on page 50, we publish our most recently filed U.S. Federal Employer Information Report (Form EEO-1) on our Corporate Responsibility webpage. While we make the EEO-1 report available, we believe the data presented in the 2022 Report is the most meaningful measure of our diversity performance.
(1) Total represents average active employee count during 2022.
(2) Includes individuals with VP, SVP, EVP, or President titles.
(3) Includes individuals who identify as American Indian or Alaska Native, Native Hawaiian or Other Pacific Islander, two or more races, or declined to provide.
As gender inequality in the workplace remains a global issue, we strive to enable women to reach their full career potential while staying committed to fostering an environment that supports them in the workplace. Over the years, we have worked diligently to improve gender equality. Today, we are proud to report that 60% of our employees in 2022 were women, and 24%(1) were in leadership positions. In addition, there was no pay gap. In fact, women at our Company earned approximately 1% more than men. This means that employees in the same role earned the same wage regardless of gender. While we are incredibly proud of this progress, we know we can do more to increase female representation at the leadership level and intend to continue measuring and reporting on our gender equality annually.
(1) Represents Company Officers, Directors, and Senior Managers.
(2) Total represents average active employee count during 2022.
(3) Includes individuals with VP, SVP, EVP, or President titles.
Talent Attraction and Retention
Our Core Values place strong importance on our people, which are our greatest assets.
We strongly believe this makes us an employer of choice. We understand the importance of attracting and retaining the best talent to build long-term value. We strive to offer some of the most competitive pay and benefits in the industry in which we operate and are continually looking at new opportunities to ensure that we attract and retain our people.
Our annual employee engagement survey provides an avenue for feedback to understand what we are doing right and, importantly, what we could do better. Survey results are reviewed company-wide and within every department to help set goals for improvement. In 2022, 91% of employees participated in our company-wide survey, providing valuable insight into employee sentiment, and our average employee engagement score was 87%. Key strengths identified across the Company included confidence in leadership and diversity awareness, whereas identified opportunities for improvement included quality communication and inclusion.
We have implemented various changes in response to the feedback we received, most notably the launch of a new inclusivity program, Coffee30, whereby teams utilize a “coffee break” to engage in non-work-related discussions. This program creates a casual environment offering a platform for employees to share and support one another – embracing a culture where employees feel they belong and can be themselves. We continue to look for more opportunities to understand employee sentiment around our culture of belonging and aim to develop more programs to support this initiative.
Professional Training and Development
We strive to provide an environment where our people are connected to their teams, passionate about what they do, and supported to deliver their best efforts and results.
From individual contributors to managers and senior leaders, we want to empower our employees to take control of their career growth and realize their full potential through meaningful training and development opportunities. Professional training and development remain key elements of our talent attraction and retention approach, which includes a mix of on-the-job learning, coaching, and leadership and skills training.
Every employee receives an annual performance assessment and career development discussion. In addition, occupational education, interpersonal skills, and training through programs such as LinkedIn Learning® and Crucial Conversations® are provided to all employees to help them communicate effectively, maximize their potential, and excel in their roles. Furthermore, we continue to invest in talent through partnering with various external organizations, including Generation W and Jacksonville Women’s Leadership Forum, to bring further awareness and support to DEI. Our leaders are also supported through Leadership Essentials, Leading with Integrity, Hiring Dos and Don’ts, and other in-house designed tools and training to effectively manage employees in a hybrid environment.
We also support further education and development through our educational assistance program and support for specialized certifications. In 2022, Regency increased its tuition reimbursement support and provided reimbursement to about 3.5% of our employees.
Health, Safety, and Well-Being
Regency's top priority is our people's safety, health, and well-being.
Our Benefits Committee strives to provide a benefits package that is comprehensive, competitive, and thoughtfully designed to attract and retain the best in the business, with allowances for parental leave and volunteer time off. We evaluate our benefit offerings yearly and look for opportunities to align further with our employees' needs. In 2022, we expanded our dental benefits to three preventive care cleanings per year and periodontal implants as a ‘Major’ added coverage. Furthermore, short-term disability weekly payout and paid parental leave increased.
We host an annual Health Fair and have a partnership that offers biometric screening and incentives for employees to maintain a healthy lifestyle. Virgin Pulse®, a complimentary online platform, provides our employees with access to tools that focus on health and wellness education and awareness.
Regency strives to ensure that our people are safe at all sites, centers, and corporate and regional offices. We articulate these expectations through our Health and Safety Policy. Through these measures, we strive for zero injuries, occupational diseases, lost days, absenteeism, and fatalities related to workplace accidents or injuries. Our commitment to safety also extends outside of the Company, as we strive to ensure contractors who perform work on our sites engage in safe working practices and implement policies to support these practices.