Over three years the research aims to help drive lasting change
How Canada’s financial services sector can better support the entry and progression of underrepresented groups is the focus of a major new study over the coming years.
VersaFi is spearheading the three-year research project thanks to funding from the Women and Gender Equality Canada (WAGE), through the Women's Economic and Leadership Opportunities Fund (WELOF).
It will look at the challenges faced by Black, Indigenous, People of Colour (BIPOC), women and gender-diverse professionals in the Canadian finance sector and both review existing diversity initiatives and provide practical evidence-based strategies to drive meaningful and lasting change.
"BIPOC women and gender-diverse professionals face significant hurdles on their path to senior leadership, driven by entrenched structural and cultural biases,” said Tanya van Biesen, VersaFi president and CEO. “These barriers manifest in a variety of ways, including through stereotyping, insufficient mentorship and sponsorship, and exclusion from informal networks. Add to this the double burden of intersectional discrimination and scarce representation at the top, and the need for organizations to act decisively becomes urgent. Our goal is to identify effective and actionable strategies that organizations can implement to foster the success of these professionals at every stage of their careers."
VersaFi has been keen to highlight the issues of attracting and retaining women and other underrepresented groups within the industry. This new multi-year study will further its aim for change by providing tools that industry leaders can use to improve opportunities and remove challenges for those groups.
"We're thrilled to launch this transformative, three-year study," adds Rosheeka Parahoo, director, Research & Advocacy, VersaFi. "Our aim is to drive impactful and meaningful change that will accelerate equity across the finance sector. We're committed to ensuring that this research becomes a vital tool for change, enabling firms to find new and impactful ways of addressing the challenges BIPOC women and gender-diverse professionals face."
