Catalyst, a nonprofit organization that expands opportunities for women in business, and Women in Capital Markets (WCM) launched their research-based guidebook entitled Women and Men in Canadian Capital Markets: An Action Plan for Gender Diversity on 30 May 2012 at The Fairmont Royal York in Toronto.
Present during the launch were Deborah Gillis, Senior Vice President, Membership & Global Operations of Catalyst; Martha Fell, CEO of Women in Capital Markets; Beth Wilson, Toronto Managing Partner and Canadian Managing Partner Community Leadership of KPMG; Edith Hunt, Chief Diversity Officer and Advisory Director, Human Capital Management of Goldman Sachs; and Jim Muzyka, Senior Vice President and General Manager of Xerox Global Services, Xerox Canada Ltd.
The four-part guidebook commissioned by WCM examines the gender gap that continues to exist in Canadian capital markets based on their discussions with close to 100 men and women in the nation’s six largest banks—BMO Financial Group, CIBC, National Bank, Royal Bank of Canada, Scotiabank, and TD Securities. Recommendations are then given to promote gender diversity and work culture and leadership that reward both men and women. Diversity and inclusion practices are also featured to highlight the programs that different companies are observing to address these concerns.
The first part of the guidebook discusses the issues that prevent the entry of more women into capital markets. Part 2 examines the experiences of women in a workplace dominated by men. Part 3 questions the traditional approach of face-time culture and suggests a results-focused work environment that can sustain both the needs of the industry and the people. The last part describes what inclusive leadership entails and how leaders should actively advocate for diversity.
There were a number of interesting points revealed by the research. For instance, some industry leaders are of the impression that women are not worth the investment because they are not committed to a career in capital markets for the long-term. However, the women interviewed revealed that they enjoy their work and are committed to it even if the culture can be lonely because of the male-dominated workplace. The report also revealed that the dearth of female leaders in the industry to emulate or look up to as mentors made it more difficult for women to ascend to leadership positions while men do not lack for male role models.
Category: News In Review