McKinsey Report on Gender Diversity in Canada

May 30, 2022 Enterprise, Entrepreneurs, Start-ups, Small Businesses, ESG, Financial Inclusion, Sustainable Finance, FinTech and Alternative Finance, Innovation and Resources, Leadership, Productivity, Competition, Human Capital, Health, Research, Stories No comments

McKinsey & Co | May 30, 2022

Covid has disproportionally impacted women and delayed DE&I

The impact of the COVID-19 pandemic continues to blur the boundaries between work and personal life, increasing stress and making it difficult for employees to remain focused and effective in their jobs. But the pandemic also presented an opportunity to rethink how we work—recognizing that no one single initiative is the solution.

These challenges have disproportionally impacted women, and delayed progress toward diversity, equity, and inclusion (DE&I). Our 2021 research found that, although DE&I is prioritized across Canadian organizations, there have only been marginal improvements within the talent pipeline.

Although now seen as a priority across Canada... "Not enough action is being taken"

As the COVID-19 pandemic continues to impact us all, organizations must remain focused on navigating this unprecedented challenge. At the same time, there is an opportunity to drive a fundamental change in the way we work.

Our 2021 research has shown that although DE&I is seen as a priority across Canadian organizations, not enough concrete action is being taken to remedy the under-representation of women throughout all levels of the talent pipeline.

See: CVCA Report: Diversity improving but inclusion gap threatens progress

People of colour—including male employees alike—often experience challenges at higher rates than their white counterparts. In particular, women of colour continue to face even more barriers in the workplace, such as a lower likelihood of being promoted, a higher likelihood of experiencing microaggressions, and less support from male colleagues.

Percentage of jobs by race and gender in Canada - McKinsey Report on Gender Diversity in Canada

Organizations must embark on a holistic change program.

They must take accountability for their DE&I commitments and implement the supportive programs and policies that all employees need for equitable access to opportunities in the workplace.

See: Board Diversity and Inclusion: 50-30 Challenge

Moreover, organizations must establish a foundational environment of inclusion by shifting mindsets and creating a shared understanding that DE&I is beneficial for everyone.

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