A traffic light on Bay Street in Canada’s financial district is shown in Toronto on Wednesday, March 18, 2020. A new report says a culture of inequality continues to persist in Canada’s capital markets and the brunt of it is felt by women and people who are racialized, Indigenous or identify as LGBTQ2S+. THE CANADIAN PRESS/Nathan Denette

A traffic light on Bay Street in Canada’s financial district is shown in Toronto on Wednesday, March 18, 2020. A new report says a culture of inequality continues to persist in Canada’s capital markets and the brunt of it is felt by women and people who are racialized, Indigenous or identify as LGBTQ2S+. THE CANADIAN PRESS/Nathan Denette

Inequality in capital markets sector continues to hurt women, BIPOC and LGBTQ: report

Study revealed that Black women were the least likely to say they were treated equally by firm and manager

A culture of inequality continues to persist in Canada’s capital markets sector and the brunt of it is felt by women and people who are racialized, Indigenous or identify as LGBTQ2S+, a new report says.

According to a study of 600 Canadian finance workers conducted by Women in Capital Markets in 2019 and released Wednesday, only half of women believed they are treated equally and have the same access to opportunities as other genders at their firm and just one-third thought their company is free from gender bias and that the promotion process is fair and objective.

Nearly 60 per cent of men said their workplace was free from gender bias, a rate double that of women, and 75 per cent of men believed harassment wasn’t an issue at their employer.

“For corporate Canada, we have a lot of work to do and the most frustrating point is how far we have to go with the BIPOC (Black, Indigenous, people of colour), LGBTQ community and women more generally. We just have miles to go,” said Camilla Sutton, the president and chief executive of Women in Capital Markets.

The study revealed that Black women were the least likely to say they were treated equally by their firm and manager, and the least likely to perceive they have equal career opportunities. They were most likely to report being afraid for their personal safety at work.

Data also showed that more than half of people identifying as LGBTQ2S+ (lesbian, gay, bisexual, transgender, queer or two-spirited) in Canada’s capital markets industry refrained from talking about their personal lives at work for fear of others making assumptions about them, and this group reported the lowest satisfaction with their employer’s efforts to promote diversity and inclusion.

The report also revealed that concerns over pay disparities in the sector are ongoing.

Only 34 per cent of women surveyed believed they were paid equally to other genders, despite there being equal pay provisions in the Employment Act, Sutton said.

“When I talk to leaders, all of them really authentically guarantee to me that they are paying their women equally and are frustrated by that,” she said.

“Maybe it’s a perception gap. Maybe it’s a realistic representation of the pay gap. Or maybe the truth is somewhere in between, (and) the people need to be much more transparent.”

Her organization’s report provides pages of suggestions for how companies can work toward fixing diversity and inclusion problems.

The recommendations include ensuring pay equity, requiring a diverse slate of candidates when hiring, establishing an ombudsperson office to deal with complaints of harassment and implementing representation targets with clear timelines.

Sutton is crossing her fingers that these steps are heeded by companies in financial services, who often outperform other sectors when diversity is measured broadly but still have work to do.

She hopes the report will also dispel some myths about women’s goals and needs.

The study found women and men are equally ambitious with 67 per cent of both genders saying they aspire to reach the executive level or C-Suite in their careers and 72 per cent of women and 63 per cent of men saying they expect a promotion in the next five years.

When asked to rank the importance in their careers of development opportunities, compensation, title, work/life balance and enjoying their job, 15 per cent of men and 14 per cent of women rank work/life balance as most important — an affront to the common perception that women value family responsibilities more than men.

The study also showed that more than half of men and three-quarters of women believe there are enough qualified women in the talent pool, but almost 25 per cent of men believe a lack of qualified women is the reason their workplace isn’t gender balanced.

“I hear repeatedly that ‘I’d love to hire women, BIPOC, but I just can’t find talent’ and I think that the line of thinking really doesn’t hold water anymore and we need to push beyond that,” she said.

“The talent might not be there but not in the same network as more traditional talent and this is not about lowering the barriers.”

Tara Deschamps, The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

economylabour marketLGBTQwomen in business

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The five per cent proposed tax increase for Princeton homeowners amounts to about $30 a year, says Princeton CFO James Graham. (Contributed)
Proposed tax increase for 2021 amounts to $30 for the average household

A five per cent tax increase, proposed by Princeton council in the… Continue reading

grapes.
Morning Start: Grapes light on fire in the microwave

Your morning start for Tuesday, Dec. 1, 2020

Christmas Lights
This nativity scene at the home of Paul Biro, organizer of the Summerland Drive-By Light Up, was just one of many parts of his elaborate display. (John Arendt - Summerland Review)
VIDEO: Summerland holiday lights on display

Drive-by light-up on Nov. 27 showed some of the many festive season decorations

Grey Man recovering after having his leg amputated. AlleyCats, Facebook.
Cat allegedly shot by pellet gun in Oliver has leg amputated

Kelowna Veterinary Hospital performed an emergency surgery to remove the leg

A man wearing a face mask to prevent the spread of COVID-19 walks past a mural in Vancouver on Monday, Nov. 30, 2020. THE CANADIAN PRESS/Marissa Tiel
212 new COVID-19 cases in Interior Health over the weekend

A total of 490 cases remain active; 15 in hospital

A B.C. Ambulance Service paramedic wearing a face mask to curb the spread of COVID-19 moves a stretcher outside an ambulance at Royal Columbia Hospital, in New Westminster, B.C., on Sunday, November 29, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. records deadliest weekend of COVID-19 pandemic with 46 deaths; more than 2,300 cases

Provincial health officer Dr. Bonnie Henry provides COVID-19 update

The stage will be full as the Okanagan Symphony Orchestra takes the stage with Verdi’s Requiem - 2019, file photo (OSO photo)
Okanagan Symphony launches new season amid COVID-19

The new season will be live-streamed starting in 2021

The scene of a serious crash on Highway 33 in Kelowna that killed one and severely injured two others on June 20, 2018. (File)
Trial begins for driver accused of fatal 2018 Highway 33 crash in Kelowna

An officer who pursued the vehicle said he saw the occupants of the car ejected upon impact

Revelstoke City Hall. (File)
Revelstoke COVID-19 cases spike to 46

Mayor Gary Sulz expects positive cases to increase

Ash and Lisa Van carry a freshly cut Christmas tree while wearing personal protective masks at a Christmas Tree Farm in Egbert, Ontario, Sunday, Nov. 29, 2020 THE CANADIAN PRESS/ Cole Burston
‘Everyone wants a tree and they want it now’: Christmas tree sales on pace for record

Anticipated demand for Christmas trees has sparked a rush by some to purchase more trees wholesale

Jessie Simpson’s mother is asking for Christmas cards to cheer her son up this holiday season. (Sue Simpson - Facebook)
Kamloops mom asking for Christmas cards for son

Jessie Simpson was beaten with a baseball bat in 2016 and now lives in a long-term care facility

Business groups have been advocating for years that local approvals for construction in B.C. are too long and restricted, and that B.C.’s outdates sales tax deter business investment. (Black Press Media file photo)
B.C. residents worried about COVID-19 deficit, business survey finds

Respondents support faster local approvals, value added tax

The first of two earthquakes near Alaska on the morning of Tuesday, Dec. 1, 2020, is shown in blue. (USGS)
No tsunami risk after two earthquakes near Alaska

Both earthquakes hit near the U.S. state on Dec. 1

Send your letter to the editor via email to news@summerlandreview.com. Please included your first and last name, address, and phone number.
LETTER: Wear a mask

The reputable science on this overwhelmingly clear: Wear a mask

Most Read