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

An aerial shot of Cedar Valley Lodge this past August, LNG Canada’s newest accommodation for workers. This is where one employee is still currently isolating after a COVID-19 outbreak was first declared on Nov. 19. (Photo courtesy of LNG Canada)
54 positive COVID-19 cases associated with LNG Canada site outbreak

There’s been a two-person increase in positive cases since Tuesday (Dec. 1)

K-J Millar/The Northern View
8 confirmed COVID-19 deaths in the Northern Health Authority

Since Nov. 27, there have been 191 new cases reported in NHA

A coal-fired power plant seen through dense smog from the window of an electric bullet train south of Beijing, December 2016. China has continued to increase thermal coal production and power generation, adding to greenhouse gas emissions that are already the world’s largest. (Tom Fletcher/Black Press)
LNG featured at B.C. energy industry, climate change conference

Hydrogen, nuclear, carbon capture needed for Canada’s net-zero goal

Victoria’s Royal Jubilee Hospital took in two COVID-19 patients from Northern Health as part of a provincial agreement. (Black Press Media file photo)
Victoria hospital takes in two COVID-19 patients from Northern Health

Royal Jubilee Hospital takes patients as part of provincial transport network

COVID-19. (Image courtesy CDC)
COVID-19 exposure at The Key, weather shelter announced in Fort St. James

Northern Health made the public service announcement Dec. 1

A snow moon rises over Mt. Cheam in Chilliwack on Feb. 8, 2020. Friday, Dec. 11, 2020 is Mountain Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Dec. 6 to 12

Mountain Day, Dewey Decimal System Day and Lard Day are all coming up this week

Demonstrators, organized by the Public Fishery Alliance, outside the downtown Vancouver offices of Fisheries and Oceans Canada July 6 demand the marking of all hatchery chinook to allow for a sustainable public fishery while wild stocks recover. (Public Fishery Alliance Facebook photo)
Angry B.C. anglers see petition tabled in House of Commons

Salmon fishers demand better access to the healthy stocks in the public fishery

(Hotel Zed/Flytographer)
B.C. hotel grants couple 18 years of free stays after making baby on Valentines Day

Hotel Zed has announced a Kelowna couple has received free Valentines Day stays for next 18 years

Farmers raise slogans during a protest on a highway at the Delhi-Haryana state border, India, Thursday, Dec. 3, 2020. Prime Minister Justin Trudeau rejected the diplomatic scolding Canada’s envoy to India received on Friday for his recent comments in support of protesting Indian farmers. Tens of thousands of farmers have descended upon the borders of New Delhi to protest new farming laws that they say will open them to corporate exploitation. THE CANADIAN PRESS/AP-Manish Swarup
Trudeau brushes off India’s criticism for standing with farmers in anti-Modi protests

The High Commission of India in Ottawa had no comment when contacted Friday

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Montreal Alouettes’ Michael Sam is set to make his pro football debut as he warms up before the first half of a CFL game against the Ottawa Redblacks in Ottawa on Friday, Aug. 7, 2015. Sam became the first publicly gay player to be drafted in the NFL. He signed with the Montreal Alouettes after being released by St. Louis, but abruptly left after playing one game. THE CANADIAN PRESS/Justin Tang
Study finds Canada a ‘laggard’ on homophobia in sports

Among females, 44 per cent of Canadians who’ve come out to teammates reported being victimized

Nurse Kath Olmstead prepares a shot as the world’s biggest study of a possible COVID-19 vaccine, developed by the National Institutes of Health and Moderna Inc., gets underway Monday, July 27, 2020, in Binghamton, N.Y. U.S. biotech firm Moderna says its vaccine is showing signs of producing lasting immunity to COVID-19, and that it will have as many as many as 125 million doses available by the end of March. THE CANADIAN PRESS/AP-Hans Pennink
Canada orders more COVID vaccines, refines advice on first doses as cases reach 400K

Canada recorded its 300,000th case of COVID-19 on Nov. 16

Apartments are seen lit up in downtown Vancouver as people are encouraged to stay home during the global COVID-19 pandemic on Thursday, Dec. 3, 2020. British Columbia’s deputy provincial health officer says provincewide data show the most important area B.C. must tackle in its response to the COVID-19 pandemic is health inequity. THE CANADIAN PRESS/Marissa Tiel
Age, income among top factors affecting well-being during pandemic, B.C. survey shows

Among respondents earning $20,000 a year or less, more than 41 per cent reported concern about food insecurity

Information about the number of COVID-19 cases in Abbotsford and other municipalities poses a danger to the public, the Provincial Health Services Authority says. (Photo: Tyler Olsen/Abbotsford News)
More city-level COVID-19 data would jeopardize public health, B.C. provincial health agency says

Agency refuses to release weekly COVID-19 case counts, citing privacy and public health concerns

Most Read