Susan Power: Diversity Equals Success
Among many other things, the last year has highlighted the importance of diversity and inclusion in the workplace. HR professionals assume a great deal of responsibility in implementing procedures that are more inclusive, while simultaneously navigating the workplace changes that have surfaced as a result of the COVID-19 pandemic. Juggling all of this change is no easy task for those occupying HR roles, however the benefit in maintaining an unwavering commitment to diversity and inclusion has never been more crucial.
There are countless reasons as to why organizations should commit to being more diverse and inclusive. Firstly, the social responsibility that organizations carry is continuously increasing. A commitment to diversity and inclusion, regardless of the size of an organization, contributes to a better future. Secondly, through studies conducted by McKinsey & Company, it has been statistically proven that organizations with a strong commitment to being more diverse and inclusive actually perform better.
“An analysis based on data from 2019, found that organizations in the top quartile for gender diversity on executive teams were 25% more likely to report profitability that was above-average, when compared to organizations scored in the fourth quartile. Similarly, data from the same study indicated that broader ethnic and cultural representation in an organization, lead to an increased likelihood of outperformance.”
If you are interested in formally committing to creating a more diverse and inclusive workforce, one way to hold your organization accountable is by enrolling in the Government of Canada’s 50-30 Challenge. The 50-30 Challenge is an initiative that was created through a partnership between the Government of Canada and various diversity organizations. As of May 19, 2021, roughly 1,211 organizations across the country are enrolled in the challenge. The goal of the program is to increase representation and inclusion of diverse groups within workplaces. The 50-30 Challenge asks that organizations aspire to reach 50% gender parity. This means that there is an equal divide between genders on Canadian board(s) and senior management teams. Additionally, 30% of Canadian board(s) and senior management teams should include representation of under-represented groups. These groups should include racialized persons, people living with disabilities, and members of the LGBTQ2+ community. The 50-30 Challenge was designed to be implemented in large corporations, small and medium-sized enterprises, post-secondary institutions, not-for-profits, and charities. Needless to say, the challenge in itself is quite diverse as to who can enroll. Enrollment in this challenge grants access to various helpful resources on diversity and inclusion.
Now more than ever, organizations and HR professionals have to do their part to ensure a better future and more inclusive workforce. Fortunately, many across the country are adopting this mindset, and with that comes a generous number of resources available to ensure that others know the best practices to create and maintain a more diverse and inclusive workplace. To enroll in the Government of Canada’s 50-30 Challenge, you may click here.
Contact PowerUp Leadership to learn more about how we can support your diversity & inclusion programs.