Canadian employers overwhelmingly agree on the benefits of having a diverse workforce and an inclusive workplace, but only one in 10 strongly agree that they take advantage of those benefits, according to a new report from the Royal Bank of Canada (RBC) and the Institute for Canadian Citizenship.

“Diversity and Inclusion: We’re not doing enough” is based upon an extensive survey of 64 leading organisations that collectively employ 1.2 million Canadians, as well as a series of follow-up interviews and roundtables.

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Developed for the 6 Degrees Citizen Space conference, the findings paint a mixed view of the progress being made on diversity and inclusion in the Canadian workplace.

“The purpose was not to paint a rosy picture or pat ourselves on the back for diversity well done,” said John Stackhouse, senior vice president at RBC.

“We found the majority of organisations surveyed see themselves as being diverse; however, while they are successful at building diverse workplaces, the next step of inclusion often remains elusive”.

The results of the survey point to the need for new thinking on diversity and inclusion. In particular, businesses need to figure out ways to measure the business impact of inclusion, with only about half making an attempt to measure their diversity initiatives, and ensure that diversity and inclusion are reflected across all levels of an organisation.

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The report also reveals that Canadian employers still fall significantly short on diversity and inclusion for Indigenous peoples and individuals with disabilities.

The survey accompanies a companion work, “All of us: What we mean when we talk about inclusion”, authored by Sarmishta Subramanian, editor-in-chief of the Literary Review of Canada.

Together, they form a comprehensive look at inclusion, from what we mean when we talk about it, to what action Canadian employers are taking to address inclusion in the workplace.

“Engaging in this exercise starts a necessary conversation about inclusion off on the right foot, by acknowledging our shortcomings and understanding our successes,” said Charlie Foran, CEO, Institute for Canadian Citizenship.

“Truly inclusive and welcoming societies are better positioned to remain competitive. Newcomers who feel engaged are more willing to take chances, think differently and spur the progress that we call innovation”.

Highlights from the survey include the following:

  • Employers are paying attention: 81% provide internal networks such as affinity groups to foster a diverse workforce, while 75% have initiatives in place to develop high-potential talent
  • Every respondent either strongly agreed (87%) or agreed (13%) that inclusive teams make better decisions than teams that are not inclusive
  • A majority either strongly disagreed (34%) or disagreed (34%) that diversity and inclusion can have drawbacks
  • 82% of respondents strongly agree that inclusion is required to translate diversity into performance results such as innovation.
  • There was an overall consensus that organisations should do more to build a diverse workforce (46% strongly agreed and 48% agreed).
  • Only 55% of employers attempt to measure the impact of their diversity initiatives
  • Organisations were most likely to say they lagged behind in diversity and inclusion with respect to Indigenous peoples and persons with disabilities.

Companies with more senior women are more successful

Speaking with RBI last month, Richard Nesbitt, former COO of CIBC and now President/CEO of the Global Risk Institute said that promoting women into board and senior management roles is essential for the health of a business.

Co-author with Barbara Annis of the book ‘Results at the Top: Using Gender Intelligence to Create Breakthrough Growth, Nesbitt said: “women on the board and in senior roles improve financial performance.”

Nesbitt explained that Results at the Top is “directed at men and is written in terms they will understand.

In researching the book, he looked at 60 studies from around the world, published in the past 20 years.

“All but two of the studies found that financial results will be better if you include more women on boards –the other two said it made no difference.”

“RBC is a real leader here”: Richard Nesbitt

But compared to other industry verticals, such as fintech in Silicon Valley, Nesbitt said that banks are performing relatively well in terms of promoting gender equality.

“Look at the major companies on the Toronto stock exchange – only 14% of their directors are women. The banks, by contrast, have taken a leading role – take RBC for example -40% of its senior roles across all of the bank are held by women. RBC is a real leader here.

“Across the Canadian financial services sector, there are grounds for encouragement but the change is not happening fast enough for me; there is room for improvement.”