How to fix corporate Canada’s trickle-down approach to diversity

To ensure an inclusive corporate culture, deeper work must be done

Conversations about the need for a more diverse and inclusive corporate Canada are not new. But recent anti-racism protests have placed the corporate realm under increased scrutiny. Companies face mounting pressure to address systemic racism by diversifying their boards, but does doing so ensure that representation filters down to the executive level, and ultimately create an inclusive corporate culture?

A significant body of research has made clear the correlation between a diverse senior management team and improved company performance. McKinsey’s latest diversity study, released this spring, found that companies in the top quartile for ethnic diversity were 36% more profitable than those in the bottom quartile. A 2018 Deloitte report found that inclusive companies also outperform on customer satisfaction (+39%), productivity (+22%) and turnover (-22%). Regardless of the evidence, however, moving the dial on corporate diversity, equity and inclusion is complicated and slow going.

Continue Reading...