Women and members of visible minorities take centre stage in the Bank's 10-year strategy
Late last week, the Bank of Canada launched its formal diversity and inclusion strategy, the first of its kind in the institution’s history.
The program is slated to reverse the noticeable decline in the number of women among the bank’s ranks, and draw in more qualified professionals from visible minorities.
Reuters reported that the number of women employees at the Bank has fallen from 47.5% in 2015 to 46.2% at present. Women also accounted for 43% of the university students the BoC hired in 2019.
The addition of more women would be particularly significant after the December 09 departure of Carolyn Wilkins, former Senior Deputy Governor and the only woman on the bank’s Governing Council.
In its announcement, the central bank said that it will conduct a research on the experiences of women in “economic and financial sector specialist” roles.
“We want to ensure that our workforce reflects all the communities we serve, and that our workplaces are welcoming environments where all employees feel they are contributing in a meaningful way,” said Governor Tiff Macklem. “We believe that a diverse and inclusive environment in which everyone can bring their whole self to work leads to better decisions and policies in the service of Canadians.”
Aside from increasing representation of women and minorities, the bank pledged to accommodate a greater diversity of applicants and maintain, or even increase, retention rates for these groups.
Macklem, who has so far championed diversity through his tenure, asserted that a workplace promoting inclusion and racial justice will guarantee the central bank’s long-term excellence.
“Changing demographics, shifting global relationships and accelerating advances in technology and communications all require us to tap into more varied perspectives to tackle complex issues,” the BoC said. “Tapping into, and building on, our inclusive work environment enables us to be resilient, innovative, and adaptive as we shape a new way forward.”
