DBRS Limited (DBRS Morningstar) published a commentary titled “Women at Canada's Large Banks: Partly at Parity.” This commentary discusses female labour force representation at Canada’s large banks.
Key highlights include:
-- The Canadian government has made extensive efforts since the mid-1980s to integrate more women into the labour force, and more recently to mandate equal pay.
-- Banks have been at the forefront of these efforts. Women make up more than half of the six large Canadian banks’ workforce; however, the proportion decreases at the executive and board levels.
-- Although female participation in the labour force in Canada has grown over the last 20 years, the wage gap between men and women has remained stagnant.
-- Efforts by companies, particularly banks, to create a balanced, equally paid work force could be thwarted by the Coronavirus Disease (COVID-19) pandemic, which is causing a disproportionate number of women to
leave their jobs to take care of their families.
“The large six Canadian banks have heeded that call to action and now count as some of the best employers for women. However, there are certain issues that are endemic to many societies in developed countries that impede women from truly becoming an equal partner in the work force and Canada is no exception,” said Maria-Gabriella Khoury, Senior Vice President, Global Financial Institutions Group. “Issues around a stagnant wage gap, lack of promotion opportunities, parental leave, and work flexibility are all yet to be fully addressed. Furthermore, the coronavirus pandemic has shed a sobering light on these issues. Nevertheless, in DBRS Morningstar’s opinion it also creates an opportunity for employers, banks in particular, to design a future work place that sets women up for success and equity from the start of their careers.”
The commentary is available at www.dbrsmorningstar.com.
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