Diversity is a factor that businesses are initiating to adapt in their work community more often in the current day as the value that inclusion brings to their business is being more widely recognized.
Having employees from varying social and cultural identities is proven to improve the success of the company. Naturally, National Bank of Canada has placed measures to promote a more inclusive work environment. The company has held value to creating a workplace that is reflective of their community as diversity is considered a core part of their corporate culture. One key area of focus for the business has been making an effort to reduce the gender gap in higher authority within the company.
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In Canada, there are 593.4 thousand women holding a managerial position in the year of 2017. Although this number is an improvement from previous years, it is still significantly low when considering that 1,142.2 thousand men were placed in managerial positions in the same year. This difference is evident in figure 1.0 below.
Large corporations such as National Bank of Canada have included some initiatives in their company to help reduce this gender gap stepping into the future. NBC has done this by providing programs for female employees such as Women’s Leadership Network that aids to “develop their professional network, and encourages employees to attend external networking events organized by community organizations” (Yerema ; Leung, 2018). These accessibilities have allowed women to attain 38% of managerial positions in the company which is on the higher end in the Canadian banking industry.
NBC has received numerous awards and recognition for their efforts in improving this percentage from previous years.Fig. 1.0 Another priority to create diversity by National Bank of Canada has been in the LGBTA community.
Many businesses today have come forward and created programs that allow employees to express their pride. NBC has also been on top of this sector as well by providing a welcoming work setting for all individuals. The company offers a resource group for their lesbian, gay, bisexual, transsexual and asexual employees with the objective to build a LGBTA friendly work environment that is built on mutual respect and brings representation in the community. This program is known as IDEO, that is abbreviated for Inclusion and Destigmatization for Equality regardless of Orientation. In the year 2017, the network involves over 150 individuals.
NBC is also a proud partner of Pride at Work Canada who are an organization that helps build a “safer, more inclusive workspaces that realize the full potential of all employees and bring down barriers to employment” (Work, 2016). Being a member of this organization demonstrates respect to the LGBTA community, thus strengthening relationships within the company’s community. All these efforts made by National Bank of Canada have integrated more acceptance in the business’s workforce as well as aided in diminishing previous biases surrounding gender expression and identity.Although National Bank of Canada has placed these initiatives for inclusion, they are evidently lacking in varying other sectors. Some initiatives when it comes to including persons with disabilities and millennials have been made.
However, they have yet to organize programs solely directed at indigenous members, caregivers, visible minorities and veterans just to list a few. Other Canadian banks such as Capital One, Business Development Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank take the lead in this area as they have made further commitments to build equity among employees. For instance, RBC has a program called RBC Reach that is solely dedicated to “eliminate stereotypes and stigma associated with persons with disabilities and drive engagement and performance through awareness, education, coaching and accommodation” (RBC, 2018). This is an excellent illustration of a company that is embracing the future of forward-thinking by taking a step further to enrich the diversity in their work environment. Overall, by incorporating diversity in the company, National Bank of Canada has created a more stimulating and respectful environment to be a member of. However, other banks in Canada have set countless great examples to ensure equal opportunities for every individual.
With definite possibilities for improvement, NBC should consider implementing similar strategies in their company to promote further inclusiveness within their company.