VersaFi Receives Women and Gender Equality Canada Grant to Tackle Underrepresentation of BIPOC Women and Gender-Diverse Professionals in Finance

TORONTO, Nov. 4, 2024 /CNW/ - VersaFi is proud to announce the launch of an essential research project, one of the largest federally-funded studies focused entirely on Black, Indigenous, People of Colour (BIPOC) women and gender-diverse professionals in the Canadian finance sector. This study will explore the complex challenges these professionals face, review current diversity efforts, and provide practical, evidence-based strategies and recommendations to drive meaningful and lasting change.

This three-year research initiative is made possible through funding from Women and Gender Equality Canada (WAGE), through the Women's Economic and Leadership Opportunities Fund (WELOF).

The research, spearheaded by VersaFI, will include a nationwide survey, interviews, and focus group discussions with BIPOC women and gender-diverse professionals working across Canada's finance sector. The results and key recommendations will be shared with Canada's leading financial institutions with the goal of driving sustainable, systemic change.

Tanya van Biesen, VersaFi President and CEO, emphasized the importance of this research for the sector. "BIPOC women and gender-diverse professionals face significant hurdles on their path to senior leadership, driven by entrenched structural and cultural biases. These barriers manifest in a variety of ways, including through stereotyping, insufficient mentorship and sponsorship, and exclusion from informal networks. Add to this the double burden of intersectional discrimination and scarce representation at the top, and the need for organizations to act decisively becomes urgent. Our goal is to identify effective and actionable strategies that organizations can implement to foster the success of these professionals at every stage of their careers."

This initiative aligns with VersaFi's mission of advancing equity in finance by focusing on the intersecting social identities that shape the professional experiences of BIPOC women and gender-diverse individuals. The project aims to influence systemic change by providing industry leaders and policymakers with the tools they need to create more inclusive and equitable workplaces.

"We're thrilled to launch this transformative, three-year study," adds Rosheeka Parahoo, director, Research & Advocacy, VersaFi. "Our aim is to drive impactful and meaningful change that will accelerate equity across the finance sector. We're committed to ensuring that this research becomes a vital tool for change, enabling firms to find new and impactful ways of addressing the challenges BIPOC women and gender-diverse professionals face."

About VersaFi:
VersaFi is a national, not-for-profit organization focused on accelerating equity for women in the finance sector. Founded in 1995 as Women in Capital Markets (WCM), the organization rebranded in 2024 to empower and advocate for women and gender-diverse individuals across the finance sector, at all stages of their careers, nationally.  It does this by fostering a pipeline of talent at all levels; being the leading voice and advocate for gender equity in the sector; and by working with finance sector leaders to implement impactful and lasting structural and cultural change. Its community has grown to more than 4,000 members across the sector, representing Canadian bank-owned dealers and wealth managers, independent and foreign-owned dealers, asset managers, insurance companies, pension plans, regulatory agencies, exchanges, and advisory firms. To learn more, or to become a member, visit www.versafi.ca.

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