Benchmark Rosenzweig Report Shows Slow Progress, Despite Government's Example
TORONTO, March 7, 2018 /CNW/ - As International Women's Day approaches, Canada's corporate sector is not advancing women into senior positions at a significant pace, even as its government touts gender equality, according to the 13th Annual Rosenzweig Report.
The 2018 Report, which tracks Canada's top 100 publicly traded companies, shows that women occupy 9.44 per cent of the most senior corporate jobs, up marginally from 9.02 per cent a year ago.
The annual report tracks Named Executive Officers (NEO), individuals identified as senior in a company's regulatory filings.
"This past year in many respects represented a tipping point for women - and the men who support them. The abrupt fall of high-profile individuals, coupled with the rise of broad-based movements like #MeToo and #TimesUp, signals a profound shift in societal attitudes towards gender, power and authority," said Jay Rosenzweig, President and CEO of the Toronto-based international executive search firm that conducts the survey.
"Unfortunately, we cannot report that this shift has yet been reflected in Canada's corporate executive suites," said Rosenzweig. "To many observers, the rate of progress must appear glacial. However, I do think there are some encouraging signs indicating that change is, indeed, on the way."
Rosenzweig pointed to initiatives by the federal government in the newly-tabled budget, including enhancements to parental leave. He also says he is encouraged by the many efforts underway to organize and advocate for advancement of women.
"To give just one example, a newly emerging organization, #movethedial, founded by Jodi Kovitz, is doing incredible work aimed at increasing the number of women in senior high tech positions in Canada and internationally," he said. "My sense is that we are finally close to an inflection point, as businesses come to realise that it is in their own competitive interest to broaden their talent pool and benefit from diverse perspectives and insights."
Kovitz and others say this research is invaluable – and the pace of change must quicken.
"The Annual Rosenzweig Report is absolutely critical to driving real change because it holds up a mirror to the fact that true equality is still long overdue in corporate Canada and our progress is too slow," said Kovitz. "We need to hold ourselves accountable as a nation if we are to win globally in the new economy."
Many men leading significant businesses in Canada agree more needs to be done.
Victor Dodig, President and CEO of CIBC and Chair of Catalyst Canada, says, "Creating greater gender balance in leadership positions is not only important for our economy, but it leads to more innovative decision making and improved performance. To effect real change, we need men and women working together, leaning in and taking accountability to champion gender parity. It's not a women's issue, it's a business imperative, and we all have a role to play".
Highlights from the 2018 report:
- Of the 540 Named Executive Officers (NEOs), 489 are men and 51 are women. The number of women increased by three.
- In percentage terms, women now hold 9.44% of these important jobs compared to 9.02% a year ago and compared to only 4.62% in 2006, when the study began.
- Of the 100 largest companies, 40 have at least one woman in a top leadership role, up one from the previous year.
- In the 25 largest companies, there are now 11 female NEOs, up from six the previous year.
- In the corner office, there are six women CEOs, unchanged from the number recorded in the 2017 Report.
The full report can be found at HERE
Rosenzweig & Company is a global leader in talent acquisition, executive search, and emerging tech advisory.
SOURCE Rosenzweig & Company