VersaFi is embarking on a major new research initiative aimed at tackling the systemic barriers faced by Black, Indigenous, and People of Colour (BIPOC) women and gender-diverse professionals in Canada’s finance sector. Supported by one of the largest federally-funded studies of its kind, this project will shed light on the unique challenges these groups face and provide actionable insights to drive meaningful change within the industry.
The study, led by VersaFi, will collect data through a nationwide survey, interviews, and focus group discussions. Participants will include BIPOC women and gender-diverse professionals from all corners of Canada’s finance sector. By hearing directly from those with lived experiences, the research aims to paint an accurate picture of the obstacles faced by these professionals and the gaps in existing diversity efforts.
Tanya van Biesen, VersaFi’s President and CEO, spoke about the urgency of this research and the importance of its outcomes. She explained, “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.”
The project is set to span three years, during which time the research team will carefully analyze the findings and compile recommendations for Canadian financial institutions. These recommendations will focus on strategies to address the deeply-rooted issues that hinder career progression for BIPOC women and gender-diverse individuals in finance, especially when it comes to leadership roles.
Rosheeka Parahoo, the Director of Research & Advocacy at VersaFi, expressed her excitement about the potential impact of the study. “We’re thrilled to launch this transformative, three-year study,” she said. “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.”
The ultimate goal of the study is not only to uncover the hidden barriers but also to equip financial institutions with practical, evidence-based solutions. These solutions are intended to foster a more inclusive and supportive environment, helping BIPOC women and gender-diverse individuals thrive and succeed at every stage of their careers.
Through this research, VersaFi hopes to spark systemic, sustainable change in the finance sector, empowering financial institutions to rethink their diversity strategies and provide better opportunities for those who have been historically underrepresented.
The study represents a major step towards achieving greater equity in a traditionally exclusive industry, and VersaFi is committed to ensuring that its findings will lead to real, lasting change that will benefit the entire sector.