More Canadian organizations need to participate in the 50-30 challenge to improve inclusion and diversity in workplaces and decision-making bodies.
The 50-30 Challenge is an initiative created by the federal government and private sector businesses. It aims to establish gender parity and encourage at least 30 per cent representation of people from minority groups in senior management positions to build a diverse and inclusive economy.
More than 1,600 organizations are participating in the challenge, including Carleton University and Carleton University’s Students’ Association (CUSA).
A 2021 report on the diversity of Canadian public companies from major Canadian law firm, Osler, showed women hold 23 per cent of board director positions. It also found visible minorities, Indigenous people and persons with disabilities hold 6.8 per cent of these positions. While these are improvements from the past, it is obvious that more needs to be done.
Diverse organizations are twice as likely to meet or exceed financial targets and eight times more likely to achieve “better business outcomes.” A diversified workforce also increases employee satisfaction and loyalty, leading to higher rates of employee retention and better job performance.
There are also more direct incentives to signing onto the challenge. Participating organizations may be eligible for increased government funding and access to resources such as the What Works Toolkit, which provides model policies and ways for businesses to approach anti-racism, anti-harassment and inclusion strategies.
While the benefits of this challenge appear clear, organizations should not sign up solely for the financial perks or to meet diversity quotas, but because a diverse workforce brings in new perspectives and is a better representation of society.
Organizations should focus on diversifying their hiring process, removing systemic barriers and ensuring everyone benefits from the same opportunities, regardless of race, age, gender, sexuality or ability.
More organizations should follow Carleton and CUSA’s footsteps by participating in the essential 50-30 challenge.
Feature graphic from files
