HSBC announced August 2013 a new business scholarship to be rewarded to Canadian LGBTQ students and their allies.
The full value of the scholarship is $80,000, according to a press release from HSBC. Four students will be chosen each year for the next four years, receiving $5,000 each. Additionally, students can apply for summer internship positions with HSBC Bank Canada, as well as management trainee programs upon graduation.
The award is split between winning students at four Canadian schools including Schulich School of Business at York University, Rotman School of Business at the University of Toronto, Sauder School of Business at the University of British Columbia, and the Needie School of Business at Simon Fraser University, according to the press release.
Criteria for the scholarship include a strong academic record and leadership within the LGBTQ community. Students do not have to identify as homosexual.
“Our business model is all about different perspectives and diversity,” Mike Webb, senior vice-president and head of human resources, said.
Webb said it’s also good for business.
“If you look at the incredible economic impact that the LGBT community has in Canada and elsewhere, it is amazing the economic opportunity that is there. If you neglect it, ignore it, you are losing out on a phenomenal opportunity,” he said.
Carleton’s Gender and Sexuality Resource Centre administrative co-ordinator Eddie Ndopu said via email that he believes LGBTQ scholarships are important, but had concerns with the criteria for the award and the appeal to LGBTQ customers.
“Queer consumers are often used for their dollars without companies actually doing anything to further issues of equity within society,” he said.
“I think these scholarships are important for marginalized groups because they are often systemically denied access to academic and/or employment opportunities,” said Ndopu. “While allies can do great work, they are not subject to the same prejudices and discrimination as people who themselves identify within LGBTQ+ communities.”
One of the first scholarship winners is Vincent Ho, an accounting student at the Rotman Business School and the president of the Rotman Commerce Pride Alliance, according to an article in the Globe and Mail.
“It signals to students that big companies like HSBC want to recognize LGBTQ talent and show they are interested in having these sorts of employees on their teams because they do bring enormous diversity,” Ho told the Globe and Mail. “Through that, you are able to better understand your customer and how the business works.”
