How much does gender inequality cost Canada? $150B, McKinsey report finds

I believe that gender diversity in the workplace isn’t just the right thing to do — it delivers better results for businesses.

How much better? At least $150 billion in Canada — or the equivalent of adding a second financial-services sector to our economy.

This is the conclusion of “The Power of Parity”, an in-depth report by McKinsey Global Institute, released this morning that examines the gender gap in our workplaces.

Workplace equality has stagnated for the past 20 years in Canada

The report found that: while Canada has been a global equality leader, workplace equality has stagnated for the past 20 years; women face systemic biases from entry-level to the C-suite; and that unconscious bias is limiting women’s opportunities and advancement in STEM roles in particular. It calls on leaders to make the business case for change, and to tackle unconscious bias.

Women face systemic biases from entry-level to the C-suite

We founded HRx because we believe that technology will be the greatest enabler of diversity in our workplaces, and that it will be a key tool in overcoming barriers for talent. One of our feature offerings at HRx, is an unbiased hiring system (commonly called blind hiring), which will limit the potential for both human and systemic bias in the recruitment process, ensuring that women (and men!) are evaluated on their skills and experience, and all people are given a fair chance.

Take a look at the report, and ask yourself: is there more that your organization could do to support its women? Have you shared the business case for change?

Read a CBC article about the report here

Follow me on Twitter @WyleBaoween