Diversity, equity, and inclusivity (DEI) in an organisation help bring unique perspectives and ideas to create more innovative, productive, and resilient enterprises. It also contributes to equality of opportunity and treatment in the workplace at all stages of the employment relationship, including recruitment, retention, promotion, remuneration, and access to training and skills development.
The gender gap in organisations over the past three decades has narrowed, attributed to labour mobility worldwide. Increasing global awareness that all workers have a right to a dignified and respectful workplace irrespective of their sexual orientation and ethnicity, helps to promote an open and inclusive workplace. However, labour market disruption due to the COVID-19 has had devastating consequences globally. According to International Labour Organization (ILO), women’s employment declined by 5% globally in 2020 compared with around 4% for men.
Globally, banks are reporting diversity and inclusivity to ensure that all genders and backgrounds have a more equitable and inclusive workplace. Companies and banks benefit from a diverse workforce by attracting new customers as people want to do business with institutions that share their values.
Royal Bank of Canada (RBC) is a provider of personal, institutional, and business banking products, and wealth and asset management services. RBC is headquartered in Toronto, Ontario, Canada. In 2021, the company reported 57% women participation in its workforce which remain unchanged over 2020. Representation of women in the company at the senior management level was 40% in 2021.
In 2021, the representation of Asian employees of RBC in the Canadian workforce was 28% which increased by 3 percentage points from 2020. Black employees represented 5% of the Canadian workforce.
RBC is committed to improving women and BIPOC executive representation across their businesses. The company has set representational goals for the organization for each business and function and established clear accountabilities to assess gaps and develop holistic strategies to meet goals and sustain progress. The company has also committed to investing $50 million by 2025 through RBC Future Launch to create meaningful and transformative pathways to prosperity for 25,000 BIPOC youth with investments in areas such as skills development and mentoring.
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