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International Women’s Day 2023: Women in business and embracing equity

March 6, 2023

2090

Finding gender equality by embracing equity

It’s important to celebrate every woman, every day, but celebrating International Women’s Day helps remind us of the ongoing struggle for gender equality throughout the world. The Government of Canada has chosen the theme Every Woman Counts for International Women’s Day in 2023, while the global theme is #EmbraceEquity. Together, these themes tell us that all women, regardless of age or background, have a place in society.

Equity acknowledges that people start from different places in life and business. Achieving equity requires taking action to ensure that every person has an equal chance to succeed regardless of their background and the unique challenges they face. By recognizing the contributions of women and highlighting the need for continued progress towards gender equality, International Women’s Day serves as a call for individuals and organizations to work towards a more equitable future for all.

We discussed the themes of International Women’s Day 2023 with Whitney Hammond, the President and CEO of Sovereign Wealth Management Inc. and founder of From Wallet to Wealth, a nonprofit that provides financial mentorship, career growth advice and business guidance for women.

Gender inequality still holds back women in business today

Despite progress in recent years, women still face significant challenges in the workplace, including lower pay and underrepresentation in leadership positions. Evidence suggests that 9 in 10 people around the world exhibit some form of subconscious bias against women—including women against other women. In the workplace, this bias is particularly evident, with 73% of women reporting that they have personally experienced it, though only a small fraction of employees are aware of it when they see it.

“As a woman in business for over 26 years, I’ve seen firsthand how men network, work together and build together,” states Whitney. “This has left many women feeling like they’re on the outside looking in. That’s why I’m passionate about helping women rise up through my nonprofit, From Wallet to Wealth. It’s important that we talk about self-esteem, competition and collaboration to ensure every woman counts in the workplace.”

Coming together to raise each other up

According to Whitney, the solution to fostering a culture of inclusivity and support among women is to emphasize mentorship, which boosts self-esteem and creates a sense of belonging. Men can also play a part in helping to uplift women as allies and mentors in the workplace. Her bottom line is that for women to succeed they must work together and build each other up.

“Women must come together, work together, mentor each other and take feedback so they can grow and succeed. Inclusivity is key. By supporting each other, women can make strides in traditionally male-dominated industries,” Whitney says.

Her advice echoes recent research. Although 20% of women report being the only woman in the room at work, women benefit greatly from coming together to share experiences and learn new skills. Men in the workplace are also essential, as they can help women feel valued and included.

Equity starts from within

To foster a more equitable environment where every woman counts, it’s important to cultivate a culture of respect and support. By understanding the needs and communication styles of every employee, teams can learn how to collaborate more effectively and gain unique perspectives “No matter what we face in life, it’s important to be determined and have the tenacity to go after what we want. We should also recognize and appreciate the different talents, cultures and perspectives that everyone brings to the table. Though we all have our own struggles, being kinder to one another and understanding each other can help us create a world filled with richness and diversity,” Whitney explains.

“When I was raising my 2 daughters, I told them there are goals in life that they are going to want to achieve. Trying to achieve these goals can feel like going to the movies: There are 150 people in line and only 100 seats available. With a bit of tenacity, determination and support from mentors and colleagues, you can make sure to get one of those seats.”

The value of mentors for women in business

Mentorship is an effective way to support every woman’s career growth. Mentors offer valuable assistance by guiding women in their careers, providing advice on skill development and offering ongoing support. However, research reveals that only 63% of women have ever had a mentor, and only 69% have benefited from having a mentor of the same gender—compared to 82% of men.

Additionally, having a mentorship program in your workplace can help create a more welcoming, inclusive and equitable environment:

Mentorship can improve diversity and representation at the management level by up to 24%.
38% of senior-level women currently mentor or sponsor one or more women of colour, compared with only 23% of senior-level men.
Some research shows that retention and promotion rates for women participating in mentorship programs increased from 15% to 38%.

Whitney says, “Find a mentor, find 5 mentors. Mentorship is the most important thing. Your mentor will tell you how to keep moving forward, what to do next, what course of action to take and who to speak to.”

How Cogeco supports women in the workplace

Cogeco has taken various measures to promote equity and empower every woman within the company. Here are some examples of what we’ve done:

We currently run 4 Employee Resource Groups (ERGs). These grassroots organizations provide networking and development opportunities while promoting a sense of inclusion and belonging. They include the Multicultural, Pride, Abilities and Women’s Network—the last of which just celebrated its 10- year anniversary.
We have a hotline for employees to report harmful incidents. Customer-facing staff have been instructed to end calls or leave premises if they encounter discriminatory situations. We support and encourage employees to withdraw from these circumstances.
Changing corporate culture is essential to embracing equity. This can be achieved by raising awareness of unconscious biases, and by challenging gender inequality and discrimination. That’s why we have training sessions for new employees that feature a module on equity in the workplace.
[Quote block]“Don’t stop until you get to the top of what you want to do. Make sure you’re passionate about the industry that you’ve chosen. And if it’s something that you love doing all day long, you will excel and you will succeed and nothing will stop you from getting what you want in your life.” – Whitney Hammond, President and CEO, Sovereign Wealth Management Inc.

Let’s build a world where every woman counts

The themes of International Women’s Day 2023 highlight the need for equitable action to achieve true inclusion. Women in business face many challenges, but with inclusivity, support and mentorship, they can find ways to succeed. By coming together, raising each other up and appreciating different perspectives, we can create an equitable world where every woman counts.

Finding gender equality by embracing equity

Gender inequality still holds back women in business today

Coming together to raise each other up

Equity starts from within

The value of mentors for women in business

How Cogeco supports women in the workplace

Let’s build a world where every woman counts

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