BMO’s Capital Markets team closes the gender gap
BMO Capital Markets is shattering the glass ceiling – and building its business in the process
First published in jobpostings magazine
careers. education. ideas. all of it.
1992. It was the year Jian Gomeshi debuted on Canadian airwaves—but with his former band, Moxy Fruvous, not on CBC’s Q. Pepsico was aggressively trying to market its newest clear drink, Crystal Pepsi.
Nirvana, a then-unknown Seattle grunge band, debuted a little song called “Smells Like Teen Spirit.” And it was the year that Catalyst released the Report of the Task Force on the Advancement of Women, declaring that the glass ceiling had been shattered.
According to a more recent report published last summer by theFIT, a Boston-based company exploring working culture, women work harder —54 per cent go above and beyond regular working hours—tend to view their compensation as fair, and are more honest about taking sick days. Women, the study argues, are basically outperforming their male counterparts.
Yet they aren’t being paid accordingly. In Canada, according to a 2010 Organization for Economic Co-Operation and Development report, men’s wages are still nearly 20 per cent higher than women. Only one in three managers, meanwhile, are women. And one in four women work part-time—men, on the other hand, found it much easier to land full-time positions, with less than 10 per cent working as part-timers.
The good news is things are changing, largely thanks to companies like BMO—who told us they’re taking major steps to reduce the gender gap. Curious as we are, Jobpostingsasked BMO’s team what they’re doing to smash that glass ceiling (and making sure it stays smashed. Way smashed). Here’s what they told us.
1. They’re ensuring that women are getting employed. (And in awesome positions.)
No lie. Right now, 34 per cent of BMO’s senior leadership team are women; they told us that, by the end of 2016, they’re goal is to have that number increase to 40 per cent. It’s been an ongoing process, too; they’ve increased the amount of women in management since the 1990s. Plus, they’re training even more women to run the company: 53 per cent of BMO’s advanced leadership program are female. So, how does that benefit the company?
2. BMO changed the way they think about business—and how women fit in it.
And this isn’t only about women—it’s about diversity. They don’t mince words: Diversity is built into BMO’s philosophy. Embrace diversity is one of their corporate values.
“It’s not even a debate. It’s so important to establish inclusive workplaces—where talent and performance define success,” says Shannon Costigan, Senior Recruitment Partner, BMO Financial Group.
3. They’re getting involved with female students.
Again, BMO puts their money—literally—where their mouth is. They’ve helped fun the Heather L. Main scholarship fund, which gives female MBA students a $7,500 bursary and an internship in Capital Markets. They partnered with Women in Capital Markets, a not-for-profit, to develop the Return to Bay Street Award, another scholarship for female students.
Here’s what this means: BMO isn’t just talking big game about hiring women. They’re hiring women. And investing money in their success.
“It’s about creating the proper environment,” says Roslyn MacLean, Program Manager, Mentorship & Diversity. “We want to not only attract talented women, but we want to retain them and help advance their careers.”
4. They’ve committed to diversity long-term.
And this is how we know that BMO’s commitment to women is genuine. They’re not trying to erase the issue of gender—something that’s apparent when we ask them what their ideal, workplace looks like. “We want to ensure all our employees feel they can turn their potential into performance,” says Deirdre Drake, Managing Director, Human Resources. “We’ve been promoting diversity for more than 20 years, and it’s an ongoing process. We will always work at it, and there is no end-of-job because we know constantly working at it enables long term success.”
Business News with BITE.
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