Women have made significant strides in the business world in Canada, breaking down barriers and shattering glass ceilings. However, there is still work to be done to achieve gender equality in the workplace. In this article, we will explore the progress women have made in Canadian business and the challenges they still face.
Celebrating Success
Women have achieved significant success in Canadian business, with many breaking through the glass ceiling to reach the highest levels of leadership. For example, in 2020, Mary Barra, CEO of General Motors, was named the highest-paid CEO in Canada. Additionally, according to Catalyst, a global nonprofit organization that promotes inclusive workplaces, women now hold 18.1% of board seats in Canada’s largest companies, up from 14.5% in 2015.
Furthermore, many women have created successful businesses and have become entrepreneurs. In fact, women-owned businesses are the fastest-growing segment of the small business sector, with women owning 28% of small and medium-sized businesses in Canada.
Advancing Equality
While progress has been made, women still face many challenges in the business world. One of the biggest challenges is the gender pay gap. According to Statistics Canada, in 2020, women earned 87 cents for every dollar earned by men, which translates to a gender pay gap of 13%.
Another challenge is the lack of representation of women in leadership positions. While women make up 48% of the Canadian workforce, they hold only 25% of senior management positions. This lack of representation can make it difficult for women to advance in their careers and can limit their opportunities for growth.
In addition, women face barriers when it comes to access to funding and capital. Women entrepreneurs often have difficulty accessing the financing they need to start or grow their businesses. According to a report by the Business Development Bank of Canada, women entrepreneurs receive only 4% of venture capital funding in Canada.
Addressing the Challenges
To address the challenges facing women in Canadian business, there are several initiatives underway. For example, the federal government has introduced several measures to promote gender equality in the workplace. The Pay Equity Act, which came into effect in 2020, requires employers to establish and maintain pay equity in their workplaces. The federal government has also established the Women Entrepreneurship Strategy, which includes a $2 billion investment to support women entrepreneurs.
In addition, there are several organizations working to promote gender equality in the business world. For example, Catalyst Canada is working to increase the representation of women in leadership positions by providing training, support, and advocacy. The Canadian Women’s Chamber of Commerce is another organization that is working to support women entrepreneurs and advocate for gender equality in the business world.
Women have made significant progress in Canadian business, breaking down barriers and achieving success. However, there is still work to be done to achieve gender equality in the workplace. Women continue to face challenges such as the gender pay gap, lack of representation in leadership positions, and difficulty accessing funding and capital.
To address these challenges, there are several initiatives underway, including government measures and the work of organizations such as Catalyst Canada and the Canadian Women’s Chamber of Commerce. By continuing to work towards gender equality in the business world, we can create a more inclusive and diverse workforce that benefits everyone.