Diversity and Inclusion
We believe that being an inclusive employer enables us to understand the diverse factors that have an impact on our business, allowing us to make better decisions and best motivate our workforce. As workforce demographics change, diversity has become a business imperative and a key ingredient of success.
Diversity is an important priority for us as an employer and as an active owner in a variety of companies operating in numerous geographic locations. Our group companies attract a diverse team of employees, all with unique expertise, from different backgrounds, age groups, genders and nationalities. Attracting and retaining a workforce that reflects the communities where we operate and the breadth of experience we need underpins our goal to be a great employer and to achieve our business objectives.
We have focused our strategy on supporting a diverse and inclusive work environment through the following programs:
Diversity and Inclusion
We support diversity at all levels of the organization. This commitment, as it relates to our Board and senior management, was formalized through our policy relating to Board and Senior Management Diversity. The women in our business represent:
17% at the Power Corporation Board level
16% at the executive officer level, including the Corporation's group companies
Through our Code of Business Conduct and Ethics, we reinforce our commitment to provide equal opportunities in employment, appointments and advancement and our commitment to support an inclusive workforce.
We have provided training on our Code of Business Conduct and Ethics, which emphasizes our commitment to provide a respectful and equitable workplace.
Highlights from our Group Companies
Our subsidiaries, Power Financial, Great-West Lifeco and IGM Financial, have adopted Board and Senior Management Diversity policies.
In February 2017, our subsidiaries Power Financial, Great-West Life, Investors Group and Mackenzie Investments joined forces with other Québec financial firms to establish Inclusion, a philanthropic fund promoting openness, inclusiveness and equality. This new fund will support awareness and education programs in schools with a view to building inclusive living environments and promoting greater openness in young people to diversity in all its forms.
Imerys' Diversity Charter outlines its commitment to achieving greater diversity, as well as its commitment to anti-discrimination and equal opportunities. Diversity plans and series of measures have been set up in most of the major countries since 2013.
In 2015, Great-West Life supported the launch of Women @ Great-West Life, a networking and mentoring group for up-and-coming female leaders, focusing on education, inspiration and networking. Women @ Great-West Life staged a series of well-attended events in 2016, including a Speed Mentoring event for attendees to sit down with 16 experienced leaders and get quick-fire advice on professional development, tips to further leadership potential, hear success stories and gain a mentor. Women @ London Life also staged its first Perspectives on Leadership event, which is a three-part series featuring intimate and informal chats with some of the organization’s female leaders and an inside perspective on their personal and professional journeys.
In 2016, Mackenzie Investments and Investors Group implemented Taking the Stage®, a program for women focusing on the skills and tactics that drive leadership presence and effectiveness. In 2016, a pilot of the leadership program, Taking the Stage®, was also offered for women advisors to enhance leadership presence. Unconscious bias training is also included in ongoing Investors Group leadership development courses.
For the past three years, Investors Group has also sponsored a number of leaders to attend SHE Day, a Winnipeg conference focused on leadership development, and in 2016, supported attendance to the CFA Women in Finance conference.
Mackenzie Investments also continued to focus on supporting women in leadership by holding networking opportunities with internal and external events such as the ones hosted by the Women’s Executive Network and Women in Leadership.
IGM Financial promotes a respectful, diverse and inclusive workplace and continues to enhance awareness of the importance and value of diversity and inclusiveness in the workplace. In 2016-2017, a voluntary, confidential survey was completed by Investors Group advisors and employees at all three of IGM’s operating companies to gather information on their personal backgrounds, perspectives and experiences with diversity and inclusion. This survey data is being used to focus and evolve the companies’ approach to diversity and inclusion.
In 2016, 59% of IGM Financial’s employees are women meeting the national average for the finance and insurance industries1. In addition, 40% of managers and executives are women, exceeding the national average of 37%2. As of May 2017, 25% of the IGM Financial board members were women.
Investors Group is also a supporter of the Aboriginal Business Education Partners (ABEP) scholarship program at the University of Manitoba and the Canadian Aboriginal Human Resource Management Association. In early 2016, Investors Group management invited the Treaty Relations Commission of Manitoba to present the history of Canadian treaties and the opportunities for business to support the calls to action in the Truth and Reconciliation Commission of Canada report.
Investors Group also focuses on diversity among its financial advisors, to better reflect Canada’s diverse population. Investors Group enhanced its recruitment tools, creating videos and written profiles of people from a diversity of backgrounds who have achieved great success either as a consultant or in field management. In early 2016, a committee of senior managers, including field leadership, was also formed to review internal practices surrounding recruitment, training and promotion to continue to foster a culture inclusive of a diversity of people.
In 2016, both Mackenzie Investments and Investment Planning Counsel continued to support organizations that help immigrants to gain employment. Mackenzie has been a long-term supporter of the Toronto Region Immigrant Employment Council (TRIEC) Mentoring Partnership, providing opportunities for its employees to work with new immigrants seeking employment in Canada. Investment Planning Counsel also established partnerships with both the TRIEC and the Federal Internship for Newcomers (FIN) to build recruitment strategies for new immigrants.
Great-West Life is actively seeking new ways to reach out to a diverse range of potential employees among qualified individuals or segments of the population who may not have thought of applying for a role with us. For instance, the company formed a partnership with Amik.ca, an initiative connecting qualified Indigenous workers with employers across Canada and providing recruits with pre- and post-hiring support. Sixteen candidates were hired through this partnership in 2015 and an additional 13 individuals were hired in 2016.
Progress on diversity in the workforce and inclusion of people with disabilities continues at Imerys. To strengthen its teams and prepare to the next generation of managers, Imerys launched its International Graduate Program in 2015, an international program for recruiting and nurturing recent graduates. The first promotion hired through this program is composed of a total of 38 graduates from 10 different nationalities, who have taken on their second roles within the company in January 2017. In 2016, the second phase of the Imerys Graduates Program integrated 38 young talents from ten countries. In addition, as of 2016, Imerys had 213 employees with disabilities.
2. Statistics Canada, “Table 282-0142: Labour Force Survey Estimates (LFS), By National Occupational Classification (NOC) and Sex,” CANSIM (2016).