VersaFi, formerly known as Women in Capital Markets (WCM), has introduced a new guide aimed at promoting intersectionality within the finance sector.
The publication, titled “Intersectionality in Action: A Guide on Understanding & Practicing Intersectionality,” seeks to provide finance professionals with a comprehensive understanding of the various dimensions of human identity and experiences to foster a more inclusive and equitable workplace.
Intersectionality, as defined in the guide, involves recognizing that individuals possess multiple social identities that intersect and interact, shaping their experiences, advantages, and disadvantages in society. These identities include gender, race, class, ethnicity, age, sexual orientation, socioeconomic status, ability, and religion, among others.
Personal stories from finance sector
The guide features personal stories from individuals who have faced discrimination in the finance sector, aiming to highlight the impact of discriminatory actions on one’s ability to thrive at work and the internalization of harmful interactions. It also includes practical tip-sheets on inclusive practices to help finance professionals better understand how different forms of discrimination and privilege intersect, creating unique challenges for individuals in the workplace.
“For those who want to change the paradigm at work, this practical guide offers actionable recommendations and tips that focus on ways to address gender-inclusive language, microaggressions, allyship, and creating a culture of respect both through policies and culture changes,” said Tanya van Biesen, president and CEO of VersaFi. “We have a long way to go before we reach true inclusivity, and research continues to show that not getting this right has large-scale and long-lasting effects. Our hope is that this guide serves as a valuable tool to drive change.”
Microaggressions common
The guide addresses the prevalence of microaggressions in the finance sector, citing a recent McKinsey & Company survey that revealed 53% of women in financial services reported experiencing at least one microaggression in the past year. This figure is even higher for women of color.
The survey also found that women who experience microaggressions are three times more likely to consider quitting their jobs and four times more likely to feel consistently burned out compared to those who haven’t faced such experiences. These effects contribute to a system that undermines equity and inclusion in the workplace.
The “Intersectionality in Action: A Guide on Understanding & Practicing Intersectionality” is available for download on VersaFi’s website. Get it at https://versafi.ca/research/intersectionality-in-action-a-guide-on-understanding-practicing-intersectionality
