Workforce goal setting should be based on a sound methodology. The methodology should be able to stand up to any challenges and be able to answer the simple question of: What is the basis for establishing this goal?
All workforce goals would be based on Meeting or Exceeding the designated market area (DMA) for each business unit. In more simplistic terms – we want to look like the places where we live, work and play.
This report provides information related to establishing goals for women in leadership and the process for establishing workforce goals based on DMA.
Workforce goal setting should be based on a sound methodology. The methodology should be able to stand up to any challenges and be able to answer the simple question of: What is the basis for establishing this goal?
Is it based on…
• US Census? Global Market Region Data availability? Designated market area (DMA)?
• # of ethnic groups available in the workforce for each particular function/role or industry?
• % of demographic represented in the business unit’s DMA?
• Based on the year over year hiring trends for diverse groups in each department?
• Determine the scope: Will you establish by region? By country/location? By business?
• Or a combination of the list above?
Note: Gender and diverse representation in the manufacturing sectors may be less available than other industry sectors, so a combination of # of talent available by industry or region and historical hiring trends may work best.
The Goal:
All workforce goals would be based on Meeting or Exceeding the designated market area (DMA) for each business unit. In more simplistic terms—we want to look like the places where we live, work and play.
The Process for establishing Workforce Goals based on DMA:
• Fifty-three percent of Singapore firms have less than 20% of women in leadership roles.
• Despite the high education level women possess, women account for only 11% of total director pool of Hong Kong’s listed issuers and 33% of senior management roles.
According to a recent Mercer study, women in Latin America are expected to hold 49% of all professional and managerial roles by 2025. Latin America is the only region on track to achieve gender parity at the professional level and above by 2025.
The study credits Latin America’s progress to a greater than average middle management engagement in diversity and inclusion efforts (51% versus 39% globally), belief that supporting women’s health is important for attracting and retaining women (56% versus 45%), and an unusually high portion of women in profit and loss roles (48% to the global average of 28%).
Although women account for 17% of executives today, they are projected to account for 44% of executives in 2025, given current hiring, promotion, and retention rates. Women are more likely than men to be promoted from every level—and twice as likely to be promoted from the senior manager level.
The challenge in Latin America will be to sustain the momentum observed over the past several years.
Research from the Inter-American Development Bank assessed 7,500 companies in Latin America and the Caribbean (LAC) and found that 63% of companies had no women board members and 73% had no women executives.
On average, women make up 9% of board members, 9% of executives and 4% of CEOs in LAC companies—surprisingly similar to the US figures of 9% board members, 12% executives and 4% CEOs.
There are significant variations by country. Colombia has the highest gender diversity in the boardroom, with 14% of board seats occupied by women; only 5% of Mexico’s board seats are held by women.
In one survey of board chairs in Colombia, Chile, Brazil, Mexico and Argentina, over 70% responded that gender diversity is relevant to board performance, yet few said that it was on the board’s agenda to improve it.
In terms of female participation in the measured Mexican economy, the country performs well below the OECD average, at 47%, while male participation is relatively high at more than 80%.
The relatively low performance for Mexico is attributed to relatively entrenched social values of ‘machoism’ suggesting that women should stay at home—an attitude that has seen it perform well below its regional peers such as Chile, at almost 60%, and Colombia at just over 60%.
Up to $800 billion could be added to Mexico’s annual GDP in 2025 by bridging the gender gap and increasing the labor force participation of women.
With 45% of women in Mexico currently working outside the home and 27% of women pursuing tertiary degrees, women in Mexico comprise a significant proportion of the available talent pool. Many are seeking opportunities for career development and advancement across a range of industries and organizations.
Despite advances, traditional gender roles and a shortage of programs or polices to support women’s entrance and advancement in the workforce continue to pose challenges and stifle progress.
A 2014 Catalyst survey examined the state of gender equity in multinational and local companies in Mexico.
While 86% of organizations reported having goals and targets for increasing
gender equity in the workforce, 62% do not track workforce statistics to gauge
employee representation in different categories or attrition or promotion rates. Nor do they hold senior leaders accountable for achieving organizational diversity goals.
Only 10% reported having a strategy in place to engage men in the organization’s D&I initiatives.
Of those interviewed, 70% of interviewees stated that work-life balance is a key
challenge for women professionals in Mexico.
BMO has been recognized as the top financial institution in Canada. Recent external recognition includes:
• Darrel Hackett named to list of Most Influential Blacks in Corporate America
• Named One of the 2018 World’s Most Ethical Companies by the Ethisphere Institute
• Honored with a Spirit Award for employee engagement
• Financial Group Named to Bloomberg’s Gender-Equality Index for Third Year in a Row
• Among Canada’s Most Admired Corporate Cultures
• Executives Among WXN Canada’s Top 100 Most Powerful Women
• Named One of the Most Diverse & Inclusive Companies in the World
• Financial Group Recognized as a 2017 Great Place to Work
• Financial Group Wins 2017 Gender Equality Award
• Financial Group Wins 2017 Catalyst Award
• Financial Group Recognized in Bloomberg Financial Services Gender-Equality Index
In putting D&I at the center of every leadership discussion, BMO has reached a majority of its diverse workforce representation goals for 2018.
Key highlights include:
• 40% of senior leadership roles are held by women
• More than 1/3 of Board roles are held by women
• More than 26% of senior roles are held by Minorities or Persons of Colour
• Employees rated BMO’s commitment to inclusion in the highest category as a leading company
In addition to BMO supporting its female employees, BMO is supporting female entrepreneurs by making $3 billion in capital available over the next three years. Helping Canadian businesses owned by women will create new jobs and strengthen communities.
BMO is also committed to building a market leading position in Indigenous banking in Canada. Today, BMO manages over $4 billion in deposits, loans and investments for over 250 Indigenous communities across Canada.
