TORONTO, ON (June 12, 2024) – VersaFi (formerly WCM) released Intersectionality in Action: A Guide on Understanding & Practicing Intersectionality to provide professionals working in the finance sector with a comprehensive understanding of the multifaceted dimensions of human identity and experiences. The goal is to help foster a more inclusive and equitable community.
Intersectionality refers to the recognition that individuals have multiple social identities which intersect and interact to shape their experiences, advantages, and disadvantages within society. It includes a variety of aspects including gender, race, class, ethnicity, age, sexual orientation, socioeconomic status, ability and religion, among others.
The Guide includes stories from those who have experienced discrimination in the finance sector first-hand, in an effort to help the sector reflect on the impact of discriminatory actions on one’s ability to thrive at work and the way harmful interactions can become internalized. It also offers various practical tip-sheets on inclusive practices. By understanding these intersecting identities, we can better acknowledge how different forms of discrimination and privilege interact to create unique experiences and challenges for individuals in the workplace.
Microaggressions, for example, may present subtly but occur at high rates. A recent McKinsey & Company survey showed that 53% of women in financial services reported experiencing at least one microaggression over the past year — a figure that is even higher for women of colour [1]. Women who experience microaggressions are three times more likely to think about quitting their jobs and are four times more likely to almost always be burned out, compared to those who haven’t experienced microaggressions [2]. These effects end up perpetuating a system that diminishes equity, inclusion, and opportunities for equity-deserving groups.
“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,” noted Tanya van Biesen, president and CEO, 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.”
The Intersectionality in Action: A Guide on Understanding & Practicing Intersectionality can be downloaded here.
