Allyship, Psychological safety

From Awareness to Action: Allyship for a Gender-Equitable Finance Sector

Advancing Allyship in Finance Report & Toolkit

Allies are crucial for turning inclusive workplace goals into concrete strategies that promote respect and gender inclusion throughout an organization. Strong ally networks enable organizations to implement measurable changes like comprehensive parental leave, bystander intervention training, and flexible work arrangements. These initiatives demonstrate allyship in action, addressing workplace culture and change management challenges while improving clarity and collaboration. Prioritizing allyship helps organizations build truly inclusive, effective, and future-ready workplaces.

This toolkit offers practical evidence-based strategies for building inclusive workplaces through allyship. The actions and strategies outlined in each section are based on best practices and are bolstered by the findings of a two-year longitudinal study that documents behavioural changes among 77 male middle and senior-level managers in the Canadian finance industry.

This project was funded by the Government of Canada’s Workplace opportunities: Removing barriers to equity (WORBE) program.

 

Research Summary

Explore our research on behavior change among male managers in Canada’s finance sector following our training program, with tracked progress and organizational impact.

Full Toolkit

This toolkit offers practical evidence-based strategies for building inclusive workplaces through allyship. The full toolkit includes 5 modules (also available individually below).

Module 1: Engaging in Allyship

Allyship is foundational in achieving gender equity in finance. Allies foster a more respectful and inclusive workplace when they consistently support and amplify the voices of their colleagues, especially those who face discrimination, bias, or unequal treatment. Allies also take proactive steps to advocate for changes to the workplace that encourage everyone to bring their best self to work.

Module 2: Exploring Different Types of Allies

Allyship in the workplace can take a variety of forms that can be adopted regardless of your position or level of seniority. Mentors, advocates, champions, and sponsors each contribute uniquely to fostering a supportive and inclusive environment which can further strengthen structured programs. Explore the strategies below to put your allyship into action.

Module 3: The Role of Allies in Fostering Psychological Safety

Psychological safety in the workplace fosters an inclusive environment where individuals feel safe to speak up, learn, and be themselves without fear of retribution or marginalization. It emphasizes respect, value, and empowerment, allowing team members to share ideas, take risks, and admit mistakes without being embarrassed or punished, or feeling rejected. Allies in any role can actively contribute to building this culture of trust and openness.

Module 4: The Role of Allies in Developing a Strong Pipeline

The myth of meritocracy is the belief that success is solely determined by individual talent, effort, and achievement, without acknowledging the systemic barriers and advantages that shape opportunities. Allies play a crucial role in dismantling these barriers and ensuring that everyone has an equal opportunity to access career-enhancing opportunities.

Module 5: The Role of Allies in Promoting a Culture of Flexibility

Embracing flexibility, whether in-office, remote, or hybrid, enhances productivity, inclusion, and access to opportunities for all employees. Flexible work options can be beneficial for many employees including people with disabilities, caregivers, and those who live in geographically remote locations. Allyship can play a crucial role in supporting and promoting flexible and inclusive ways of working.

Related research & reports

Allyship
2022 Diversity Disclosure Practices: Diversity and leadership at Canadian public companies
Allyship
Intersectionality in Action: A Guide on Understanding & Practicing Intersectionality

Download our free guide, developed by VersaFi’s Research & Advocacy team on understanding intersectionality in the workplace and putting equitable practices in place.

Allyship
L’intersectionnalité en Action: Guide Théorique et Pratique

Qu’est-ce que l’intersectionnalité? L’intersectionnalité est la reconnaissance du fait que chaque individu a des identités sociales multiples dont les intersections et les interactions influent sur ses expériences, ses avantages et ses désavantages au sein de la société