Globalization, changing demographics and new expectations among younger generations in the Canadian and global business landscape are driving organizations to rethink their approaches to equity, diversity and inclusion (EDI). The Canadian population is increasingly diverse, and research shows that by 2036, racialized people will likely comprise a third of Canada’s population (between 31% and 36%).
Business schools are no exception to this trend, and future business professionals must understand the importance of diversity to representation as well as overall business value. In fact, a Canada.ca news release based on findings from Innovation, Science and Economic Development Canada (ISED) reports “that organizations that are diverse at the board and senior management levels are more likely to outperform their peers, twice as likely to meet or exceed financial targets, and eight times more likely to achieve better business outcomes.”
In addition, research from Statista shows that in 2021, about 1.2 million women were enrolled in higher education programs in Canada, compared to 931,220 men. However, despite a higher number of college-education women, there is still a gap in female representation in leadership and executive roles. According to Statistics Canada, as of 2019, women represented 19.2% of director positions on corporate boards in Canada. Another Statistics Canada source notes that women hold just over one-third of management roles in Canada, and 30.9% are in senior management-level occupations.
The need to drive EDI in the workplace is becoming more urgent by the day. As a result, top business schools — including the Master of Business Administration (MBA) online program at Carleton University — must prioritize the goal of equipping business professionals with EDI skills to apply at their companies.
Equity, Diversity and Inclusion Defined
Equity refers to ensuring that all employees are treated fairly and have access to the same opportunities, resources and benefits. It involves identifying and addressing the systemic barriers and biases that may prevent certain groups from achieving equal outcomes in the workplace. Equity acknowledges that not all individuals start from the same place and may require different levels of support to achieve success. It recognizes that simply treating everyone the same may not be enough to overcome the historical and societal disadvantages that some individuals and groups face.
Diversity pertains to the composition of a company’s workforce, encompassing the individuals an organization selects, employs and advances. A diverse workforce reflects the variety of qualities and backgrounds found in society, such as gender, race, physical ability, religion, age and socioeconomic status. Diversity within an organization is critical as its markets and customers become more diverse. Therefore, there should be enough diversity of thought within an organization to meet the increasingly diverse needs of those it serves.
Inclusion refers to creating a work environment where all individuals feel valued, respected and supported. An inclusive space is where their differences and unique perspectives are recognized and appreciated. An inclusive workplace culture ensures that all employees have a sense of belonging, regardless of their background or identity. Many experts now refer to belonging as its own aspect of EDI, as inclusion does not guarantee employees feel connected to their team members or organization. Belonging results from inclusion efforts and involves creating a space where individuals feel accepted and comfortable expressing their opinions, ideas and concerns without fear of discrimination or retaliation. Deloitte Insights lists the six signature traits of an inclusive leader as cognizance, curiosity, cultural intelligence, collaboration, commitment and courage.
The Movement to Drive EDI Is Underway
According to a 2022 report from Culture Amp, over 60% of companies reported not having any EDI specialist role, though nearly 40% are investing in building out the specialized expertise needed for a successful equity and inclusion program. Furthermore, 80% of EDI roles are new, established in the previous 18 months. With the realization of that trend, 85% of HR and EDI practitioners have a favourable perception of EDI efforts in their organization, and 81% say such efforts have been beneficial. These efforts receive the support of senior leadership in 74% of these organizations. However, work remains: Just 34% of respondents gave a positive answer to a question about whether their organization has sufficient resources to carry out EDI initiatives.
Carleton University Trains MBA Students to Make an Impact in EDI
The skills needed to drive EDI programs in workplaces align with many of the soft skills taught in Carleton University’s MBA online program, including:
- Effective communication is essential for building understanding and trust among individuals with diverse backgrounds and experiences. Effective communication helps leaders navigate challenging conversations around EDI issues in the workplace.
- Emotional intelligence is the ability to recognize and manage one’s emotions and those of others. Emotional intelligence is critical for promoting empathy and understanding among employees and creating an inclusive workplace.
- Collaboration is necessary for establishing strong relationships and fostering a sense of community in the workplace.
- Critical thinking is crucial for identifying and addressing EDI issues in the workplace by analyzing complex problems and developing evidence-based solutions.
- Leadership is vital in instilling and reinforcing values and practices that reflect sound EDI principles. The MBA program trains students to lead diverse teams and create a vision that aligns with the organization’s values.
Students can hone these skills throughout Carleton University’s MBA online program curriculum, especially in the Managing Diversity course. In addition, Carleton University’s Sprott School of Business leads or partners with various EDI organizations and initiatives, including the following:
- The Centre for Research on Inclusion at Work (CRIW)
- Co-leadership of the nationwide Black Entrepreneurship Knowledge Hub
- Founding signatory on Luminary, an Indigenous economic development strategy led by Indigenous Works
- Partnerships with CGLCC, Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC), which provides research, training and mentorship for 2SLGBTQI+ entrepreneurs
If you want to lead your company and its workforce in various roles and help them realize the full benefits of EDI, this program is ideally suited to your goals.
Learn more about Carleton University’s online MBA program.