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Boosting Profitability Through Gender Diversity

To date, women-owned businesses have created over 1.5 million jobs and contributed approximately $150 billion to the Canadian economy in recent years , enriching the Canadian business landscape by driving innovations, creating job opportunities and inspiring the next generation of business leaders. Their vision, leadership and entrepreneurial spirit continue to have a significant impact on our nation’s ability to grow, prosper and compete on the global stage, all while creating a more diverse and inclusive business community where new ideas and talent can flourish.

While there’s certainly been a lot of progress in the last decade to promote greater gender equity in business, it’s clear that there’s still more to be done to accelerate the representation, participation and inclusion of women in our economy and society. Studies show that women continue to be underrepresented, holding only 35% of leadership positions in Canada while comprising 46% of the workforce .

Aside from the matter of principle, there are clear cases around the socio-economic value and innovation that are driven by the inclusion of women entrepreneurs, working professionals and leaders. One McKinsey study suggests that businesses with greater gender diversity at the senior leadership level are 25% more likely to experience greater profitability, improved decision making and organizational performance .

The challenges to closing this gap are multi-faceted – from the need for greater education around our individual biases and creating more career mentorship and sponsorship opportunities to support the advancement of women, to providing equitable access to funding, employment, education and entrepreneurial resources to enable the full and equal participation of women in our society.

There’s no single, catch-all solution to this. That’s why, at RBC, we take a holistic and continuous approach to our support for women entrepreneurs in their growth journey. We offer year-round advice events, mentorship opportunities, financing solutions and access to business resources to help empower women to pursue their entrepreneurial aspirations, while strengthening their foundational business knowledge.

https://www.international.gc.ca/trade-commerce/gender_equality-egalite_genres/trade_gender-commerce_genre.aspx?lang=eng

https://economicgraph.linkedin.com/blog/women-are-still-underrepresented-in-leadership-and- the-technology-information-and-media-industry

https://www.mckinsey.com/featured-insights/mckinsey-explainers/what-is-diversity-equity-and-inclusion

Sponsorships are another way we demonstrate our goal of supporting and celebrating women entrepreneurs in the economy. For example, our ongoing commitment to the RBC Canadian Women Entrepreneur Awards program in partnership with Women of Influence is an important way for us to celebrate the achievements of women who are exceptional leaders and innovators in our communities. In doing so, we want to put a spotlight on their stories, experiences, and perspectives to inspire and foster the next generation of women entrepreneurs and innovators. We’re proud to say that since the inception of the award program, more than 70,000 Canadian women have been nominated and 200+ entrepreneurs have been recognized for their outstanding contributions to the Canadian business community.

For all the journeys we’ve supported and the stories we’ve shared to date, there are many more aspiring and inspiring women entrepreneurs waiting in the wings. At RBC, we are in relentless pursuit of supporting the advancement and ambitions of even more women in the months and years to come because, ultimately, creating a more inclusive economy where everyone is seen, heard, supported and celebrated is critical in unlocking the full innovation potential and economic prosperity of our society.

Christina Vandoremalen

Vice President, Business Deposits and Treasury Solutions, RBC

Christina is VP Business Deposits & Treasury Services at RBC with overall responsibility for growing market share of the Business deposit portfolio as well as developing the strategic vision delivering market leading digital solutions in cash management, deposits, payments, and trade. Christina joined RBC in 2006 as part of RBC’s Graduate Leadership Program and completed four six-month rotations across a number of RBC’s platforms. Since then, Christina has held progressively senior roles in Sales, Enterprise Strategy, Business Financial Services Strategy and Regional Banking. Prior to her time at the bank she spent 4 years with IBM Canada and 1 year with Canada Mortgage & Housing Corporation in various financial roles. Christina holds an Honours Bachelor of Commerce degree from Queen’s University and an MBA from McGill University. She is also a Chartered Professional Accountant.

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