The discussion around Diversity, Equity and Inclusion (DEI) within the workplace has taken center stage over the last year, and organizations across Canada are actively working to create meaningful change through practices and policies in support of minority groups.

Back in February, CCUA hosted its first DEI-focused webinar, featuring insights from a panel of DEI experts and champions who addressed how a DEI culture can help organizations be more successful and competitive. One of the featured speakers, Paul Dionne, Research Project Manager at Filene, shared highlights from a 2020 report drafted by the organization, that identified ways in which credit unions can activate DEI within their business. The core of the report addresses three questions surrounding DEI:

• What is meant by DEI in the credit union workspace?
• How are the components of DEI related?
• What impacts does DEI have on credit unions?

Promoting DEI practices has been shown to help businesses remain competitive and foster greater success. The Filene report cites market growth, enhanced member experience, improved strategic performance, and widespread equal opportunity as some of the key enhancers that result from adopting a DEI-driven culture.

Earlier this year, CCUA conducted a benchmarking survey in partnership with Central1 to help develop additional research within this space. The survey was launched in an effort to understand the current state of DEI practices among Canadian credit unions and identify opportunities to advance and strengthen these practices within the system. The results of the study revealed that DEI is a key priority for almost three-quarters of participants, but few have yet formalized their approach. Additionally, about ten per cent of credit unions have a formal DEI plan, and roughly 34 per cent are currently developing one. Twenty per cent of respondents also have a working group dedicating to advance work in this area, with 13 per cent planning to establish one (a copy of the executive summary of the survey is available to download here).

As a follow-up to the survey, CCUA will be hosting a second DEI webinar on Wednesday, June 23, 2021, focusing on its findings. The session will also highlight the work that is being conducted by the DEI Working Group in collaboration with Central1 and include a panel discussion with credit unions that have taken meaningful steps to advance their DEI initiatives, as well as feature insight from CU Pride leaders.

With the prominent outpouring of support for DEI practices, the Credit Union National Association in the United States has recently voted in favour of a resolution to establish diversity, equity and inclusion (DEI) as the eighth cooperative principle of American credit unions. Following in its footsteps, another US-based cooperative (People’s Food Co-op) has added “Respect for Diversity” as the eighth pillar driving their mission. Cooperatives in Canada have taken notice of this movement and have begun wondering whether there’s space to implement this practice in our own backyard.

Yet regardless of what the future holds in terms of amending the cooperative principles, the DEI-needle is moving in the right direction, and important steps are being taken across the country – and the globe – in support of a more diverse and equitable future for all.