VersaFi’s Powering Progress Scorecard Reveals Where Canada’s Finance Sector Is Delivering—and Falling Short—for Women

Report highlights progress, persistent challenges and actionable recommendations

TORONTO--(BUSINESS WIRE)--VersaFi (formerly Women in Capital Markets), Canada’s largest network of women in finance, today released its inaugural Powering Progress Scorecard, the most comprehensive benchmarking to date of women’s workplace experiences in Canada’s finance sector. Drawing on an in-depth study of women across diverse finance roles, the Scorecard examines three key impact areas: Culture, Retention and Advancement, highlighting both promising progress and persistent challenges facing women in the sector.

“As economic uncertainty continues to shape the finance sector, attracting, retaining and advancing talent has never been more urgent,” said Tanya van Biesen, CEO of VersaFi. “Women are an integral part of the sector’s mission-critical talent equation, yet are often overlooked for advancement opportunities. Advancing talented women is not just the right thing to do—it’s a strategic imperative for innovation, resilience, and sustainable growth.”

The Powering Progress Scorecard sets a new standard for measuring – and accelerating – progress for women in the finance sector. Below are key findings:

CULTURE (7.4/10): Women in finance feel motivated and valued at work, but gaps persist
Culture emerged as the strongest of the three impact areas studied. Women report feeling motivated, valued, and physically safe at work, reflecting consistent, above average ratings across three core dimensions of culture: perceived value of individual contributions; sense of safety and well-being; and perceived fair treatment and respect. However, the data also exposes persistent gaps in women’s experiences, in particular related to psychological safety and sense of belonging. These represent important opportunities for organizations to further strengthen their workplace culture, with an emphasis on inclusion.

RETENTION (5.9/10): Compensation and parental leave remain key pain points
Scores in this impact area focused on two cornerstone measures of retention for women – compensation and parental leave, highlighting significant opportunities for progress. Compensation surfaced as a particular area of concern for women, with less than half agreeing that their compensation package is on par with peers, and just over half having confidence in the fairness and transparency of performance reviews and compensation practices. While parental leave scored slightly higher, the data reveal significant concerns about career security and lost opportunities during leave.

ADVANCEMENT (5.0/10): Unclear pathways may be dampening women’s career ambitions
Advancement emerged as the weakest of the impact areas, with fewer than half of women reporting that they see a clear path to achieving their career ambitions, and only four in ten expecting to be promoted in the next five years. The low scores highlight a troubling “ambition gap”—with unclear pathways and limited support contributing to dampened aspirations for leadership roles. The report finds that only half of women feel they have equal opportunities for advancement, and even fewer see their organizations investing in leadership development.

Actionable Recommendations for Change
Powering Progress 2026 doesn’t just measure gaps—it points the way forward. VersaFi urges all financial institutions to use these findings as a catalyst for meaningful change, and offers the following recommendations:

CULTURE

• Make inclusive leadership measurable, not aspirational to shape culture beyond corporate values.
• Move beyond flexibility as accommodation to expand opportunity.
• Create structured, accountable feedback loops that are acted upon.

RETENTION

• Make compensation understandable, not opaque. Silence and secrecy breed mistrust.
• Audit outcomes, not intentions especially with commitments to pay equity.
• Protect careers, not just jobs, during parental leave with standardized manager-led reintegration plans.

ADVANCEMENT

• Clarify advancement requirements to avoid ambiguity which may disproportionately disadvantage those without informal access to power and advocacy.
• Shift from mentorship to sponsorship. Ensure senior leaders are accountable for actively sponsoring high-potential women.
• Intervene before ambition fades. Implement structured “stay and grow” conversations to understand aspirations, identify barriers, and align development opportunities.

To download the full report, please click Powering Progress Scorecard

About VersaFi
VersaFi is a national, non-profit organization focused on elevating women in the finance sector to advance prosperity for all. Founded in 1995 as Women in Capital Markets (WCM), the organization rebranded in 2024 as VersaFi.

We connect and equip women, and the allies and organizations who champion them, through programs, partnerships, and community that transform individual success into industry-wide impact.

As Canada’s largest network of women, allies, and leading finance organizations, we are united by a shared purpose to elevate women in the finance industry. Together, we champion talent at every stage of the career journey: empowering individuals and shaping leaders; transforming individual success into industry-wide impact; and advancing a stronger, more competitive finance sector for all.

Our community has grown to more than 4,200 members and 50 corporate partners across the country representing the finance sector across banks, dealers, insurance companies, pension plans, asset and wealth management firms, regulatory agencies, exchanges, and advisory firms. To learn more or to become a member, visit www.versafi.ca