RBC Corporate Responsibility Report and Public Accountability Statement

At RBC, we recognize that our people are our most lasting source of competitive advantage and we continuously invest in leading-edge programs and practices that earn us the opportunity to be considered an “employer of choice.” We have 69,873 employees worldwide in 60,812 full-time equivalent positions.

Commitment to employees
RBC has been consistently recognized for leading people practices, breaking new ground regarding learning and career development, diversity and workplace flexibility. RBC is a leader in the human resources management category of the annual KPMG/Ipsos Reid “Canada’s Most Respected Corporation” poll appearing in The Globe and Mail.

We are very pleased to have maintained our reputation throughout a period of enormous change: the past decade has seen dramatic expansion into new businesses and geographic markets and the introduction of new technologies. And yet, employee feedback reveals a strong level of commitment, reflecting our efforts in continuously evolving RBC programs, policies and practices to meet the diverse and changing needs of today’s employees.

Total Rewards
Given the diversity of our employees and business markets, when it comes to people practices, it’s clear that “one size does not fit all.” Employees tell us their relationship with RBC is based not only on pay and benefits, but also on learning opportunities and career development, in addition to the many aspects that contribute to their work environment. We strive to give people many reasons to choose to work for RBC.

We benchmark our compensation – salary, commissions, variable pay programs and performance-based incentive programs – to the external market and ensure it is aligned to an employee’s level of skill, knowledge and performance in generating business results.

We offer a core set of benefits (health, basic life and business accident insurance, and short-term and long-term income protection), as well as flexible pension programs and employee savings and share ownership plans that provide employees with financial security that meets their individual needs.

Employees have access to a wide array of learning and career development tools, such as “anytime, anywhere” learning and an online career tool that helps employees manage their careers and effectively access career opportunities across the organization. In 2003, we invested $132.8 million in employee learning worldwide.

We take seriously the need to create a work environment that brings out the best in our people. Diversity practices and accountabilities are integrated into our business planning processes to help build an equitable workplace where people understand and respect diversity – key to attracting and retaining employees and to effectively serving our clients. And we offer innovative work/life options and resources, including dependent-care support, formal and informal flexible work arrangements, time-off or leave policies and educational support.

Listening to our employees

Cortney Easterling, Kendale Davis, Todd Weir and Lisa Marianetti, RBC Liberty

RBC has conducted annual employee opinion surveys since 1981, and we compare survey results with other companies to ensure we remain a leader.
In 2003, all employees worldwide were sent an opinion survey and more than 50,000 responded (about 80 per cent of the total number of employees). RBC outperformed the benchmark for North America’s high-performing companies in 13 of 14 categories, including team effectiveness, corporate leadership, client focus and communication.
In addition, for the first time ever, 16,000 employees, managers and executives participated in leading-edge Total Rewards research that asked employees to compare various rewards elements and prioritize their importance. The feedback from these research projects helps identify opportunities to enhance our programs and practices so we can continue to attract, engage and retain the most talented employees.

Employee feedback helps us enhance our human resource programs, allowing us to attract and retain the most talented employees around the world. In Greenville, South Carolina, Cortney Easterling, Kendale Davis, Todd Weir and Lisa Marianetti are four of the nearly 1,700 employees from RBC Insurance in the United States.
IMAGE: Dave Wilder: Wilder Photography

RBC Financial Group is considered a leading employer, and receives more than 13,000 resumes every month. Employees say their relationship with RBC is based not just on pay and benefits, but on learning opportunities and career development as well.

Support for work/life needs
RBC provides a wide array of work/life options and resources that respond to our employees’ unique needs, different work styles and evolving priorities. These include dependent-care support, flexible work arrangements, time-off or leave policies, wellness programs and educational support.

More than one-third of employees benefit from formal and informal arrangements, such as flextime, reduced hours, modified work weeks, job sharing, flexiplace and phased retirement.

The RBC EmployeeCare program is our combined employee assistance and work/life support service, available to all employees and their families, accessible by telephone and online, 24 hours per day, 7 days a week.

We also offer a post-secondary scholarship program for children of our employees, awarding scholarships of $1,000 each to more than 100 students each year.

Other important programs and resources
The growing diversity of RBC’s businesses and markets reinforces the need to focus on our common values – the commitment of our employees to our clients and to each other. The RBC Values (see page 4) are incorporated into business unit plans and personal performance plans, and we regularly communicate the importance of these values and celebrate the success stories.

Over 80 per cent of eligible employees are RBC shareholders, primarily through one of our employee savings and share ownership plans, providing a convenient way to save and invest.

RBC workplaces have health and safety representatives, committees and/or employees who have undergone health- and safety-related training. Managers must demonstrate an understanding of occupational health and safety requirements. Initiatives are developed and monitored at the business level.

Employee Ombudsman
This team of professionals provides employees with a confidential, impartial and objective avenue for unresolved workplace concerns. As the employee arm of the Office of the Ombudsman, this group assists employees by providing issue-resolution support, helps all parties to achieve solutions that are considered fair and reasonable and encourages an open and candid evaluation of the situation.

This group strives to reduce the incidence of workplace concerns throughout RBC by observing trends, monitoring the effectiveness of various approaches to resolution and making recommendations to management to enhance the workplace environment.

The Employee Ombudsman is governed by a Code of Ethics and adheres to the Standards of Practices set by The Ombudsman Association.

Continuous learning

To create a “continuous learning environment,” we treat learning as a fundamental part of our business. In encouraging employees to enhance their skills and professional development, we recognize that they have diverse learning styles. As a result, we provide a vast array of career tools and programs. These include a Web-based internal career search tool, experience-based learning (through projects and work assignments) and individual coaching and peer recognition. Through e-learning, employees have the flexibility to access learning and development opportunities from either work or home. We also provide orientation programs, internal career development programs, accreditation programs, external seminars and conferences, and strongly support employee volunteerism. Our “one organization, many careers” approach promotes the movement of talented people within and across RBC’s diverse businesses and functions.

RBC’s Rupa Ganatra and Caroline Walton are graduate trainees with RBC Capital Markets in London, England. During their training period, graduate trainees take courses and write their securities exams, with access to online learning material for quick reference. They are also provided a mentor and are given the chance to interact with business leaders.
IMAGE: Nancy Durell-McKenna