Rewards
Employees value both monetary and non-monetary rewards. We
recognize that no two employees have identical needs, so our
Total Rewards program is built to provide flexibility and
choice and
promote a shared accountability for success.
Our Total Rewards framework encompasses:
Employee Compensation and Benefits*
|
2008
|
$7.8 million |
|
2007
|
$7.9 million |
|
2006
|
$7.3 million |
*These figures are provided for RBC’s
global operations.
Compensation, Incentives and Wealth Accumulation Programs
At RBC, our compensation includes salary, an annual bonus,
long-term incentives, commissions and other variable pay.
We
participate in over 100 external benchmarking surveys annually
to
ensure our compensation remains competitive. Our employee
share
ownership plans and retirement savings plans provide long-term
savings and wealth accumulation opportunities.
Our short-term incentive bonus program rewards employees
for their contribution to their business unit's performance
and our overall performance. Also, depending on the type of
work they do, some employees may participate in variable compensation
programs such as sales commissions and sales target achievement
bonuses. Retirement savings programs help employees plan for
retirement. In Canada, our pension plan offers flexibility
and choice to help employees address their diverse needs.
The program offers the security of a defined benefit plan
with the flexibility of a defined contribution plan. Employees
can choose to participate in either option and can supplement
their retirement savings by either making optional contributions
to the pension plan or by joining the RBC savings program.
Depending on the options they choose, employees may receive
employer matching contributions. In the United States, RBC
offers a flexible
401(k) program.
Our employee share ownership plans are part of our Total
Rewards
program and help align employee, investor and company objectives.
In Canada, approximately 70% of eligible employees are RBC
shareholders
through the plans.
Benefits
We offer a core package of benefits plus a flexible optional
benefits
program that give employees access to competitive and affordable
benefits. Part-time employees are eligible for benefits coverage.
Health, Safety and Wellness
Our Code of Conduct states our commitment to providing safe
workplaces for all our employees. We also have more specific
workplace safety policies in most of our locations. All employees
and
their dependents have access to the EmployeeCare program,
which
is an extensive support program that helps manage all aspects
of
their work and personal lives, with confidential access to
information
and counselling. In 2008, we:
- Continued to integrated wellness features into our Canadian
and U.S. benefits programs. Employees can earn wellness
credits, which can be put towards purchases in their benefits
package
- Encouraged employees to lead healthy lifestyles through
a series of campaigns and communication initiatives that
addressed nutrition, physical activity, stress management
and wellness initiatives
- Provided employees with referrals to appropriate medical
and support networks.
Flexibility
We provide employees with the opportunity to:
- Work flexible hours or modified work schedules
- Work from home or off-site locations
- Reduce work hours through job sharing
- Buy an additional week of vacation
- Take an unpaid leave for personal reasons such as for
education or
personal development.
Our environment provides managers the flexibility to deal
with
workplace situations on a case-by-case basis.
Career Development and Learning
We provide professional training and development to help
employees
build successful careers. Formal training and development
programs are an important complement to learning on the job
and
in 2008, we invested $149 million in formal training and development
programs (direct and indirect expenditures), which include:
- A global online learning system that provides employees
with access to training resources and opportunities from
work and from home
- A career information guide entitled Winning Careers
at RBC and confidential access to Career Advisor, a
comprehensive online career management resource kit. More
than 14,000 employees have made use of it since it was introduced
in 2006
- Comprehensive formal training programs to help new employees
be successful. Over 4,400 employees completed the entry
training programs for Client Service Representative, Account
Manager, and contact centre Sales and Service Representative
positions
- Access to thought leaders to provide current and leading
edge progressive talent management practices.
Recruitment
Our primary approach is to promote from within RBC and we
continue
to offer growth and development opportunities for employees.
Building for the future also includes recruiting for new talent
and
some of our key activities for 2008 included:
- Visits to more than 70 university, college and technical/business
campuses
- Internship programs for new college and university graduates
- More than 34% of the people hired at RBC in 2008 were
referred by our own employees. Our employee referral program,
Star Finder, was enhanced in 2008 to reward employees who
referred candidates that were successfully hired
- The Pursue Your Potential™ program, designed to
help employees with disabilities and Aboriginal people explore
career opportunities and understand the recruitment and
selection process. Candidates have access to a dedicated
point of contact within our recruitment group and are provided
with meaningful feedback on interviews. Qualified candidates
are also referred to other areas of RBC if an initial application
is unsuccessful
