About Value for Employees - Royal Bank of Canada - Programs, policies and practices - About RBC
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Royal Bank of Canada About Value for Employees Programs, policies and practices
The RBC Board of Directors and its Human Resources Committee oversee
our workplace policies and programs. The committee assists the board in
About Value overseeing key policies and programs relating to compensation and
pension plans, compensation risk management, key talent management
for Employees and human resources strategies and practices – including employee
engagement, diversity and inclusion, and health and wellness – as well as
compensation for the chief executive officer (CEO) and members of the
Group Executive, and management succession plans for executive officers
Programs, policies and practices and key senior leadership roles.
Our executives and management are responsible for providing employees
This is part of a series of documents that with direction on our workplace strategies, policies and programs.
provide additional information on the Our Human Resources and Group Risk Management departments provide
comprehensive reports at least annually to the Ethics & Compliance
programs, policies and practices related to Committee, the Group Risk Committee and other board committees on
the citizenship priorities of Royal Bank of culture and conduct and many of the topics covered in this document.
Canada (RBC®). The series supplements our
annual environmental, social and governance Our priorities
(ESG) reporting, which provides an overview of ¡ Attracting and retaining talent
our priorities, key performance indicators and ¡ Creating enriching experiences that enable growth
¡ Fostering a diverse and inclusive culture
annual highlights of ESG issues relevant to
financial services companies in general, and
to RBC in particular. It complements the
information on our operations and financial
results provided in our Annual Report and
governance and executive compensation
information disclosed in our Management
Proxy Circular (both available at rbc.com).
ABOUT VALUE FOR EMPLOYEES 2Attracting and retaining talent ¡ R
BC Amplify® Program: Attracts top technical talent. This intensive
summer innovation program engages amplifiers to address an
Early talent executive-sponsored business challenge, where they need to apply
Investing in youth is a win-win. Through our learning opportunities, young design-thinking principles to develop solutions that deliver real value to
people can develop the skills they need to succeed in today’s economy RBC clients and employees.
and bring fresh perspectives to drive innovation. We believe that by ¡ R
BC Analyst Program: Develops future leaders at RBC in one of our core
understanding young people’s goals, dreams and expectations, we can product or functional areas. Analysts in the program take responsibility
provide a supportive and challenging experience that encourages them to and leadership roles in key areas of the organization.
have long-lasting careers with RBC.
¡ R
BC Indigenous Peoples Development Program: Enables recent
Exceptional work-integrated learning experiences graduates who self-identify as Indigenous/Aboriginal (First Nations,
Inuit, Métis) in Canada to develop the skills and network needed to build
We are enabling graduates and early talent to gain meaningful work
their professional experience through a two-year rotational program.
experience through diverse placements that develop their skills and help
launch their careers: ¡ I ndigenous Student Internship Program: Offers first-hand exposure to
different areas of RBC such as Finance, Sales and Services, Technology,
¡ Leadership Development Program (LDP): Builds future leaders in an
Marketing, HR, etc. Interns receive mentorship, networking opportunities
accelerated two-year period, with a focus on one of five streams:
and strong Indigenous community support as they explore and develop
Finance, Internal Audit, Group Risk Management, Enterprise and
their skills for the future.
Personal & Commercial Banking. The program consists of four six-month
rotations, where LDP associates collaborate with leaders on complex ¡ R
BC Career Launch® Program: Provides 100 recent college and
assignments while developing their skills through formal training. university graduates with a one-year paid internship that features three
unique rotations.
¡ W
ealth Management Generalist Program: Gives participants an
opportunity to develop a fulfilling career with Canada’s award-winning ¡ E
xplore RBC: Helps match students with opportunities across the
provider of integrated wealth management services. As part of this enterprise through an innovative talent initiative, based on self-
dynamic 24-month program (four six-month rotations), Wealth discovery that stems from interests and passions, using four RBC®
Management generalists can gain an understanding of the day-to-day personas (client-facing, head office, operations and automation, and
operations of several wealth management businesses and a high-level technology and digital).
understanding of the entire RBC Wealth Management® platform.
Digital talent
¡ C
hartered Professional Accountant (CPA) Pre-Approved Program: To maintain our position as an employer of choice for digital talent, we
Delivers a unique combination of specialized training and wide exposure have identified the critical future skills our business needs (in areas such
for our associates. During this 30-month rotational program, they as data, design and product development) to create seamless, exceptional
complete their CPA experience requirements and Common Final client experiences as a digitally enabled relationship bank. RBC continues
Examination while being mentored by senior leaders and gaining to provide flexible talent practices that enable us to better attract, develop
exposure to real problems and innovative solutions. and retain digital talent with modern and personalized learning paths.
ABOUT VALUE FOR EMPLOYEES 3With dedicated resources on our DevOps, Agile and Automation team, we provides the opportunity for employees to engage in external seminars
are improving the way business partners work together in a digital age. We and conferences, training and professional accreditation programs, and
are also the champion of TechToronto and FintechTO, bringing best-in- major educational sponsorships.
class events and research to the tech community in Toronto. We are fostering a culture of lifelong learning to ensure our people gain
great experiences while building skills for the future through innovative
Creating enriching experiences that learning programs:
enable growth ¡ R
BC Learn: Self-serve learning platform to meet employee needs and
interests.
We are continually looking for ways to improve employees’ experiences
at RBC so they can perform their best, excel in their careers and be ¡ A
xonify: Adaptive micro-learning platform that enables employees to
recognized for what they do. Our success is fueled by highly engaged upskill through a fun, engaging and personalized learning experience
employees. By engaging our workforce to share their ideas and feedback, that drives high sustainment of knowledge, skill application and
we are better able to design programs and deliver the experiences that business outcomes.
attract talent and inspire, develop and empower our people. ¡ R
BCx™: Immersive nine-week innovation program that brings together
top talent from across the organization to tackle important business
Employee engagement
challenges and learn new ways of working, with topics like design
To better understand and respond to the needs and expectations of our
thinking, user research and rapid prototyping.
workforce, we conduct the annual Employee Opinion Survey (EOS) to
identify what matters most to employees and how RBC can provide ¡ S
park!: Internal online platform that enables employees to connect and
meaningful support. work on projects outside their daily job requirements.
The 2020 EOS was deferred and replaced by a series of well-being surveys ¡ L
EAP reskilling: Comprehensive program that combines assessments,
due to the rapid onset of the COVID-19 pandemic in March 2020. The coaching, learning and on-the-job practice to help employees move into
purpose of the well-being surveys was to gather employee feedback on new and different work across RBC.
their holistic wellness and what has been top of mind during the ¡ A
gile Coaching Apprentice Gateway Program: Preparation for future
pandemic. agile coaches, through in-class training, in-field practice and mentoring,
We continue to broaden our employee listening strategy and will reinstate while they continue to work in their existing roles.
our annual EOS in 2021, continuing the ongoing tracking of employee ¡ G
row & Develop newsletter: Monthly publication curated with micro-
engagement and managing its key drivers. learning content and relevant resources from our professional
Differentiated learning experiences development library to help lift performance and skill development.
Formal training and development programs are important complements to ¡ E
nterprise Business Agility: New curriculum to help businesses and
on-the-job learning. Employees have access to a wide range of formal functions set measurable objectives based on key performance
learning resources and opportunities – everything from traditional indicators, collaborate for faster decisions, align investments and
classroom training to interactive web-based learning programs, online outcomes, prioritize work and pivot quickly.
resource libraries, and live and on-demand webcasts. Informal learning
takes place through specific projects and work assignments. RBC also
ABOUT VALUE FOR EMPLOYEES 4Health and wellness ¡ M
ental health navigation services in Canada – providing access to
Our Code of Conduct outlines our commitment to providing safe personalized assessments, treatment plans and practitioners through
workplaces for all our employees. The RBC Blueprint for Well-Being and virtual care
Mental Health clearly articulates our vision and includes our objectives ¡ A
n expanded focus in 2020 on mental health globally as a result of the
and priorities for protecting the psychological health and safety of impact of COVID-19 related stressors including mental health training for
employees in the workplace. It aims to end stigma in our corporate culture executives and leaders, as well as additional mental health campaigns
and promote employees’ mental health and well-being. We also have and education for all employees
specific workplace safety policies in many of our locations. Our business is
We also have a robust ergonomic/workplace accommodation program.
primarily conducted in an office environment and consequently presents
Supported by the Workplace Accommodation Policy, its goal is to ensure:
very few traditional occupational health and safety risks.
¡ O
ur workplace is accessible to everyone, regardless of a person’s
Healthy people and a healthy workplace are basic requirements for carrying
ability/disability
out a business strategy. This strategy rests on talent, innovation and
resilience, especially in times of disruption and continual change. We ¡ R
BC workstations, work processes, equipment and tools are designed to
believe employers need to play an active role in fostering healthy workplaces keep employees safe at work
that support physical and mental well-being. We also believe we have a ¡ E
mployees have the tools they need to do their job
responsibility to help reduce the stigma associated with mental health.
We believe healthier employees tend to be happier and more productive
There is a growing awareness of the prevalence of health issues – – not just at work, but also in their homes and communities. We provide
particularly mental health issues and stress – and their impact on tips, tools and advice, such as wellness campaigns, programs, events and
individuals, caregivers, support networks, workplaces and the wider more, to empower employees to make healthy choices.
community. As a result, the need for advice and additional support
increases exponentially, particularly regarding mental health concerns. Work/life balance
We have a wide array of resources to help address mental health issues, It can be a challenge to achieve work/life balance. Our policies and
including an employee assistance program, where employees and their programs provide flexibility and support to our employees, including:
dependants have access to free and confidential counselling, ¡ A
ccess to personal work/life counselling services
consultations and online resources.
¡ M
aternity, paternity, parental and family responsibility leaves in our
Psychological health and safety in the workplace go beyond providing Child Care Leave Policy
flexible work arrangements or offering employee assistance programs.
¡ E
mergency backup eldercare and childcare in several major centres
The RBC Blueprint for Mental Health and Well-Being outlines RBC’s vision,
through our EmployeeCare Program
priorities and commitment related to promoting mental health in the
workplace. We continue to strengthen our commitment with: ¡ G
radual return from leave, or an alternative work arrangement, for
eligible employees
¡ Core psychology benefits of $5,000 per person in Canada
¡ P
hased retirement for eligible employees who wish to work three or four
¡ An expanded list of eligible practitioners beyond psychologist and social
days per week for a defined period prior to retirement
worker, such as psychotherapists and marriage counsellors
ABOUT VALUE FOR EMPLOYEES 5¡ Flexi-place option for eligible employees who wish to work part or all of notification tools to easily cascade information and a listening approach
the work week off-site, usually from home or client locations to obtain regular feedback from managers. Pairing these solutions with
more frequent manager-employee check-in conversations during the year
¡ Flex-time options for eligible employees, with assigned core hours and
helps all parties be transparent about the employee’s progress and can
flexible start and finish times, within limits, as established by the
make year-end reviews easier.
employee’s manager
Our top leaders and people managers play a critical role in creating an
¡ Increased paid caregiver leave of up to four weeks, and double the
engaging work environment throughout RBC. This is why we invest in the
maximum financial advisor leave of absence payout (U.S. Wealth
development of consistent management practices and learning tools to
Management)
help enhance the core capabilities managers need to do their jobs;
¡ A new surrogacy policy in the U.K. to accommodate leaves of absence learning tools include online resources, general and tailored advice and
for other personal reasons (e.g. sabbatical leaves and holiday purchase information on RBC policies and programs, and tailored coaching. Some
options for extra time off beyond the prescribed vacation/absence businesses also offer annual management leadership conferences to
allotment) support business changes and share best practices. These sessions
develop the targeted knowledge and capabilities of all managers,
LIFT – Our approach to performance enablement
supported by their executive leaders, to enable change and deliver results.
Our LIFT approach to performance enablement at RBC is all about
providing growth and development opportunities, regular feedback and Reskilling
coaching, and a simplified performance review experience for our RBC takes steps to ensure employees are treated fairly throughout their
employees. LIFT Performance Enablement is just one way we are careers. Whether employees are looking to transfer to a different position
positioning ourselves for the future. within the enterprise or are in a redundant role, we strive to minimize the
impact on them by considering options such as career assistance support
Enabling our people leaders
and redeployment services. For employees whose roles are impacted by
Performance enablement is a key aspect of driving business results and
automation, we offer reskilling through role- and skill-based pathways so
employee engagement at RBC. It helps employees see how their jobs fit
they can take on new and different work at RBC.
into the bigger picture so they can align their goals and activities with our
overarching strategy and provide the best service to our clients.
Fostering a diverse and inclusive culture
Our new approach to performance focuses on building a growth mindset,
RBC believes diversity and inclusion is an engine for innovation and
creating a culture of real-time and ongoing feedback and coaching, and
economic prosperity. By actively using our diversity, we better develop
making things simple. Employees still identify the goals and behaviours
ideas and people and ensure our company’s continued growth. We do this
that define expectations for the year. The year-end performance review
by creating opportunities that empower people to grow and achieve more.
framework has been further simplified to focus on outcomes (what was
We seek out diverse perspectives, recognizing the value of diversity of
achieved) and RBC’s Leadership Model Behaviours (how it was achieved).
thought to challenge the status quo.
Internal and external research, brainstorming sessions and manager
Our diversity and inclusion vision is to be among the most inclusive and
interviews were completed to identify critical areas of improvement.
successful companies, putting diversity into action to help employees,
Solutions included a new intranet site as a centralized resource, a
clients and communities thrive.
redesigned monthly bulletin built with manager feedback, simplified
ABOUT VALUE FOR EMPLOYEES 6We aim to: compete equally to take advantage of opportunities for economic and
social advancement.
¡ Attract the best talent from the entire talent pool
As one of Canada’s largest companies and a global organization, we have
¡ Be a recognized leader in inclusion and leadership diversity
an opportunity and business imperative to put our collective energy
¡ Be the financial institution of choice for diverse client markets toward positive, sustainable change. We are taking direct actions to tackle
¡ Leverage diversity and inclusion for the growth and success of RBC, our systemic racism by focusing on three key action areas: enabling economic
clients and our communities growth and wealth creation, investing in the future, and redefining
inclusive leadership.
RBC Action Plan Against Systemic Racism
We acknowledge widespread systemic racism has disproportionately For more information on RBC’s Action Plan Against Systemic Racism,
disadvantaged Black, Indigenous and People of Colour (BIPOC) please see the Diversity & Inclusion website.
communities for far too long, significantly impeding their ability to
To accelerate the professional development of women, BIPOC, LGBT+ and persons with disabilities (PwD) employees, RBC offers the following programs:
RBC proprietary initiatives
Women in Leadership 10-month program offered to high-potential, non-executive women leaders.
Multi-month early insight and development program for sophomore women keen on a career in finance and technology,
Tech Women’s Advisory Program culminating in an early interview process for junior summer internships. Program features include a continuum of virtual and
in-person programming and advisor matches with RBC employees in technology roles.
Women’s Advisory Program and Multi-month early insight and development program for diverse sophomores keen on a career in finance, culminating in an
LGBT+ Sophomore Insights Program early interview opportunity for junior-year internships.
RLaunch Global program that offers permanent roles to women returning after a period of voluntary absence from the capital markets industry.
Ignite Leadership Development 10-month program designed for high-performing, culturally diverse talent, aimed at accelerating their trajectory to senior
Program management.
U.S. Wealth Management program connecting employees of different identities and backgrounds to improve their professional
Diverse Perspectives Mentoring
skills. It also provides the mentors with an opportunity to learn about the challenges/roadblocks diverse employees may face
Program
as they navigate the organization.
Support for Indigenous and PwD candidates, including access to a recruitment coordinator who can assist with resume and
Pursue Your Potential
interview coaching and useful information to facilitate job searches.
Indigenous Peoples Development Two-year rotational program enabling recent Indigenous graduates to gain exposure to our Finance, Technology & Operations,
Program Group Risk Management, Human Resources, Internal Audit and Marketing departments.
Help for Indigenous employees to build a framework to connect and positively interact with others, network and expand their
RBC Indigenous Mentoring
access to career opportunities. This program also enables non-Indigenous employees to increase their knowledge and
Experience
understanding of Indigenous culture.
Program open to all Indigenous identities that takes into account the varying levels of comfort with Indigeneity and
intersectionality. It provides an additional space for Indigenous interns to interact with other Indigenous interns, Indigenous
Indigenous Student Internship
employees and employee resource group members in a safe place to learn and share cultural traditions and practices. Interns
Program
are given the opportunity to engage with a mentor during their internship and participate in a number of events including
cultural information, program information, RBC community impact and access to external Indigenous leaders/advocates.
Career Edge Paid internship program for graduates with visible and invisible disabilities.
ABOUT VALUE FOR EMPLOYEES 7RBC training programs to deepen a culture of inclusion and allyship include:
RBC proprietary initiatives
Innovative Indigenous online course offered to all RBC employees to promote a better understanding of Indigenous Peoples
4 Seasons of Reconciliation
today and their history in Canada. The program is mandatory for RBC retail banking employees.
Remove Hiring Bias training Provided to RBC hiring managers to increase their awareness of inclusive hiring issues and practices.
“Creating an Inclusive Workplace Training modules designed for employees and hiring managers to increase their awareness of the needs and issues of persons
for Employees with Disabilities” with disabilities.
webcast
Initiative to increase cultural awareness and engage employees and leaders at all levels to commit to two activities per year to
#iCOMMIT
increase their understanding of Indigenous culture.
Course to educate managers and employees on the greater transgender and gender nonconforming community as well as
Transgender: Leading Inclusively company policies, practices and expectations. The course includes concepts, terminology and background on the current
training program challenges faced by the community, as well as a series of impactful videos, including an instructive story of a transgender
employee’s chance meeting with a former colleague.
Two-year group-learning Catalyst program in RBC’s Technology & Operations function, designed to help build inclusive
MARC Dialogue Teams leadership skills and enhance workplace culture at the grassroots level. Self-led teams of employees gather monthly to discuss
a progression of topics, with a specific focus on engaging men and gender partnerships.
Nine-module online course to support an inclusive culture. All our employees have access to and are encouraged to participate
Diversity & Inclusion Essentials
in the D&I Essentials training, which includes the following modules: Diversity & You, Addressing Unconscious Bias, Gender
program
Diversity, Generational Diversity, LGBT+, Cross-Cultural Communications in the Workplace.
Inclusive Leadership module of the A management development program for senior leaders at RBC to build inclusive environments and drive an inclusive culture.
Leader Essentials training course
Pay equity
We are committed to the principles of pay equity for all our employees. Equity legislation and provincial and federal Pay Equity legislation. Since
We undertake actions to address pay disparities between men and women there are a number of variables that are considered in establishing pay
performing the same or comparable work. We conduct gender-based levels, we periodically carry out statistical analyses to eliminate factors
compensation analyses as part of our regular compensation review that may explain variations in pay, including levels of proficiency and
processes and review pay differences, taking into consideration factors performance, education, accreditation and role accountabilities, to
such as position level and tenure, business or function, and geography, surface gender-based pay differences.
all of which may contribute to differences in pay. For more information on our annual pay equity reporting, please see the
In addition, we complete gender and pay equity analyses and filings RBC Diversity & Inclusion website and page 35 of our 2020 ESG
annually, where required, to comply with Canadian federal Employment Performance Report.
ABOUT VALUE FOR EMPLOYEES 8Freedom of association and collective bargaining Additional resources
We operate in many countries around the world, each with varying ork at RBC website
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positions on unionization. However, the majority of our workforce is
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iversity Works Here® website
employed in North America, where unionization is not the prevalent
system for managing employee relations in the financial services industry. BC Leadership Development Program website
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Where employees are represented by unions, we proactively engage in BC Wealth Management Generalist Program website
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dialogue with those unions on matters that may affect the employees they BC CPA Pre-Approved Program website
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represent. We strive to create an environment where individuals do not
BC Amplify Program website
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feel they need to be represented by a third party, while respecting each
employee’s right to choose. BC Analyst Program website
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BC Indigenous Peoples Development Program website
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BC Indigenous Student Internship Program website
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BC Career Launch Program website
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BC Diversity & Inclusion website
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iversity & Inclusion Blueprint 2020, outlining enterprise D&I priorities
and objectives
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nterprise Diversity & Inclusion Report, outlining equitable-
employment initiatives and accomplishments
BC Actions Against Systemic Racism website
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BC Capital Markets RLaunch Program website
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® / ™ Trademark(s) of Royal Bank of Canada.
When we say “RBC” we’re referring to all of our businesses and functions around the world. VPS107258 122197 (04/2021)
ABOUT VALUE FOR EMPLOYEES 9You can also read
