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 (worldwide) |
|
2009
|
$9.0 million |
|
2008
|
$7.8 million |
|
2007
|
$7.9 million |
Compensation
and Incentives
For the majority of our employees, our compensation includes
salary and a short-term incentive program. We participate
in over 100 external benchmarking surveys annually to ensure
our compensation remains competitive.
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 and Savings Programs
Retirement savings programs help employees plan for retirement.
In Canada, our retirement program gives employees the flexibility
to choose the retirement option that is right for them. They
can elect to join either the Defined Benefit (DB) option or
the Defined Contribution (DC) option. Also, employees have
additional flexibility to enhance their retirement income
by making optional contributions to the retirement program.
To help further enhance personal or retirement savings, employees
in Canada may join our retirement savings program. This program
allows employees to build savings through the convenience
of payroll deductions, which are matched at 50%, subject to
plan limits, and the opportunity to build ownership in the
company through RBC common shares. More than 70% of eligible
employees are RBC shareholders through this program.
In the United States, RBC offers a flexible 401(k) program,
as well as a wealth accumulation plan that provides eligible
employees an opportunity to convert current income intolonger-term
savings.
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 also 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 2009, we:
- Continued to integrate wellness features into our Canadian
and U.S. benefits programs. Employees can earn wellness
credits, which can be used towards premiums 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;
- Monitored the global H1N1 situation and ensured that all
employees had access to up-to-date information concerning
H1N1, including preventive measures and our pandemic plan;
- 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 up to four additional weeks of vacation
- Take an unpaid leave for personal reasons such as for
education or personal development
- Phase into retirement by working three or four days per
week for a defined period prior to retirement
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 2009, we invested $125 million in formal training and
development programs (direct and indirect expenditures), that
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 20,000 employees have made use of it since it was introduced
in 2006
- Comprehensive formal training programs to help new employees
be successful. Over 3,091 employees completed the entry
training programs for client service representative, account
manager, and contact centre sales and service representative
positions
Our primary approach is to promote from within, and we continue
to offer growth and development opportunities for employees.
Building for the future also includes recruiting new talent,
and some of our key activities for 2009 included:
- Internship
programs for new college and university graduates
- The Pursue
Your Potential program, designed to help employees with
disabilities and Aboriginal peoples 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.
Employee Discounts
In 2009, we launched a new employee discount program in Canada,
where employees can access special offers and discounts online
from leading brand name companies as well as trusted local
businesses. This has been very well received by employees.
We also offer employees discounts on our banking, investments
and insurance products and services.
