Bank of Canada
Bank of Canada employees showing off their Movember contributions

Recognized as one of Canada's Top 100 Employers (2016)

Here are some of the reasons why Bank of Canada was selected as one of Canada's Top 100 Employers (2016) and National Capital Region's Top Employers (2016):

  • Bank of Canada is a leader in the banking industry in creating a healthy and engaged workforce - the country's central bank offers generous maternity and parental leave top-up payments for new mothers and fathers, subsidized memberships to its onsite fitness centre (for employees and their families) and offers long term financial security with a defined benefit pension plan
  • Bank of Canada not only works to ensure a sound financial system for the country but invests directly in the ongoing development of its employees with generous tuition subsidies (up to $7,000 each year) for courses related and not directly related to their current position -- and also offer unique opportunities for work exchanges with other central banks and finance organizations around the world
Description.

Employer Background

Industry Central Bank
Full-time employees in Canada 1,511
Part-time employees in Canada 78
Full-time employees worldwide 1,512
Workforce engaged on a contract basis 18.4%
Average age of employees in Canada 41.8
Longest serving employee 48 years

Physical Workplace

Commuter amenities car-pool sign-up program, secure/sheltered bicycle parking
Workplace features private phone rooms, collaborative work spaces (Editor's note: the head office complex on nearby Wellington Street is currently undergoing major renovations with employees relocated to three Ottawa area locations), nap room, religious observance room, self-serve lunchroom, outdoor patio
Employee lounge amenities comfortable seating, television, onsite cafe and lunch bar in the building's lobby featuring a breakfast menu as well as a hot lunch menu
Onsite fitness facility (employees only) subsidized membership, treadmills, stationary bikes, stairmasters, instructor-led classes (yoga, spinning, zumba, piloxing and cardio), rowing machines, weights, basketball court, shower facilities, subsidized membership for employees and their immediate family members, annual Fitness Challenge (over 190 participants last year)
Other nearby amenities YMCA/YWCA, fitness club, Confederation Park, Major's Hill Park, Garden of the Provinces and Territories, daycare, restaurants, shopping mall, Rideau Canal and Ottawa River, Byward Market, National Archives, Canadian Museum of Civilization, National Gallery of Canada

Work Atmosphere & Communications

Employee social committee name The Bank of Canada Staff Association (est. 1940)
Recent social events annual year-end holiday celebration, with the Governor giving his take on the year's events and milestones at the bank, winter hockey tournament and summer golf tournament, summer barbeque, children's Christmas party, a special "Take Your Kids to Work" day, which includes breakfast with the Governor; the Association also arranges discounted tickets for various venues including concerts at the Canadian Tire Centre, the Royal Ontario Museum and Canada's Wonderland, annual calendar contest with employee shutterbugs entering their best photos for the chance to be selected for the annual company calendar (with runners-up featured online and in the company newsletter), annual golf and hockey tournaments
Cultural aspects employee sports teams, business casual dress, casual dress (e.g. jeans) daily, music while working
Employee communications intranet site, company newsletter
Other in-house communications first annual "Employee Conference" (with nearly 1,200 employees in attendance), employee town halls, internal speaker series with presentations from senior leaders

Financial Benefits & Compensation

Outside salary surveys participates in outside salary surveys every 12 months
Employee salary reviews individual salaries are reviewed every 12 months
Long-term savings defined-benefit (DB) pension
Long-term planning retirement planning assistance, phased-in retirement work options, life & disability insurance
Signing bonuses available for some positions
Additional financial benefits relocation assistance for new hires (including post-secondary students hired for Research Assistant positions) and current employees moving to other Bank locations, year-end bonus program is available top performing regular and term employees

Health & Family-Friendly Benefits

Health plan premium as part of the health plan, the employer pays up to 100% of the premiums
Flexible coverage health plan is flexible with adjustable premiums and coverage levels
Waiting period there is no waiting period for coverage
Family coverage option yes
Dental coverage routine, restorative, orthodontics
Traditional coverage (e.g. prescription drugs) yes
Additional coverage employee assistance (EAP) plan, semi-private hospital room, physiotherapy, medical travel insurance, homecare, medical equipment and supplies, massage therapy, nutrition planning, podiatrist, osteopathy, chiropractor, alternative coverage (e.g. accupuncture, naturopathy), employees receive additional "flex-dollars" equal to 3.5 percent of their salary, which can be used to enhance standard coverage, deposited into a health and dental spending account, or taken as taxable income
Fitness club subsidy $350 each year
Maternity top-up (mothers) up to 93% of salary for 15 weeks
Parental top-up (mothers) up to 93% of salary for 12 weeks
Parental top-up (fathers) up to 93% of salary for 12 weeks
Adoption top-up up to 93% of salary for 12 weeks
Additional family-friendly benefits extended parental leave to unpaid leave
Alternative work options flexible work hours, shortened work week (fewer hours with less pay), compressed work week, telecommuting, earned days off program
Additional family-friendly information new parental leave program for parents of critically ill children (to 93% of salary for 35 weeks, with accrual of vacation credits granted during the first 12 weeks)

Vacation & Personal Time-Off

Vacation allowance new employees receive 3 weeks of paid vacation after their first year on the job
Vacation jump vacation increases after 8 years of employment
Maximum vacation allowance employees move to a maximum of 5 weeks of vacation over their career
Previous experience considers previous work experience when setting annual vacation for new employees
Personal paid days off employees can schedule 1 personal day off each year, as needed
Unpaid leave maximum 24 months
Self-funded/deferred salary leave maximum 12 months
Additional time-off information as part of the flexible health plan, employees can purchase (or sell back) up to 5 additional vacation days, management and senior personnel start with 4 and 5 weeks of paid vacation, respectively

Employee Engagement & Performance

Employee performance reviews employees receive individual performance reviews every 12 months
Managers receive performance review training yes
Exit interview exit interview option is available for departing employees
Performance recognition individual performance bonuses, on-the-spot rewards, peer-to-peer-recognition awards, long-service awards, tailored and unique rewards (i.e. travel), each department is allocated funds and can customize their own performance recognition programs, tailoring their programs to the reflect individuals and the employee group, long-serving employees are treated to dinner and select a gift in celebration of their fifth anniversary and every fifth year thereafter, new Awards of Excellence ceremony (over 250 staff nominees) hosted at the inaugural Employee Conference last year, all employees received an additional vacation day last year in recognition of an exceptional year
Outside survey period outside consultant surveys are held every 36 months

Training & Skills Development

Career planning in-house career planning services, online employee skills inventory
In-house training initiatives mentoring, in-house training, online training, leadership training, paid internships, subsidies for professional accreditation, tuition subsidies related to job
Annual tuition maximum employer pays up to $7,000 in tuition subsidies per year
Tuition subsidies (unrelated to job) yes
Unrelated tuition subsidy coverage employer covers up to 75% of non-related tuition per year
Unrelated tuition maximum employer pays up to $7,000 in tuition subsidies per year
Unique training & development programs external development opportunities in the form of exchanges with other central banks and international finance organizations

Community Involvement

Scope of charitable involvement local, national
Employee charitable involvement employees are involved in selection of charities, employees receive paid time off to volunteer, (up to 1 paid day)
Some of the community organizations supported United Way of Ottawa and Outaouais (over 130 charitable and community organizations supported), Ottawa Community Housing, Local Food Banks, Prostrate Cancer and Male Mental Health initiatives (the local "Mo Bros" campaign), Children's Aid Society Christmas Gift Exchange, World Wildlife Federation
Community highlight The Bank of Canada and its employees have been strong supporters of the annual United Way campaign, raising over $197,000 last year (surpassing the $195K goal) through employee and department organized silent auctions, plant sales, bake sales, a mini-putt tournament through the building and a "Survivor Day" of team activities.

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