Recognized as one of Canada's Top 100 Employers (2017)
By Richard Yerema and Kristina Leung, Mediacorp Canada Inc. staff editors (Nov 6, 2016)
Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Top 100 Employers (2017) and Greater Toronto's Top Employers (2017):
- RBC introduced a new workplace model back in 2009, transforming much of its office workspace to reflect changing work styles including collaborative work spaces, support for telecommuting and increased access to video conferencing technology, to support greater workforce mobility
- RBC manages an in-house wellness program called "Living Well" to encourage employees to adopt healthy lifestyles -- through the program, the bank rewards healthy behaviour with credits for a personal Wellness Account which can be used for wellness-related expenses such as gym memberships and weight-loss programs
- As one of the country's most successful financial institutions, RBC offers all employees the attractive benefit of becoming an owner through a share purchase plan -- the bank also provides a variety of additional financial benefits including a defined contribution pension plan, matching RSP contributions, generous referral bonuses for employees who successfully refer a candidate (to $5,000) and a range of discounted banking services (from fees to mortgage rates)
RBCers driven by six powerful words
To understand how RBC has evolved as a place to work, you should talk to both Per Scott, part of the leadership team at the bank's Toronto headquarters, and Amr Mohamed, a Banking Advisor at the Mountain Road branch in Moncton, N.B.
Scott, Vice President, Human Resources, will tell you about the bank's remarkable exercise of the past year to rearticulate its purpose, vision and values. A key part of the process was a 55-hour, worldwide "Vision and Values Jam", in which more than 20,000 employees participated online from 22 countries. The eventual result was RBC's compelling new purpose statement: "Helping clients thrive and communities prosper."
And in Moncton, Mohamed will tell you about how he and some colleagues vividly lived that statement of purpose with the all-in support they offered a group of newly arrived Syrian refugees. "It was a little emotional," Mohamed allows. Only a few months later, the group is indeed thriving.
Mohamed was working in an RBC Advice Centre in October 2015 when the Vision and Values Jam was held across the organization. President and CEO Dave McKay had launched a broad effort to define an explicit purpose for Canada's leading bank, and he was among those who took part during two and a half days of non-stop global discussion about its guiding principles.
"We had come to the conclusion that in the future, successful companies would be purpose-driven, principles-led and performance-focused," says Scott.
And what is the purpose of having a Purpose? "It's about inspiring like-minded people to join you, and focusing on the things that matter most to you," he says. "We want to communicate to employees and prospective employees that it's not just about being commercially successful. There is a mission."
Scott was among those who, some two months later, succeeded in distilling all the discussion into the new, six-word statement about helping clients and communities. And about two months after that, in February 2016, Mohamed got a call from his manager.
An Arabic speaker who grew up in Egypt, Mohamed was needed at a local branch where RBC had agreed to help a group of Syrian refugees who had arrived just the day before. There, he discovered that far from being interested in banking, the group needed help with much more fundamental concerns. "They wanted to know where can we find food, where is the market, where are we going to live? I said everything will be taken care of."
On the second day, men brought their families, and everyone crowded into a branch conference room to learn more about the basics of Canada and of banking. In succeeding weeks, Mohamed, backed by Maha Smith, another Arabic-speaking colleague, slowly began introducing a group used to paying with cash to bank accounts, ATM cards and finally credit cards. Mohamed transferred to work at the branch, and it became the go-to place for the Syrians to get information about anything they needed. "They came in all the time," he says. "We built a trust."
Today, aided by intensive English classes, more than 80 per cent of the adults are working - a community prospering. Many go straight to the ATM or a teller when they come in, no longer needing Mohamed, and some, he chuckles, even speak to him in English.
"What I like about RBC is that we are so involved in the community," says Mohamed. "I am so proud that we were one of the first banks to help Syrian refugees. It's amazing to be part of an organization that has this awareness." And now, six powerful words to describe it.
RBC looks for talent who can 'disrupt' banking
There were eight teams, 32 digitally-minded students, and a singular mission: "Disrupt us". Must be a weekend challenge at a high-tech company, right? No, it was a summer-long internship program at the headquarters of Canada's leading bank, RBC.
It's called Amplify, in which the bank selects highly talented students to apply innovative thinking to tough business problems. "They come in expecting a big, stiff bank," says Leona McCharles, Senior Director and Head of Strategy Enablement in the Technology and Operations (T&O) group, "and then they see how we're innovating - that we're looking at things like artificial intelligence and other emerging technologies and how to apply them."
The four-month program, which is part of a larger initiative in the T&O group that brings in more than 800 students each year, began in 2016 and has already recruited for Summer 2017 teams. "Essentially, they're treated like mini-startups in the organization, and they're given some of our most complex challenges," says McCharles. "They're asked to think about how we can work in different ways, to challenge and disrupt the bank and bring it forward."
And the results? Already, two patent applications have come from the 2016 program. The innovations, all of which continue to be worked on, include a virtual assistant to help wealth advisors, an analytics tool for branch management, a travel insurance app for people on the go, digital solutions to help millennials with banking, and work on cybersecurity.
"It was a very robust and diverse set of ideas," says McCharles. At the end of the summer, the bank gave out awards and bursaries to students who were judged by their executive mentors, or their peers, to have the best solutions.
Another result was that of the 32 participants, 26 have accepted future roles at the bank, either while they are still students or full-time when their studies are complete. In fact, 124 of the 800 students from the larger student program are returning for full-time roles.
One of those from Amplify with an RBC job waiting is Jessica Mallender, currently studying at the University of Toronto for her Master of Information degree in Information Systems and Design. She was part of the four-member team that worked on the tool to help manage branch technologies, which led to a patent application where she and her teammates will be listed as inventors.
The tool, she says, will bring together data that "will give the bank a better line of sight on what is happening at the branches and help them make better decisions."
In doing the program, Mallender says, she learned new things every day. "Through Amplify, I've been given a lot of opportunities to work on exciting projects and do cool things," she says. "I've also been given the chance to make a name for myself and show what I can do, which is what you want from an internship. You hope you're not going in just to make coffee or run errands."
Like all the four-member teams, Mallender's was made up of a deliberately diverse group. "We had a business information student, a computer science student, a math and stats student, and an engineering-physics student. So we all took on different roles within the team."
McCharles says the program will also consider innovative students from liberal arts, law, the sciences and other disciplines. "An important myth to be busted is that in a technology organization, we only hire technologists."
For 2017, she says, Amplify will expand to 16 teams of four, in the GTA and other RBC offices globally. Moreover, the bank will support proposals from students whose goal is to create their own fintech startup, potentially backed by RBC after the internship is finished.
"We're looking at how we can disrupt the financial services industry overall," says McCharles. "If we see good ideas coming forward, we're absolutely open to thinking about how we can partner. We're supporting future talent and innovation."
Recognized as one of Canada's Top Employers for Young People (2017)
By Kristina Leung and Richard Yerema, Mediacorp Canada Inc. staff editors (Jan 9, 2017)
Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Top Employers for Young People (2017):
- Recent university and college graduates can acquire career-level experience through RBC's Career Launch Program, a 1-year paid internship for graduates under the age of 24 -- the program features 3-month rotations in retail banking branches and corporate offices, mentorship, professional networking and community experience via a short-term placement with a registered Canadian charity
- RBC created the Next Great Social Innovator Challenge, an annual competition to enable RBC Career Launch Associates to share responses to a challenge question based on a specific business need -- finalists receive an all-expenses paid trip to Toronto to present their ideas to a panel of RBC executives
- RBC maintains a dedicated employee resource group called "NextGen" for employees in their 20s and 30s -- the group has approximately 3,500 members and helps employees build connections across the organization
- RBC supports the development of high potential employees through accelerated leadership development programs such as the Global Emerging Leadership program -- participants receive one-on-one mentoring from executives and rotate through various divisions such as Wealth Management, Capital Markets, Investor and Treasury Services, Personal and Commercial Banking, Technology and Operations (to name a few)
Creating connections over coffee at RBC
It's amazing where a cup of coffee can take you. Even New York. That's what student intern Prabhjot Mukkar found when he literally gave an elevator pitch to a senior executive at RBC.
Mukkar had just finished a session in which young people at the bank meet with top leaders over coffee, organized through its RBC4Students hub on the Ten Thousand Coffees social media platform.
"I saw an executive I wanted to talk to leaving the room for her next meeting, so I quickly followed her to the elevator," recounts Mukkar. "We talked in the elevator, and then she invited me out at her floor and we kept talking. She became one of the reasons, along with several other coffee chats, that I became aware of an internship opportunity in New York with RBC Capital Markets, so I applied and then interviewed for it."
That's what Ten Thousand Coffees is all about at RBC - making face-to-face connections and gaining insights that can help young people launch their careers. "It's a unique opportunity to bridge the gap between students and leaders, as well as for our young people to engage with others across the organization through this digital platform," says Brien Convery, Director, Enterprise Campus Recruitment.
The bank set up the RBC Café - RBC4Students hub on the Toronto-based site in June 2016 to help some of the 5,000 students and young people it brings in annually, on internships, co-ops and other opportunities. "We're the first and only bank that's on the platform," says Convery.
RBC participants include students, young people already employed at the bank, managers and senior executives. New members set up a profile and describe their backgrounds, interests and goals, and can then invite others for coffee, or be invited. There is also a matching system that automatically recommends possibilities for meetings. Convery says the first contact tends to be a virtual chat, followed by a face-to-face meeting over coffee. Senior leaders usually meet with young people in small groups.
"People say they want to network, but what we find is that when it comes to actually picking up the phone or sending that email, it doesn't always happen," says Convery. "We found that by giving people this platform, we've been quite successful in making it a positive experience, not only for our students but for our managers and our leaders."
That was true for Zabeen Hirji, RBC's Chief Human Resources Officer. "This summer I had a coffee chat with 10 summer and co-op students on the terrace of Royal Bank Plaza in Toronto," she says. "I was energized by the conversations, just as I am by students and recent grads I meet at RBC and in the community. They are curious, serial learners and want to make a difference through the work they do. These conversations are insightful - not only do I get ideas about how we can unlock the potential of young people to help them thrive, they offer suggestions about how RBC can innovate to help our clients thrive."
Mukkar, who is studying financial economics and computer science at Western University while working summers and part-time at RBC, has been an enthusiastic user of the system since it started. "During the summer, at least once a week I went for coffee in Toronto," he says. "And for other locations, you can use Skype. I feel empowered to make connections with people that I can reach out to anytime."
Mukkar is very impressed with the environment at RBC, where leaders are always on the lookout for top talent. And the bank's openness to helping young people make new connections is very special, he says. "It can lead to some amazing things you never dreamt of."
Recognized as one of Canada's Best Diversity Employers (2017)
By Kristina Leung and Richard Yerema, Mediacorp Canada Inc. staff editors (Mar 27, 2017)
Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Best Diversity Employers (2017):
- RBC supports the development of Aboriginal youth, offering targeted training programs such as summer internships and an Aboriginal Articling program for post-secondary students -- and manages a dedicated scholarship program for Aboriginal students, awarding over $1.6 million in scholarships since the program's inception
- For over a decade, RBC has partnered with the Toronto Region Immigrant Employment Council to provide mentoring relationships to new Canadian job-seekers, and encourages SMEs to hire internationally-qualified interns through the RBC Career Bridge Associate Host Program -- additionally, the bank supports employees who are new Canadians and visible minorities through its MOSAIC employee resource group, with membership recently jumping to 3,500 employees (an increase of over 1,000 members in the past year)
- RBC maintains a formal supplier diversity program to advance equality of opportunity globally to businesses owned by women, Aboriginal peoples, minorities/visible minorities, LGBT, people with disabilities and service-disabled veterans -- additionally, the bank offers Supplier Diversity Mentorship Workshops (in partnership with WEConnect) to provide opportunities to network with employees in enterprise services and Canadian banking divisions, and a reciprocal mentoring program
"I've always been interested in the role of diversity & inclusion -- diversity is part of my world -- inside and outside of the workplace. At RBC, we're encouraged to bring our whole selves to work, and as a member of a Diversity and Inclusion committee, I have learned that we can't stop at recognizing diversity. We all need to promote an inclusive environment. When you are able to bring your whole self to work, and we create a workplace that engages in discussion and brings the conversations forward, diversity & inclusion becomes part of our routine -- not just a standalone event." Marc-André Rocher, Senior Manager of Policy and Home Equity Finance
Unleashing the power of connection for individuals and ERGs at RBC
The sardonic phrase "Ladies Who Lunch" often conjures up images of well-off, well-dressed women meeting at expensive restaurants for social luncheons during the work week. But these are certainly not the Ladies Who Lunch at RBC, Canada's leading bank.
"We have taken back the term - we are reclaiming it," says Rachel Megitt, a Director in the Global Initiatives Group of RBC Capital Markets. "This is an empowering discussion."
Since joining RBC in 2011, Megitt has been an enthusiastic part of the bank's support system for women employees. She is a co-chair of RWomen, an employee resource group for women in capital markets, and she has also created Ladies Who Lunch - an innovative way to help attract young women still in high school to the financial services industry.
"In our educational system, you make decisions about the courses you are going to take as early as 15 or 16 years old," Megitt explains. "So if at 16, math is not a subject you're truly passionate about and you opt out of the math stream, the likelihood of you studying business or economics at university is low. You've closed a door you didn't know existed. Part of our goal is to let these young women know that the financial industry and RBC in particular is a great place to be."
Every March, RBC brings in a group of female Grade 12 students to tour Royal Bank Plaza in downtown Toronto, including its nearly 50,000-square-foot trading floor, followed by a one-on-one lunch with an RBC female employee - becoming the Ladies Who Lunch. This year, the program has been expanded to other areas of RBC including Technology & Operations, Wealth Management and Personal & Commercial Banking. "This is part of a long-term strategy so that in three, four, five years from now, RBC will be top of mind for these young women," says Megitt.
This event is part of the broad variety of programs and initiatives that RBC pursues to support diversity and inclusion in an 80,000-employee global company. Among the key elements are the employee resource groups, or ERGs, like RWomen - networks based on shared identity. Other examples include MOSAIC, for visible minorities, PRIDE, for the LGBT+ community, Royal Eagles, for Indigenous employees, REACH, for people with disabilities, and NextGen, for millennials.
"The ERGs are pivotal to the success of expanding diversity and inclusion within the organization," says Norma Tombari, Senior Director, Global Diversity. "They form an invaluable network of peers, coaches and mentors who create a real sense of community. And they have been growing enormously - every quarter we see more members."
Megitt joined RWomen to expand her network within RBC. But she found much more. "You come to work knowing you have a whole community behind you," she says. "It changes your perspective about the organization you work for and builds excitement and commitment. It allows you to ask questions, have conversations, and build relationships."
It also builds confidence for employees to speak up, or feel ready to take on new challenges. This means the organization also benefits, she notes. "If you have an empowered team, you have more diversity of thought."
As an RWomen co-Chair, Megitt also organizes events that include men. "It's important that all of us, including our male senior leaders, act as advocates for women in the workplace," she says. "Through mentoring events and other sponsoring initiatives, together men and women can play a great role in helping us to achieve gender equality.
At RBC, everyone is committed to diversity and inclusion."
Recognized as one of Canada's Greenest Employers (2017)
By Richard Yerema and Kristina Leung, Mediacorp Canada Inc. staff editors (Apr 20, 2017)
Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Greenest Employers (2017):
- RBC appointed its first Environmental Risk Manager and introduced its first formal environmental policy back in 1991 (updated in 2014) -- since then, the bank has expanded and evolved its programs to address growing global environmental concerns
- As part of its Environmental Blueprint, RBC is committed to ongoing development and expansion of waste reduction and recycling initiatives (setting a goal of zero electronic waste to the landfill by 2018), maintaining organic and recycling programs at all locations, finding ways to reuse or donate slightly used furniture (with over 1,000 tonnes of furniture diverted from the landfill since 2008), and ensuring that all paper waste (its primary waste product) is shredded and properly recycled -- the bank also reduced greenhouse gas emissions by 40 percent since 2009, with goals for an additional 20 percent reduction by 2018
- RBC offers unique financing products including energy saver loans and mortgages to help customers create and buy energy efficient homes while saving on borrowing costs -- RBC also offers investors seven socially responsible investment (SRI) mutual fund products, with over $4 billion in assets currently
RBCers take pride in working for a clean economy
When you've just graduated with a master's degree in environmental studies, where do you look for a job? A clean-water firm, perhaps? A government department monitoring climate change? Not if you're Matthew Metcalf. He joined RBC, Canada's leading bank, and he's glad he did.
In fact, Metcalf hadn't really considered the financial services industry. Based in Winnipeg, he was attracted by RBC's innovative Career Launch program, which brings in promising graduates for a year of empowering experience in the bank, including three months at one of its charitable partners, to help them start a career.
"Originally, I was looking for something in the environmental sector, but what appealed to me was the opportunity RBC offered to learn new skills and get experience at a charity," Metcalf says. Then he learned more about the bank's own approach to the environment and helping communities.
There is, for instance, its decade-long, $50 million commitment to the RBC Blue Water Project in support of access to fresh water across the globe. And in its operations, the bank actively promotes sustainability both internally and in working with clients.
"I was very impressed," says Metcalf. "By the Blue Water Project, for sure, but also by how active people are within RBC - so many people contribute to cleaning up our communities and doing other service that betters communities both socially and environmentally. That's one of the reasons I really wanted to stay on. I never thought that would be something available to this degree within a bank."
RBC offered him a position as an Associate Account Manager, Commercial Financial Services, in Winnipeg and he accepted. Since then, Metcalf has been named an RBC Green Champion for his work in leading environmentally conscious Days of Service for employees - including one where the job was to unpave a parking lot by hand - and his support for Blue Water.
"Water rights are a big issue in the Middle East," says Metcalf, who earned his master's degree at Tel Aviv University. "I've seen the problems it can cause internationally. RBC has contributed a lot to making water more safe and accessible to a lot of people around the world."
The dedication to sustainability is reflected from the top down at RBC, says Andrew Craig, Director of Corporate Environmental Affairs. He's been with the bank for 10 years, he says, but "some of the proudest moments I've had as an RBCer have come in the past year."
A key reason was a headline-making speech by President and CEO Dave McKay in Edmonton in September 2016 in which he made clear the bank's support for carbon pricing as a way to drive innovation and sustainability in Canada's energy industry. Increasingly, too, other top executives have appeared in major forums, talking up the advantages of a clean economy.
"We have now created the RBC Clean Economy Working Group to bring together all the expertise we have across the enterprise, from green bonds to carbon trading to green real estate to green IT," says Craig. "It connects a lot of dots in this huge organization, and what's exciting is that we keep finding more people wanting to get involved."
A lot of those people - about half of RBC's 80,000 employees worldwide - are also working in LEED-certified green buildings, another point of pride for Craig and RBC. "We are one of the largest leasers of green office space in Canada," he says. "It's massive - over 600,000 square metres - the equivalent of about 80 soccer fields." The bank also mounts major recycling programs for its electronic waste, furniture and used paper.
In his enthusiasm, Craig echoes some of the thoughts Metcalf had as a new recruit to RBC. Says Craig: "I've been studying environmental sustainability since I was an undergrad, and I'm really proud to be working for an organization that sees this as such an important area to focus on."