Workplace

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 to promote a shared accountability for success.

RBC's Total Rewards framework encompasses:

• fair and competitive performance-based compensation;
  
• Short- and long-term savings and wealth accumulation programs
• flexible benefits that provide employees with the ability to choose the coverage needed;
  
• a positive, safe and flexible working environment;
  
• learning and career opportunities;
  

In 2007, we extended coverage of our personalized, online Total Rewards report to the U.S. so employees across North America can review the full value and extent of their Total Rewards at their convenience.

*These figures are provided for RBC’s global operations.

Compensation, incentive and wealth accumulation programs

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 RBC's overall performance. Additionally eligible RBC employees qualify for variable compensation such as sales commissions and sales target achievement bonuses.

Retirement savings programs help employees plan for retirement. In Canada, RBC's 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. In the United States, RBC offers a flexible 401(k).

Our employee share ownership plans are part of our Total Rewards program and help align employee, investor and company objectives. In Canada, over 70 per cent of eligible employees are RBC shareholders through the plans.

Benefits

We offer a core package of benefits plus a flexible optional benefits program that gives employees access to competitive and affordable benefits. Part-time employees are also eligible for benefits coverage.

Health, safety and wellness

We have a formal Health and Safety Policy in Canada, which was revised in 2007. We maintain health and safety committees in all Canadian jurisdictions where we operate. 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 2007, we:

• Integrated wellness features into our Canadian benefits program. Employees can earn up to $80 in 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.

Career development and learning

We provide professional training and development to help employees build successful careers, which means different things to different people. In 2007, we invested $166 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
  
  
• A career information guide entitled Winning Careers at RBC and confidential access to Career Advisor, a comprehensive online career management resource kit. More than 12,000 employees have made use of it since it was introduced in 2006
  
  
• Comprehensive formal training programs to help new employees be successful. Over 3,800 employees completed the entry training programs for Client Service Representative, Account Manager, and contact centre Sales and Service Representative positions.
  

Recruitment

Our primary approach is to promote from within RBC, and we will continue to offer growth and development opportunities for employees. But building for the future also includes recruiting for new talent, and some of our key activities for 2007 included:

• Visits to more than 70 university, college and technical/business campuses each year
  
  
• Internship programs for new college and university graduates
  
  
• The Pursue Your Potential™ program designed to help employees with disabilities realize their full potential, achieve their career aspirations and make significant contributions while developing their own personal abilities.
  

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