Supplementary Policies
Supplementary policies cover a number of additional workplace
issues such as employment equity,
hours of work, compensation and
respectful workplace.
Diversity/Employment Equity
Guidling Principle Four of RBC's Code of Conduct deals with
equity and diversity, and sets out RBC's commitment to promoting
equal opportunity in all its dealings with employees, clients,
suppliers and others. All RBC companies abide by the non-discrimination
or human rights legislation in the various jurisdictions where
we operate. And where laws do not prohibit discrimination,
or where they allow for differential treatment, RBC is still
committed to non-discrimination principles and will not operate
in a way that continues stereotypes or establishes barriers.
To provide equal opportunity, our federally regulated Canadian
businesses develop Employment Equity (EE) plans while our
US based businesses are regulated by affirmative action and
EEO legislation. Contained within our EE plans are programs,
activities and goals to help us achieve more equitable workforces
representative of the communities in which we work and live.
In 2004, we created a formal diversity management structure
with responsibilities assigned within each of our businesses.
Hours of Work
RBC's businesses have policies relating to hours of work
that enable employees to provide high quality client service,
with time to pursue their other life interests.
In addition, RBC's Work Life programs provide options for
modified work weeks and outline processes for putting flexible
work arrangements in place.
Respectful Workplace/Harassment
Principle Eight of RBC's Code of Conduct sets out our commitment
to maintaining workplaces characterized by professionalism
and respect for the dignity of every individual with whom
employees interact. RBC expects each employee to respect the
diversity of other employees, clients and others with whom
they interact, respecting differences such as gender, race,
colour, age, disability, sexual orientation, ethnic origin
and religion. RBC does not tolerate harassment, other disrespectful
and inappropriate behaviour and retaliation, as employees
have every right to work in an environment that is free from
such conduct.
RBC has policies designed to prevent harassment, other disrespectful
and inappropriate behaviour and retaliation and will take
every reasonable measure to ensure a respectful workplace.
Likewise, RBC expects that all employees take personal responsibility
for their interactions, communications and behaviour to maintain
a respectful workplace.
Any complaints of harassment, other disrespectful and inappropriate
behaviour and retaliation are promptly, thoroughly and impartially
investigated.
Other issues
While we do not have formal policies on every issue, we do
have points of view on issues such as freedom
of association, child labour,
human rights and the UN
Global Compact.
Freedom of Association
RBC operates in over 35 countries. The majority of our workforce
is employed in North America, where unionization is not the
prevalent system for managing employee relations in the financial
services industry.
In the Caribbean, where unionization is prevalent in the
financial services industry, many RBC employees are represented
in 14 bargaining units.
RBC's approach to labour relations is to continually strive
to create an environment where individuals will not feel they
need to be represented by a third party, while respecting
each employee's right to choose.
Human Rights
RBC companies abide by the non-discrimination or human rights
legislation in the various jurisdictions where we operate,
such as the Canadian Human Rights Act. These laws often prohibit
discrimination on various grounds, with some examples being
race, colour, religion/creed, age, gender, marital status,
sexual orientation, disability.
Where laws do not prohibit discrimination, or where they
allow for differential treatment, RBC companies are still
committed to non-discrimination principles and will ensure
that we do not operate in a way that continues stereotypes
or establishes barriers. RBC's own Code of Conduct also states
that RBC will not operate in a way that continues stereotypes
and establishes barriers.
Our policy on human rights addresses all the relevant company
activities, is reviewed regularly and approved by our board.
Our code of conduct, is available throughout the company and
on this web site. In 2005, all RBC units in the United States
posted a notice to employees outlining their rights, benefits
and obligations, to comply with a new federal law under the
Uniformed Service Employment and Reemployment Act (USERRA).
Global Compact
RBC is not a signatory to the UN Global Compact. We have
evaluated this voluntary international code, and believe that
the UN Global Compact is currently less relevant for service
companies operating primarily in Canada and the United States
(such as RBC) than it is for higher-impact industries operating
in developing nations. However, we do have the Global Compact
on our watch list and will re-evaluate our position on an
ongoing basis.
Compensation /Policy on Wages
RBC's compensation philosophy was updated in 2003, and is
based on a partnership model that rewards employees for performance,
providing competitive compensation and benefit programs that
attract and retain talented people, whose contribution enhances
shareholder value.
To remain competitive, we regularly review the wide range
of RBC compensation and benefit programs, ensuring our programs
are competitive within each business or functional unit and
competitive within each business unit's specific external
market. This policy covers 100 per cent of RBC's employee
base:
Our "Total Rewards" package includes:
- base salary
- performance-based incentive pay
- employee savings and share ownership plans
- benefit programs
- pension programs
