We recognize that achieving our vision of a diverse workforce won’t happen overnight – or by accident. We must intentionally create and maintain inclusive and unbiased hiring practices that are grounded in analytics and research. By using data-driven tools to attract, retain and promote talent, we are better equipped to meet our diversity goals and reflect the client base that we serve.
We also acknowledge the need to provide pay equity and equal opportunity for promotion and development to retain and advance diverse talent and create opportunities for all employees to reach their full potential.
Improving diversity across all levels of leadership begins with building a pipeline of diverse talent. We align our talent strategies and succession planning with our business strategies and Leadership Model and use metrics to ensure we are preparing a diverse talent pool for growth and future leadership roles.
Enhancing hiring and recruitment programs
Driving equitable opportunities for pay, promotion and development
Improving diversity in leadership at all levels, across all segments
“Investing in a diverse workforce will continue to position RBC for success, thanks to the diversity of thought, ideas and innovation that is naturally derived. We believe diversity and inclusion is an engine for innovation and economic resilience, supporting better workplaces and communities.”
Kelly Pereira, Chief Human Resources Officer
How RBC is Advancing Diversity
Our Talent Pipelinelegal bug 1
of all executive positions are held by women
of all executive positions are held by BIPOC
of all management positions are held by women
of all management positions are held by BIPOC
1 Metrics represent Employment Equity data as at October 31, 2022, for our business in Canada governed by the Employment Equity Act. Reference to “all management positions” includes all individuals assigned to managerial roles.
Enhancing hiring and recruitment programs
We believe we can help our clients thrive and communities prosper by establishing a workforce that represents the people we serve. We aim to incorporate diversity at every stage of our staffing process – attracting diverse talent to our organization, establishing hiring and recruiting practices that are free from bias and adhering to metrics that ensure people from groups that are historically underrepresented have access to opportunities. We are committed to meaningfully improving women and BIPOC executive representation across our businesses. We set representational goals for the organization for each business and function, and establish clear accountabilities to assess gaps and develop holistic strategies to meet goals and sustain progress.
For more information on our representation performance and goals, please see our ESG Report.
Building a pipeline of diverse talent
– partnerships and recruitment initiatives
Across Canada, the US, and the UK we partner with the following organizations advance our outreach to historically underrepresented groups which provide opportunities to add to our diverse talent pipelines, shortlists and prospective hires:
- Canadian Council on Rehabilitation and Work
- Career Edge
- The Bennett Edge
- Spinal Cord Injury Ontario
- The Canadian Mental Health Association (CMHA)
- Association of African American Advisors (AAAA)
- SEO London
- Big City Bright Future Programme
- Bright Network
- Out for Undergrad
- Out Leadership
- Canadian Association of Urban Financial Professionals
- Onyx Initiative
- Women in Capital Markets (WCM)
- POC Career Fair, Rae McKenzie Group
- QUAD-A (Association of African American Financial Advisors)
- Diversity Woman Media: Business Leaders in Tech
- FARE (Financial Alliance for Racial Equity)
- Geneysy Works
Recruitment and pipeline development is a key pillar of our recruitment strategy for RBC Capital Markets®. Our initiatives include the following:
- RBC Women’s Advisory Program (Canada, US, UK): A multi-month early identification pipeline for university women involving events, mentor matches, and interviews for summer internships.
- RBC Spring Insights and Discovery Programs (Canada, US, UK): 1-2 day events for select first-year university students to learn about RBC culture, values, business areas, and student opportunities to help prepare students for their recruitment with RBC.
- RBC Pathways Diversity Award Program (Canada, US, AUS): $10,000 (CA)/$15,000 (US)/ $10,000 (AUS) dual internship-financial award program for undergraduates from underrepresented backgrounds featuring executive sponsorship and internship placements in Investment Banking and Global Markets.
- RBC ERG connectivity (Canada, US, UK, AUS): Connecting students and interns to regional ERG networks.
- Canada sponsorships and partnerships include: Canadian Association of Urban Financial Professionals (annual Youth Summit), The Onyx Initiative (supporting Black students in their recruitment), Start Proud (annual LGBTQ+ student conference), and Women in Capital Markets (network supporting women in in the Canadian capital markets industry).
- UK sponsorships and partnerships include: Big City Bright Future Programme (annual three-week paid work experience for high school leavers interested in Global Markets), Bright Network (hosting targeted student events i.e. Black Heritage Future Leaders, Women in Leadership, Women in Tech), National Student Pride (the UK’s largest LGBTQ+ student conference), SEO London (providing coaching to students from underserved communities), upReach (support for students from low socio-economic backgrounds).
- RBC Investment Banking MBA Women’s Immersion Program: Early insight program with coaching for MBA women recruiting for the Global Investment Banking Summer Associate Program.
- RBC LGBTQ+ Sophomore Insights Program: A multi-month early identification pipeline for Sophomores involving events, mentor matches, and interviews for summer internships.
- RBC MBA Diversity Fellowship: Dual internship-financial award for MBA students from underrepresented backgrounds featuring placements in the GIB Summer Associate Program
- RBC Veteran Symposium: Event for undergraduate and MBA students with U.S. military service backgrounds recruiting for Summer Analyst and Associate Programs.
- US sponsorships and partnerships include: Out for Undergrad Business Conference (annual conference for LGBTQ+ finance undergraduate students), SEO USA (providing coaching to undergrads from underserved communities).
Driving equitable opportunities for Pay, Promotion and Development
We believe that all employees should have equal opportunity to reach their full potential, with avenues in place to help them earn salaries, commissions or bonuses that reflect their responsibility, contribution and performance. We aim to provide equitable opportunities for development and promotion at RBC. To retain and advance untapped talent, we have established training and development programs for groups that are historically underrepresented, and we involve and encourage leaders to build diverse teams. Our compensation program analyses further support fair pay practices for all employees.
Equitable promotions and development programs
All employees deserve equal opportunity for promotion, but we know that not everyone has had equal access to networks, mentors and development programs. By creating and enhancing programs for groups that are historically underrepresented, we accelerate paths to promotion and leadership roles for a more diverse group of colleagues.
Promotion Rateslegal bug 2
of promotions were women
of promotions were BIPOC
2 Promotions are defined as an upward change in position level, HR Class or Global Grade. Excludes summer interns, students, co-ops, City National Bank, Blue Bay and Brewin Dolphin. Values for women represent fiscal year 2022 data from our global operations. Values for Black, Indigenous and people of colour represent fiscal year 2022 data from our businesses in Canada and the U.S., based on self-identification.”
Women in Leadership is a global, 10-12 month leadership program offered to nominated, high-potential, senior non-executive women. This program helps women enhance their leadership capabilities, build strategic influence and increase networks and exposure to senior leadership.
Ignite is a 10-12 month leadership program for nominated high-potential BIPOC talent aimed at accelerating their trajectory to senior management. The program helps address common challenges, provides opportunities to develop and practice key leadership behaviours and enables cross-bank networking with peers and senior leaders. It also includes formal coaching by an external executive coach and the opportunity to leverage skills and gain experience by partnering with a charity to solve their biggest business challenges.
To prepare our early-in-career talent for leadership roles, RBC hosts Early in Career Women’s Dialogues, a leader-led interactive workshop for women, featuring authentic and candid stories from executive women at RBC and lessons from top women leaders from around the world. The program focuses on forging a personal path to success, taking ownership of their voice, network and career, and gaining the confidence to step up to lead.
In 2017, we launched the IPDP to recruit recent graduates who self-identify as Indigenous (First Nations, Inuit or Métis) Peoples of Canada. The two-year experiential learning program helps them develop the skills and network they need to build their professional experience, with the opportunity to gain exposure to different aspects of finance, auditing, risk management, technology, marketing, capital markets or human resources.
Launched in 2021, two cohorts in the British Isles are annually paired with cross platform sponsors who undertake 6 months of 1 on 1 sponsorship followed by 6 months of EZRA coaching.
Improving diversity in leadership at all levels, across all segments
While we have made progress on diversity and inclusion within our global workforce, we recognize there is more to be done. We remain committed to expanding our leadership bench and pipeline with a particular focus on women, BIPOC, persons with disabilities and the LGBTQ+ community.
We align talent management strategies and succession planning with our business strategies and our Leadership Model. In our approach to succession planning, we assess, identify and develop executives and high-potential talent to help them build their leadership capabilities and create a diverse group of leaders who will drive our future performance.
Recognizing that what gets measured gets managed, we set specific, time-bound goals to increase the diversity of our leadership. We’ve been making progress in increasing the representation of women in executive roles, from 38% in 2015 to 44% in 2021, and BIPOC executives, from 16% in 2015 to 23% in 2021.
New executive appointmentslegal bug 3
of new executive appointments were women
of new executive appointments were BIPOC
3 Represents fiscal year 2022 data from our businesses in Canada governed by the Employment Equity Act. A new executive appointment is the appointment of an internal employee or external hire as a first-time Vice President, Senior Vice President or Executive Vice President. Our 2022 goals for new executive appointments were 50% for women and 30% for BIPOC.
Alignment with the Sustainable Development Goals (SDGs)
The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared blueprint for peace and prosperity for people and the planet, now and into the future. This includes a vision to reduce inequality and promote inclusive economic growth – a vision shared by RBC and embedded in our D&I strategy. Advancing Diversity aligns with three specific Sustainable Development Goals (SDGs) and five targets.
Achieve gender equality and empower all women and girls
Target 5.1 End all forms of discrimination against all women and girls everywhere
Target 5.5 Ensure women’s full and effective participation and equal opportunities for leadership at all levels of decision-making in political, economic and public life
Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
Target 8.5 Achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value
Reduce inequality within and among countries
Target 10.2 Empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status
Target 10.3 Ensure equal opportunity and reduce inequalities of outcome, including by eliminating discriminatory laws, policies and practices and promoting appropriate legislation, policies and action in this regard
Royal Bank of Canada (RBC)Disclaimer1 is committed to building a diverse, inclusive workplace, where every individual is enabled to reach their full potential, regardless of, among other things, age, gender, ethnicity, disability, sexual orientation, religion or background. We believe embracing diversity and inclusion is not only the right thing to do for our employees, clients and the broader community, but that it is also the smart thing to do and is key to enable us to meet the needs of the clients and communities we serve.
In 2019, RBC set a five-year goal of increasing senior-level (defined by RBC as Director level or higher) female representation from 20% to 25% between 2020 and 2025. Over the last three years, we have made steady progress in the improvement of female representation, meeting each annual goal of increasing representation by 1% per annum over the five-year period.
We are pleased to be on track to meet our 2025 commitment, with the proportion of women in senior-level roles increasing from 23.4% on 31 July, 2022 to 24.6% on 31 July, 2023Disclaimer2.
While we have made progress against our goals, we know we have more work to do. .
We take our responsibility to increase representation of women in senior-level roles seriously, and are committed to attracting, retaining, supporting, enabling and developing women. Our commitment to the UK government’s Women in Finance Charter, which RBC in the British Isles signed up to in 2017, is a key component of holding ourselves accountable for the progress we make.
We remain committed to recruiting more women into the industry and to RBC at the entry level through our intern and graduate programmes. We continue to focus on initiatives targeted at getting more of our interns and graduates into roles within our Global Markets teams, an area at RBC that typically remains male-dominated.
Over time, as these new recruits are retained and promoted through the firm, we expect to see more women represented in senior-level roles as we continue to support, enable and develop the women already working at RBC.
At the same time, we remain committed to hiring at the senior level and have continued to attract industry-leading professionals.
Over the last year we have:
- Continued to strengthen employee support & resources, including enhanced co-parenting leave [policies], fertility and menopause offerings, which are designed to raise awareness of employee support available and prepare employees and people managers; as well as providing external support for current and future talent through partnerships with Rising Stars, Women in the City Afro-Caribbean Network (WCAN), City Women’s Network and Women in Banking & Finance.
- Facilitated a number of internal events in support of women with both internal and external speakers, with external speakers dedicated to women and male allies at RBC, with the support of RWomen & iCare, (our employee resource groups), on a range of topics including international women’s day, understanding the gender pay gap, career growth, financial literacy, women’s health, fertility support, neurodiversity and wellness.
- Continuation of talent initiatives with a diversity and inclusion lens including mentoring and sponsorship and employee listening exercises.
- Continued focus on attracting gender balanced graduate & intern cohorts. Of the 2023 graduate intake, 46% self-identified as Women and 54% self-identified as Men. Of the 2023 Intern class 40% self-identified as Women, 56% men, 2% indicated non-Binary, and 2% did not specify.
We are committed to having women representation in hiring and promotion decision-making; and continue to support untapped external pools of talent through our partnerships with Women in Banking & Finance, We are The City, City Women’s Network and WCAN, which also help us keep apprised with industry best practice regarding support for women professionals.
For the 12 months ending 31st July 2023, women across the British Isles accounted for 42% of all new hires and received 32% of promotionsDisclaimer3. These actions demonstrate the extent to which Diversity and Inclusion goals are established within the organization and how we track recruitment, promotion and retention rates for women to measure progress against our commitments.
At RBC, diversity & inclusion is a value that is core to our Purpose to help clients thrive and communities prosper, and a fundamental strength of our organization. We are focussed on advancing diversity, representation and inclusion to drive an equitable and safe work environment. Gender parity remains a focus as we continually advance women into leadership roles. We strive to attract and retain talented women, and to support and enable their development and advancement in the workplace.
This Women in Finance Charter Annual Update Submission Form includes information about Royal Bank of Canada (“RBC”, “we”, “our” or “us”) operations in the British Isles (excluding RBC Brewin Dolphin).
Data reflects only RBC operations in the British Isles, excluding RBC Brewin Dolphin.
The prior year comparatives are not available as this is the first year, we are submitting a combined submission including BlueBay.