Bank of Canada
Employees from the Bank of Canada's operational site in Calgary, AB, which opened in 2019 to ensure the continuation of critical market operations during crises  

Recognized as one of Canada's Top 100 Employers (2021), Canada's Top Family-Friendly Employers (2020) and National Capital Region's Top Employers (2020):

Here are some of the reasons why Bank of Canada was selected as one of Canada's Top 100 Employers (2021), Canada's Top Family-Friendly Employers (2020) and National Capital Region's Top Employers (2020):

  • Bank of Canada offers a variety of flexible work options for employees, with over 90 per cent of employees moving to work from home as was necessary during the pandemic (achieved within two days) and conducts regular online employee "pulse checks" to capture real-time employee feedback throughout the year
  • New employees at Bank of Canada start with three weeks of paid vacation (more senior personnel will start with four to five weeks, depending on their position) and through the flexible health benefits plan, employees can purchase up to five additional vacation days each year
  • Bank of Canada employees can confidently plan for life after work with retirement planning assistance and a defined benefit pension plan
As part of Bank of Canada's onboarding program, new employees and summer students gather for a networking event with colleagues and senior leaders  

Employer Background

Industry Central bank
Established in Canada 1935
Major Canadian hiring locations Ottawa ON, Montréal QC, Toronto ON, Calgary AB, Halifax NS, Vancouver BC
Full-time employees in Canada 1,780
Part-time employees in Canada 20
Workforce engaged on a contract basis 12.8%
Average age of employees in Canada 41 years
Longest serving employee 53 years

COVID-19

Pandemic response quickly moved to having 90% of employees work from home (completed within 2 days) and captures ongoing employee feedback wherever they are working through online pulse check surveys

Physical Workplace Rating: A+

Commuter amenities secure/sheltered bicycle parking, nearby bike sharing station
Workplace features head office was recently renovated to incorporate the latest in workspace design, including shared workspaces, private drop-in rooms for impromptu meetings or private phone calls, the "IdeaSpace" innovation lab where employees can meet to collaborate, the Knowledge Centre (information and resource centre that offers meeting space and quiet reading areas with comfy chairs), WiFi throughout encouraging employees to move, work and socialize throughout the office, nearby EV charging stations, telecommuter workstations, sit-stand workstations, private phone booth, nap room, religious observance room, self-serve lunchroom, outdoor patio, onsite Wellness Centre offers a quiet lounge space, wellness library, rooms for meditation, stretching or prayer, a private space for nursing mothers, a light therapy lamp and blood pressure monitors, and manages a formal ergonomic program to ensure employee comfort
Employee lounge amenities comfortable seating, television, board games, private phone rooms, microwaves and coffee makers on every floor
Onsite cafeteria healthy menus, special diet menus, cafeteria offers great views of Parliament Hill, additional onsite cafe located in the spacious atrium with abundant plant life year-round
Onsite fitness facility for employees only, subsidized membership, treadmills, stationary bikes, stairmasters, instructor-led classes (pilates, yoga), rowing machines, weights, basketball court, shower facilities, open 24/7, is called the "BeneFIT Centre" and offers subsidized membership for employee family members
Other nearby amenities YMCA-YWCA, Confederation Park, Major's Hill Park, Garden of the Provinces and Territories, Rideau Canal, ByWard Market, Sparks Street (pedestrian mall), National Gallery of Canada, Canadian Museum of History

Work Atmosphere & Communications Rating: A+

Employee social committee name The Bank of Canada Staff Association (est. 1940)
Past social events annual interdepartmental winter hockey tournament (competing for The Governor's Cup), departmental sports events (from curling to ultimate Frisbee), company-wide summer golf tournament, summer barbecue, year-end holiday reception for employees, and a special children's Christmas party and the longstanding Take Our Kids to Work Day event (over 50 kids each year)
Cultural aspects business-casual dress daily, casual dress (e.g. jeans) daily, music while working, employee sports teams, organized social activities for retirees
Employee communications intranet site, company newsletter, internal social media
Other in-house communications Télé-Info messages (displayed on large television monitors on each floor at the head office, as well as other offices in Montréal and Ottawa), annual employee conference in the spring that includes the Awards of Excellence ceremony, regular employee town halls

Financial Benefits & Compensation Rating: A

Financial benefits note Bank of Canada has multiple employee groups, financial benefits may vary by position
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
Year-end bonuses available to all employees
Signing bonuses available for some positions
Additional financial benefits corporate discount program (e.g. retail, services, travel, etc.), relocation assistance for new hires (including post-secondary students hired for research assistant positions) and current employees moving to other Bank of Canada locations, year-end bonus program available for top-performing regular and term employees, and discounts on a variety of products and services (from home computers to VIA Rail tickets to mobile phone service)

Health & Family-Friendly Benefits Rating: A

Health plan note Bank of Canada has multiple employee groups, health plans may vary by position
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
Retiree coverage with no age limit yes
Dental coverage routine, restorative, orthodontics
Paid sick days employees receive 10 days off each year
Health plan includes traditional coverage (e.g. prescription drugs), 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. acupuncture, naturopathy)
Mental health practitioner benefit up to $800 each year
Fitness club subsidy up to $350 each year
Additional health plan information flexible dollars can be used to enhance standard coverages, deposited into a health and dental spending account, taken as taxable income or used to purchase up to 5 additional vacation days), fertility drug coverage available as part of enhanced coverage option (up to $20,000), laser surgery (to $1,500 lifetime maximum), laser eye surgery (to $1,000), access to Best Doctors service, CAREpath (cancer patient support), speech and hearing aids
Wellness initiatives annual Wellness Month hosted in January to raise awareness of wellness resources for employees (includes tours of the Wellness Centre at head office, a wellness fair with key health and wellness providers along with ergonomic demonstrations, healthy food samples and recipes, and free passes to the fitness centre), new Mental Health Week last May (and piloted a new 1-day workplace mental health leadership training)
Family-friendly benefits note Bank of Canada has multiple employee groups, family-friendly policies may vary by position
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, phased-in return to work for new parents, academic scholarships of up to $4,000 per child
Flexible 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 job sharing, parental leave program for parents of critically ill children (to 93% of salary for 35 weeks, leave can be extended into an unpaid leave of absence if desired), generous academic scholarship programs for Indigenous students and students living with disabilities (to $4,000, also open to children of employees) and a Master's Scholarship Award for Women in Economics and Finance ($10,000)

Vacation & Personal Time-Off Rating: B+

Vacation note Bank of Canada has multiple employee groups, vacation policies may vary by position
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
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 up to 5 additional vacation days, senior personnel start with 4 to 5 weeks of paid vacation, paid leaves of absence available for shorter durations (from bereavement leave to jury duty), employees receive 1 personal floater day off each year

Employee Engagement & Performance Rating: B+

Employee performance reviews employees receive individual performance reviews every 12 months
Managers receive performance review training yes
360° feedback option as part of the review process, performance feedback is also solicited from co-workers and other managers familiar with each employee's work
Confidential employee feedback employees can also provide confidential feedback on their manager's performance
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, Awards of Excellence program lets employees nominate colleagues for special recognition (with awards presented at the annual employee conference each spring), dedicated Bank of Canada Top Research Award presented to an individual or group
In-house survey period in-house surveys are conducted every 12 months
Outside survey period outside consultant surveys are held every 12 months

Training & Skills Development Rating: A+

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, mentoring to transfer retirees' skills
Related tuition subsidies employer covers up to 100% of tuition per year
Annual tuition maximum employer pays up to $7,000 in tuition subsidies for job-related courses per year
Unrelated tuition subsidies employer covers up to 75% of tuition per year for courses unrelated to current position
Unrelated tuition maximum employer pays up to $7,000 in tuition subsidies per year for courses unrelated to current position
Unique training & development programs program to reimburse 50% of general interest course costs program (employees can apply by submitting a written proposal), extensive leadership and management development programs, including the emerging leader development program for all employees interested in building towards a leadership role at the bank, speed coaching sessions, second-language training (French and English), secondment program (lets employees pursue development opportunities with partner organizations for a defined length of time), unique veteran's outreach initiative and temporary work experience program for persons with disabilities

Community Involvement Rating: A

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)
Total number of charities supported last year approximately 178 charitable and community organizations were supported last year
Some of the community organizations supported United Way East Ontario and United Way Outaouais (support is directed to numerous community organizations every year) and a number of local initiatives supported directly by the bank, such as the Ottawa Food Bank and the Youth Services Bureau
Community highlight The Bank of Canada and its employees have been strong supporters of the annual United Way East Ontario and United Way Outaouais campaign for the past 50 years. In addition, the bank's charitable campaign includes HealthPartners, which is a group of 16 of Canada’s best-known national health charities, such as the Heart and Stroke Foundation, the Alzheimer’s Society and the Diabetes Association -- last year's campaign raised over $280,000.

Recognized as one of Canada's Best Diversity Employers (2020):

Here are some of the reasons why Bank of Canada was selected as one of Canada's Best Diversity Employers (2020):

  • Bank of Canada created a master's scholarship program for women in economics and finance with the aim of creating more gender-balanced talent pipelines for the bank in the future -- up to five scholarships are awarded each year, along with an offer of employment upon graduation
  • In 2018, the Bank of Canada, the federal government, and Conseil des écoles publiques de l'Est de l'Ontario participated in a pilot program to provide work placements for students with intellectual disabilities -- training was provided to potential leaders on adaptive measures as well as working effectively with individuals with cognitive challenges
Jing Yang, managing director of the financial stability department at the Bank of Canada  

Highlights

Industry Central bank
Major Canadian hiring locations Ottawa ON, Montréal QC, Toronto ON, Calgary AB, Halifax NS, Vancouver BC
Full-time employees in Canada 1,745
Part-time employees in Canada 47
Senior executive who oversees diversity initiatives Senior Deputy Governor
Formal commitment working committee on diversity and inclusion, executive diversity and inclusion champion
Recruitment initiatives scholarship and work placement program for Indigenous students and students with disabilities, participated in pilot program to provide work placements for students with intellectual disabilities (in partnership with the federal government and Conseil des écoles publiques de l'Est de l'Ontario), temporary work experience program for persons with disabilities, shares vacancies with Veterans Affairs
Retention and development programs accelerated leadership development program with priority on participants who identify as female, a visible minority or a francophone
Employee resource groups PotentiELLE, Pride/Fierte, Enabled/Epauler, NGen
Training and awareness training on unconscious bias
Diversity highlights Indigenous stakeholder relations working group (to enhance engagement with Indigenous peoples, including recruitment and retention initiatives), master's scholarship for women in economics and finance (includes an offer of employment upon graduation, aims to build a more gender-balanced talent pipeline), hosted a conference entitled Celebrating Diversity and the Power of Inclusion in 2018
Some of the diversity-focused partnerships Indigenous Link, Employment Accessibility Resource Network, National Educational Association of Disabled Students, Indspire, Equitek

The Career Directory

Bank of Canada has been selected for The Career Directory, our guide to entry-level recruitment for recent college and university graduates.
Bank of Canada employees reflect on their summer work placement experiences

Highlights for New Grads

Industry Central bank
Full-time employees in Canada 1,001 to 2,500
Major Canadian hiring locations Ottawa ON, Montréal QC, Toronto ON, Calgary AB, Halifax NS, Vancouver BC
Student opportunities paid internships, summer jobs, co-op opportunities
Training subsidies for professional accreditation, orientation program, online training, in-house training, mentoring, in-house career planning services, leadership training
Annual tuition maximum employer pays up to $7,000 in tuition subsidies for job-related courses per year
Other info for new grads Bank of Canada offers a master's scholarship award for women in economics and finance and a scholarship and work placement program for Indigenous students and students with disabilities.
Typical new grad positions Research Assistant, Analyst, Economist, Senior Economist, FSS Senior Analyst
Starting salary $60K to $65K
Work benefits health benefits for new employees, flexible work hours, telecommuting, employees receive paid time off to volunteer, (up to 1 paid day)
Vacation allowance new employees receive 3 weeks of paid vacation after their first year on the job

Academic fields recruited

Recruits at these schools


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