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Royal Bank of Canada
RBC employees meeting  

Recognized as one of Canada's Top 100 Employers (2022) and Greater Toronto's Top Employers (2022):

Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Top 100 Employers (2022) and Greater Toronto's Top Employers (2022):

  • RBC recently increased its maternity leave top-up payments for new mothers as well as parental leave top-ups for adoptive parents and new fathers, to 100 per cent of salary for 12 weeks
  • RBC developed the "Live, Learn, Lead Together" employee hub in response to having employees working from home for an extended period of time -- the hub features videos, articles and guides, as well as hosting webinars on a range of timely topics for employees working remotely, from individual mental health and well-being to engaging remote teams, to leading through uncertainty
  • Through RBC's in-house "Wellness+" program, the bank encourages employees to adopt healthy habits, rewarding healthy behaviour with credits to a personal wellness account -- additionally, the bank published the "RBC Blueprint for Well-being and Mental Health" to promote mental health and well-being of all employees and recently increased the mental health benefit to $5,000 annually
Employees at RBC take a casual outdoor meeting  

Employer Background

Industry Banking
Established in Canada 1869
Publicly traded yes
Major Canadian hiring locations Mississauga ON, Ottawa ON, Halifax NS, Calgary AB, Toronto ON, Montréal QC, Vancouver BC
Full-time employees in Canada 59,098
Part-time employees in Canada 3,825
Full-time employees worldwide 82,392
Average age of employees in Canada 42.1 years
Longest serving employee 63 years

COVID-19

Pandemic response quickly moved the majority of employees to work-from-home arrangements (offered $400 subsidy for home office equipment), created the "Live, Learn, Lead Together" hub for employees (featuring articles, guides, webinars on a range of topics, including mental health and well-being, engaging remote teams, resilience, and leading through uncertainty), the bank launched a new integrated mental health program in response to employee feedback, hosted virtual Ask Me Anything sessions with the bank's CEO and senior leaders to help keep employees updated on the changing situation

Physical Workplace Rating: A

Editorial note due to the pandemic, some workplace amenities may be temporarily unavailable
Commuter amenities transit subsidies, online carpool sign-up, electric vehicle charging stations, secure/sheltered bicycle parking
Workplace features the majority of RBC's major offices worldwide are green-certified (including LEED, BREEAM and other certification programs), updated work environments feature agile workspaces and lockers for personal storage, telecommuter workstations, sit-stand workstations, private phone booth, nap room, religious observance room, self-serve lunchroom, employee focus groups are established to capture feedback on renovations and new space designs
Employee lounge amenities comfortable seating, fireplace, music, television, foosball table, table tennis, each floor of the head office features an Oasis lounge with televisions and self-serve kitchens
Other food options at main location all-weather access to the underground PATH walking network leading to a variety of shops, cafés and restaurants throughout the downtown core
Onsite fitness facility shared-use facility, (fully equipped fitness facility onsite at RBC WaterPark Place), Royal Alexandra Theatre, Rogers Centre, Scotiabank Arena

Work Atmosphere & Communications Rating: B

Employee social committee name a number of employee-led social committees across the bank
Cultural aspects business-casual dress daily, dress-for-your-day policy, casual dress (e.g. jeans) daily, casual dress Fridays, music while working, concierge services available, employee sports teams, organized social activities for retirees
Employee communications intranet site, company newsletter, internal social media
Other in-house communications hosted numerous virtual town halls during the pandemic, virtual group “social” hangouts with colleagues and employees, scheduled phone calls with coworkers to stay connected and socialize, town hall meetings, employee roundtables and market visits with senior leadership (hosted at various key locations across Canada), RBC Connect social business platform (allows employees to ask and answer questions, share tips, suggest and vote on ideas, and get quick feedback), virtual Ask Me Anything sessions with senior personnel

Financial Benefits & Compensation Rating: A+

Financial benefits note RBC 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-contribution (DC) pension, matching RSP
Long-term planning retirement planning assistance, phased-in retirement work options, life & disability insurance
Share purchase plan available to all employees
Year-end bonuses available to all employees
Referral bonuses (max) new employee referral bonuses (up to $10,000) for some positions
Signing bonuses available for some positions
Additional financial benefits discounted home insurance, discounted auto insurance, low-interest home loans, discounted auto lease rates

Health & Family-Friendly Benefits Rating: B+

Health plan note RBC 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
Minimum hours worked for coverage 15 hours per week
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 7 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 $5,000 each year
Health spending account up to $870 each year
Wellness spending account up to $870 each year
Fitness club subsidy up to $300 each year
Additional health plan information fertility drug treatments (to a lifetime maximum of $6,000), company-wide corporate rate memberships for GoodLife Fitness centres across Canada (with over 250 locations), separate health plan for retirees with contributions based on years of service
Additional health and wellness initiatives LifeSpeak on-demand program provides advice and tips to employees and their families, increased reimbursement for psychological services (from $3,000 to $5,000 annually)
Family-friendly benefits note RBC has multiple employee groups, family-friendly policies may vary by position
Maternity top-up (mothers) up to 100% of salary for 12 weeks
Parental top-up (fathers) up to 100% of salary for 12 weeks
Adoption top-up up to 100% 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 $2,500 per child
Flexible work options flexible work hours, shortened work week (fewer hours with less pay), compressed work week, telecommuting, reduced summer hours
Additional family-friendly information job-sharing arrangements, emergency backup child and elder care

Vacation & Personal Time-Off Rating: B

Vacation note RBC 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 10 years of employment
Maximum vacation allowance employees move to a maximum of 5 weeks of vacation over their career
Personal paid days off employees can schedule 1 personal day off each year, as needed
Unpaid leave maximum 12 months
Additional time-off information starting vacation allowance ranges from 2 to 3 weeks across the company's businesses, and can increase to a maximum of 5 weeks depending on position level, option to purchase additional vacation time (up to 20 unpaid days), employees can also apply for short family responsibility and personal leave if needed, as well as up to 3 paid days for religious leave

Employee Engagement & Performance Rating: A

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 online recognition platform, individual performance bonuses, on-the-spot rewards, peer-to-peer recognition awards, long-service awards, online instant thanks program lets employees send e-cards and recognize their colleagues for work accomplished, achievements and milestones
In-house survey period in-house surveys are conducted every 1 month
Outside survey period outside consultant surveys are held every 3 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
Tuition subsidies (related to job) yes
Tuition subsidies (unrelated to job) yes
Unique training & development programs extensive leadership and management development programs, dedicated "Grow and Develop" in-house career planning newsletter

Community Involvement Rating: A

Scope of charitable involvement international
Employee charitable involvement employees are involved in selection of charities
Total employee volunteer hours (on company time) over 25,924 hours last year
Total number of charities supported last year approximately 4,300 charitable and community organizations were supported last year
Some of the community organizations supported Food Banks Canada, Feeding America, the Global Mental Health Fund, RBC Future Launch - Black Professionals in Tech Network, RBC Tech for Nature, Plan Internations, National Arts Centre, Unison Benevolent Fund, to name only a few
Charitable giving matches employee volunteer hours with company donations
Community highlight RBC is one of Canada's largest corporate donors, building upon a tradition of corporate philanthropy that dates back to 1891 -- donating $130-million in cash donations and community investments last year. Ongoing major initiatives include the Team RBC Grant (provides supporting donations to teams of six or more volunteers, which can be comprised of employees, family members, clients or retirees), the RBC Future Launch (a 10-year, $500-million commitment to work with community organizations and help young people access meaningful employment through practical work experiences, skills development opportunities, networking solutions and mental well-being services) and the RBC Emerging Artists project (supports organizations working to help new artists become established).
Pandemic-related community initiatives Launched new initiatives to engage employees while keeping them safe in the community (such as the new #PowerofPurpose program that encourages employees to nominate and celebrate their colleagues for their acts of kindness and community), donated over $11-million of the bank's total cash community investments in support of global causes, including food security, mental health and pandemic preparedness and response.

Recognized as one of Canada's Top Employers for Young People (2022):

Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Top Employers for Young People (2022):

  • RBC established a dedicated Indigenous student awards program, providing $4,000 annually to recipients for a maximum of four years, and also manages an Indigenous student internship program to provide first hand experience in various areas of operation including finance, sales and services, IT, and marketing (to name a few)
  • Recent university and college graduates can acquire career-level experience through RBC's Career Launch Program, a one-year paid internship for graduates under the age of 24 -- the program features rotations in corporate offices, mentorship, professional networking and community experience via a short-term placement with a Canadian charity -- program participants also participate in the Next Great Social Innovator Challenge, a capstone learning event that invites associates to apply design-thinking skills to solve a real-world challenge
  • RBC manages a two-year Leadership Development Program designed to build future leaders in audit, enterprise, finance, personal and commercial banking, and risk -- the program builds leadership skills through experiential learning, formal training, coaching, mentoring, and includes four six-month rotations where participants work with leaders on stretch assignments
RBC employees   (Photo credit: FlashStock Technology)

Highlights

Industry Banking
Major Canadian hiring locations Mississauga ON, Ottawa ON, Halifax NS, Calgary AB, Toronto ON, Montréal QC, Vancouver BC
Full-time employees in Canada 59,098
Student opportunities summer jobs, co-op opportunities, paid internships
In-house training programs orientation program, in-house training, online training, in-house career planning services, online employee skills inventory, mentoring, leadership training
Tuition subsidies (related to job) yes
Unique training and development opportunities Amplify summer internship (students solve business problems, pitching their work to executives which may be green-lit for future exploration), new graduate banking programs in various roles (commercial account manager, client service representative, analyst and global investment banking analyst, to name a few), MBA and master's graduate programs (examples include global investment banking associate, manager of business architecture and wealth management), technology and operations program for post-secondary students in various roles (developer, data scientist, business analyst, cyber security analyst), Indigenous peoples development for early-in-career talent (2-year rotational program combines practical, hands-on business and community experience with learning, mentorship and professional networking opportunities), leadership development program (2-year program with 4 6-month rotations, formal training, coaching, and mentoring)
Additional highlights Explore RBC (1,300 students matched their interests with opportunities across the bank), Technology and Operations Capstone Program (partnership with academic institutions to connect students with technical teams at RBC to develop solutions to real-world challenges), virtual onboarding for 1,400 summer students as a result of the pandemic, pre-onboarding platform to allow students to get informed and ask questions, "Welcome to RBC" onboarding assistance (new employees have online access to checklists and tools), Backpack app to help students track their professional development goals, partnership with Career Edge (paid internships ranging from 6 to 12 months), RBC Capital Markets diversity scholarships ($10,000 scholarship, summer employment, and mentorship and coaching from a senior professional), technology and operations program for high school students (work experience opportunities)
Dedicated employee resource group NextGen to empower young professionals (7,500 members nationally that focus on developing capabilities, connections and community), RFuture (focuses on engaging, connecting, and inspiring the next generation of leaders at RBC)
Vacation allowance new employees receive 3 weeks of paid vacation after their first year on the job

Recognized as one of Canada's Best Diversity Employers (2022):

Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Best Diversity Employers (2022):

  • As part of RBC's recent action plan against systemic racism, the bank increased its staffing goals for BIPOC executives from 20 per cent to 30 per cent and is committing 40 per cent of all RBC summer opportunities to BIPOC youth (the bank exceeded this goal in 2021)
  • RBC is committed to developing Indigenous talent pipelines through a dedicated Indigenous summer internship program to provide on-the-job learning and training to post-secondary students -- additionally, the bank manages a two-year Indigenous peoples development program for early-in-career Indigenous talent, providing exposure to various areas of the banks operations
  • RBC maintains an intranet resource called Destination Diversity, which features extensive self-study materials (including recently added resources on anti-racism and allyship) and launched a Diversity Dialogues podcast series, a platform for ERG leaders and diversity champions and advocates to share stories and thoughts
RBC employees have a brainstorming session  

Highlights

Industry Banking
Major Canadian hiring locations Mississauga ON, Ottawa ON, Halifax NS, Calgary AB, Toronto ON, Montréal QC, Vancouver BC
Full-time employees in Canada 59,098
Management of diversity and inclusion initiatives global diversity leadership council is supported by business unit diversity councils, human resources, and employee resource groups, RBC announced an action plan against systemic racism in 2020
Performance management and accountability aims to have 30% BIPOC representation for executive roles and is committing 40% of all summer opportunities to BIPOC youth, manages a workforce diversity census to encourage employees to self-identify, quarterly diversity scorecard for each of RBC's business and functional units (tracks representation and statistics for hires, promotions, and departures), diversity and inclusion objectives in the performance management goals of all people leaders, aims to enhance pay equity reporting to encompass racial and ethnic pay equity analysis
Employee resource groups Women in Technology and Operations, RWomen (women in Capital Markets), REACH (persons with disabilities), MOSAIC (visible minorities and new Canadians), PRIDE, Royal Eagles (Indigenous peoples), NextGen
Noteworthy diversity strategies and policies workplace gender transition guidelines (includes checklists, transition plan guidance, and other suggested resources for transgender employees), supplier diversity program and mentorship series (offered in partnership with WEConnect), publishes an annual Indigenous Partnership Report to demonstrate how RBC is working with and for Indigenous communities in many ways on reconciliation
Recruitment initiatives diverse slate of candidates required for middle management and leadership positions, online recruitment system has option for LGBT+ candidates to self-identify to receive more targeted recruitment assistance where necessary, Pursue Your Potential (provides persons with disabilities and Indigenous peoples access to a recruitment coordinator who assists with resume and interview coaching), Diversity Works Here events (recruiters and hiring managers met over 150 professionals and students with disabilities in 2020), extensive partnerships with community organizations to recruit diverse candidates (Career Edge, Specialisterne, Ready, Willing and Able, Toronto Region Immigrant Employment Council, Abilocity, ACCES Employment, and Start Proud, to name a few), Indigenous summer internship program (hired over 300 interns since the program's inception)
Retention and development programs Indigenous peoples development program for recent graduates (2-year learning program with exposure to different disciplines), Indigenous mentoring initiative (to provide dedicated support and safe for Indigenous employees as well as enable non-Indigenous employees to increase their knowledge and understanding), IGNITE (10-month leadership development program for high-performing, culturally diverse talent), Project Beacon initiative to help Black professionals access professional development opportunities such as mentorship and sponsorship, Diversity Dialogues reciprocal mentoring program (partners senior leaders with diverse employees), women in leadership program (10-month initiative with accelerated training to enhance leadership capabilities), Early in Career Women's Dialogues (interactive workshop with 100 women featuring candid stories from female executives), women's peer coaching network
Training and awareness initiatives listening circles with BIPOC employees in 2020, global diversity and inclusion essentials learning program (includes modules such as unconscious bias, gender diversity, generational diversity, cross cultural communications and LGBT+), Destination Diversity intranet with self-study materials and resources (recently added resources on anti-racism and allyship), online Inclusion Learning Centre (central resource of tools, stories and resources), Diversity Dialogues podcast series (a platform for ERG leaders and diversity champions and advocates to share stories and thoughts), Indigenous awareness e-learning program, inclusive leadership training for management and senior leaders, mental health training and resources
Diversity highlights offers clients real-time video American Sign Language support through a language interpretation app in branches across Canada, introduced Blindsquare navigational app for blind and partially sighted people at approximately 300 branches (facilitated in partnership with Canadian National Institute for the Blind) committed $100-million over five years in small business loans to Black entrepreneurs (and has since partnered with the Canadian federal government on the country’s first-ever Black Entrepreneurship Loan Fund) committed $1.5-million to organizations that support social and racial justice for Black communities, such as NAACP Legal Defense and Education Fund and the Equal Justice Initiative

Recognized as one of Canada's Greenest Employers (2022):

Here are some of the reasons why Royal Bank of Canada was selected as one of Canada's Greenest Employers (2022):

  • Along with dedicated financial products and services for clients in the renewable energy, cleantech and low carbon sectors, RBC has introduced a number of green building features at locations across the bank, including green roofs, solar electricity panel installations, rainwater collection, LED lighting retrofits -- and as part of its formal environmental blueprint, the bank continues to increase the amount of LEED-certified office space it occupies
  • As outlined in its formal RBC Climate Blueprint, RBC has committed to providing $500-billion in sustainable financing by 2025 and has already provided over $100-billion in sustainable finance in support of clients in the transition to the development of lower-carbon products and services -- and provided $8.8-billion in financing for sustainable bonds and loans in 2020, which is a 64 per cent growth over 2019
  • RBC recently set ambitious greenhouse gas reduction targets of 70 per cent along with plans to increase the sourcing of electricity from renewable and non-emitting sources to 100 per cent by 2025 -- the bank has also entered into a partnership with BluEarth Renewables that features the construction of two new solar farms in Alberta that will provide roughly 80,000 MWh of renewable energy or enough to power more than 6,400 homes annually
RBC employee in the company's Toronto office  

Highlights

Industry Banking
Major Canadian hiring locations Mississauga ON, Ottawa ON, Halifax NS, Calgary AB, Toronto ON, Montréal QC, Vancouver BC
Full-time employees in Canada 59,098
Part-time employees in Canada 3,825
Employee green team RBC & Sustainability (updated in 2020 and moved away from in-person activities, encouraging interested employees looking to creative positive environmental change and connect online with other interested employees)
Senior executive who oversees initiatives Vice President, Corporate Citizenship
Formal strategy/policy name RBC Climate Change Position and Disclosure Statement (est. 2017), formal environmental management system (designed to the ISO 14000 standard)
Publishes sustainability report yes
Green highlights numerous employee-led initiatives (monthly car-free days, sustainability-themed lunch and learns and environmentally themed volunteer events), regular environmental (EMS) audits across all properties, addressing everything from hazardous waste to water management, ongoing programs to reduce its greenhouse gas emissions from all operational areas (new targets to reduce emission by 70% over a baseline year of 2018, increase sourcing of electricity from renewable and non-emitting sources to 100% by 2025 -- and to be become less reliant on carbon offsets)
Noteworthy initiatives socially responsible (SRI) mutual fund products (over $12.5-billion in assets under management), leader in the carbon trading market worldwide (trading over 665 million tonnes of carbon credits), active in the development of the green bond market (underwriting $5.9-billion in new issuances last year), Smart Prosperity (a cross-sectoral initiative focused on accelerating Canada’s transition to a cleaner economy), Clean Energy Vehicle Financing Program (new initiative to encourages customers who want to purchase low and zero-emissions vehicles)
Building footprint includes PV solar panels, rainwater collection, green roof, LED lighting upgrades, numerous green building features at various building locations across the bank, as part of its formal environmental blueprint, the bank continues to increase the amount of LEED-certified office space occupied (by over 417% since the baseline year of 2012), RBC’s Water Park Place (features a 7,500 square meter green roof and also has water-saving features including a cistern and greywater re-use system)
Extended recycling e-waste (goal to send zero to landfill), new construction and renovations ensure waste diversion plans for carpets, furniture, initiatives across the bank to eliminate single-use plastics, reached a 99% diversion rate for e-waste and an overall waste diversion rate of 71% (all North American major offices have formal waste diversion programs)
Commuter amenities walk to public transit, secure/sheltered bicycle parking, online carpool sign-up, transit subsidies
Community partnerships Carbon Pricing Leadership Coalition (member of a global initiative that supports the principle of carbon pricing), Smart Prosperity (member and funds initiatives in support of Canada's cleantech sector and government initiatives, donating over $9.3-million environmental charities worldwide), Bullfrog Power (was the first major financial institution to purchase certified green power in 2005), Earth Day (hosted e-waste collection days, moving to virtual Earth Day Challenges during the pandemic), RBC Tech for Nature (a multi-year commitment to preserving natural ecosystems, working with partners to leverage technology to address environmental challenges, donated over $9-million to environmental charities globally), RBC Climate Blueprint (formal approach to accelerating clean economic growth)

The Career Directory

Royal Bank of Canada has been selected for The Career Directory, our guide to entry-level recruitment for recent college and university graduates.
RBC employees in a meeting

Highlights for New Grads

Industry Banking
Full-time employees in Canada 50,000+
Major Canadian hiring locations Mississauga ON, Ottawa ON, Halifax NS, Calgary AB, Toronto ON, Montréal QC, 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
Other info for new grads Offers a variety of development opportunities including co-ops and summer placements, university and college graduate programs, master's graduate programs, diversity development opportunities, and mentorship programs.
Typical new grad positions Business Analyst, Client Advisor, Communications Analyst, Data Analyst, Global Investment Banking Intern, Business Control Intern
Work benefits health benefits for new employees, flexible work hours, telecommuting, transit subsidies
Vacation allowance new employees receive 3 weeks of paid vacation after their first year on the job

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