Diversity Progress Report
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Diversity Progress20 Report07 04 Our Leadership 07 Our People 10 Our Marketplaces 13 Our Communities inside integrity teamwork service diversity responsibility Diversity for Growth and Innovation >>> “Diversity for growth and innovation” is one of the core values at RBC. It could have been just as compelling to talk about diversity in terms of fairness, openness and an inclusive work environment. So why focus on the connection between diversity and growth and innovation? To be sure, having a workforce that reflects the population and the communities we serve, and a workplace that offers all employees the opportunity to reach their potential, is simply the right thing to do. But leveraging diversity is more than that. It’s smart business. Every employee brings his or her unique talents, experiences and perspectives to the workplace. True diversity isn’t just a matter of having a strong representation of various groups, but of tapping into the full spectrum of ideas and abilities that people at RBC possess. We grow as an organization when we encourage different viewpoints and ways of thinking – differences that come through diversity. That is what leads to true insights and innovative practices. We are also competing in a global marketplace, and we know that our growth will depend on developing the diverse capabilities of our international workforce. This requires the commitment of our leadership, the engagement of our people and the measurement of where we can do even better. In 2008, we will release our RBC Diversity Blueprint. This comprehensive statement of our global strategy and priorities will help guide our actions for doing better in the future. I invite you to read this report, which highlights some of our 2007 achievements and initiatives, and consider what diversity for growth and innovation can mean to you. Gordon M. Nixon President and CEO, RBC Diversity Matters to RBC Our commitment to diversity is a commitment to building upon our strengths. We know our strength comes from the combination of what we have in common, like shared values and purpose, and what makes us different, like experiences and perspectives. Working together, our employees, leaders and community partners bring together those similarities and differences to break new ground and deliver valued solutions and services to our clients and communities. DIVERSITY PRIORITIES 2007 HIGHLIGHTS > Workforce diversity: Increasing diversity of overall > Key sponsor of Catalyst Canada and Ryerson University workforce and senior management. study on career development and advancement of visible minorities in corporate Canada. > Diverse client markets: Better serving and growing our diverse client markets. > New scholarship program for young Canadians who have been through the immigration experience. > Organizational culture: Valuing and leveraging diversity of thought and ideas. > Second place ranking on the 2007 Corporate Knights Leadership Diversity Index, recognizing Canadian > Leadership: Demonstrating diversity leadership inside companies with representation of visible minorities and outside RBC. and women at the board and executive levels. > Cross-cultural competence training delivered to over 400 employees across RBC. > “Respectful Workplace” program launched in the U.S. to help employees follow our Code of Conduct and respectful workplace policy. > Close to 300 people with disabilities hired and 17 internships provided to graduates with disabilities in Canada. > Host of the U.S. Conference Board Global Diversity Summit attended by business representatives from Canada, the U.S. and Europe. > RBC Foundation donated $1.3 million to organizations supporting people with disabilities. 3 OUR LEADERSHIP Our Leadership Roundtable with the RBC Diversity Leadership Council Having a diverse workforce – across all levels, in all areas – enriches our organization, allows us to understand our clients better, and helps to generate ideas and solutions that break new ground. A clear sign of the importance placed on diversity within RBC is the enterprise Diversity Leadership Council (DLC). It meets quarterly and is chaired by RBC President and CEO Gordon Nixon – the only committee at RBC that Gordon serves on other than the executive committee. Here, the members of the DLC share their thoughts on the importance, advantages and challenges of diversity at RBC. Why is it so important for an organization to be diverse, for its people, its market and the community at large? DIVERSITY LEADERSHIP COUNCIL MEMBERS David McKay: Diversity is a critical building block on the Chair – Gordon Nixon, President and CEO path to prosperity – it simply makes good sense and good David Agnew, National Director, RBC Dominion Securities business. Quite frankly, our business depends on cultivating our greatest resource – our people. Scott Custer, Chairman & CEO, RBC Bank (formerly Centura) Scott: People are the most important asset of any company Janice Fukakusa, Chief Financial Officer or organization. I would not be exaggerating to say that leveraging the diversity of our workforce is critical to the Zabeen Hirji, Chief Human Resources Officer success of each of our businesses. Jim Little, Chief Brand and Communications Officer Anita: Leveraging the thought leadership of our employees Doug McGregor, Co-president, RBC Capital Markets and their varied backgrounds and experiences allows us to David McKay, Group Head, Canadian Banking tap into everyone’s creative potential and to develop Harry Samuel, Managing Director, Capital Markets, U.K. innovative products and services that drive client value. Anita Sands, Head of Innovation & Process Design 2 What are the specific business advantages of diversity? Jennifer Tory, Regional President, Greater Toronto Region Zabeen: To best serve the market we must employ the market. If diversity in the workforce mirrors the diversity of Mary Zimmer, Head of Primary Advisor Services, our existing and potential markets, organizations enjoy a U.S. Wealth Management strategic advantage. Leveraging the diversity of our workforce brings new ideas and energy, and enables creativity. How does an organization like RBC gauge its progress in achieving diversity objectives? What makes an organization a diversity leader? David Agnew: We meet quarterly to ensure that we have qualified candidates from diverse groups, and we carefully track results. Diversity is a priority business strategy, and each RBC business has specific diversity goals. By measuring our performance and holding ourselves accountable, we create meaningful change and grow RBC’s market share. Jennifer: By ensuring our employees reflect the communities we serve at all levels of management. We capitalize on the diversity of our market by building strong Left to right, back row: Jim Little, Anita Sands, Doug McGregor, partnerships with local community organizations that are Dave McKay, Janice Fukakusa, Harry Samuel, Mary Zimmer focused on supporting new arrivals to Canada. This has Sitting: Jennifer Tory, Gordon Nixon, Zabeen Hirji (see David enabled us to leverage the skilled immigrant labour force Agnew on opposite page and Scott Custer on page 11) as a talent source. 4 OUR LEADERSHIP Where would you rate RBC’s progress in diversity? Jim: RBC has a set of diversity objectives and priorities that Doug: We continue to be challenged in having the results keep us moving ahead on our diversity journey. We want to to which we are all committed – full and true diversity. We be a recognized leader in workforce diversity at all levels of need to continue to stay the course and focus not just on the organization, and to be the financial institution of the intake of talented individuals from diverse areas, but choice for diverse client markets. on the retention of those we know to be key to our What are the greatest challenges ahead in achieving full business success. and true diversity? Zabeen: When I started my career at RBC in 1977, most Harry: Establishing a culture of diversity throughout all managers were men. Today, we take pride in our diversity, areas of our organization. In the same way we all including the fact that women comprise almost one-third understand Client First and how this drives our thinking in of RBC’s senior management in North America, and over virtually everything we do, we have to establish a culture 50 percent of our managers are women. that supports diversity and inclusion, where it’s at the forefront of our behaviour and beliefs. This will take time Mary: We’ve made great strides this year to begin to move to evolve. beyond diversity and inclusion as simply the right thing to do; it is becoming a natural part of the way we serve clients Gordon: Have we made good progress? – yes. Are we and the communities where we do business. there yet? – no. We have much more to learn and much more to do on our diversity commitment. It is a long Where in particular would you like to see more progress? term commitment, and our challenge as leaders is to Janice: While setting goals and measuring progress of accelerate change. diversity representation is important, our diversity goals are only as good as the visible and active support they receive from our senior leaders. Success will come from each leader “walking the talk” and being accountable to advancing diversity across the organization; by developing a diverse talent pool and setting the same expectation of their leadership teams. “In the same way we all understand Client David Agnew, First and how this drives our thinking in National Director, virtually everything we do, we have to RBC Dominion Securities establish a culture that supports diversity and inclusion….” RBC SCORES HIGH ON LEADERSHIP DIVERSITY INDEX RBC placed second on the inaugural Corporate Knights Leadership Diversity Index in October 2007. The index identified the 50 Canadian companies that have achieved the greatest representation of visible minorities and women in both the boardroom and the C-suite. DIVERSITY DIALOGUES Highlighted in the Leadership Diversity Index was RBC’s Diversity Dialogues mentoring program, where RBC leaders are matched with talented employees from diverse backgrounds.