Survey results have historically shown year-over-year improvements in the majority of measures, and we have recently evolved our survey approach. In addition to a simplified process for employees and enhanced delivery of results to managers, the survey incorporates new measures that allow comparisons of results to other high-performing organizations globally.
CIBC’s Engagement score of 89 is seven percentage points above the global financial services norm. In fact, results from CIBC are higher than the external norm for all 12 categories we included this year. These results show that we are well positioned to leverage our employees’ goodwill to accelerate our transformation and ensure the focus on our clients is unparalleled in the marketplace.
- Employee Engagement
- The employee engagement scores for 2015 and 2016 are not comparable to the score for 2017, as the basis of the calculation has changed.
- Willis Towers Watson Financial Services Benchmark.
We continue to measure our Employee Net Promoter score (eNPS), which improved 10 points and set a new record this year.
At CIBC, we are committed to providing an exceptional employee experience where all of our team members can prosper, thrive and grow. Our bank values all team members and the contributions they make every day with the goal of helping our clients succeed.
Our employees share in the collective success of our bank and are recognized for their contributions through a competitive, performance-driven, total rewards offer that includes salary, benefits, pension, our Employee Share Purchase Plan and incentive compensation reflective of performance and aligned with our total rewards philosophy.
Our total rewards programs are designed to ensure we are:
- Reinforcing CIBC’s strategic priorities;
- Aligning pay with CIBC, team and individual performance;
- Ensuring external competitiveness and internal relativity; and
- Providing transparency.
Managers and their teams work together to establish performance expectations that link to strategic priorities and set development plans that support an employee’s role and/or career objectives. They meet regularly to review progress against goals, discuss challenges and how to overcome them, and for feedback on behaviours and actions. These conversations are critical to driving individual, team and our bank’s success.
An overall assessment of performance at year-end enables managers to evaluate employees’ achievements against their goals (the “what”) as well as demonstration of CIBC values and compliance with policies and risk management, privacy, governance and controls requirements (the “how”). This assessment directly impacts the value of incentive compensation awarded.
Incentive compensation is generally awarded on an annual basis. For senior employees, incentive compensation is delivered as cash and mid-term incentives or a combination of cash and mid- and long-term incentives to align employee and shareholder interests.
Learn more about CIBC’s approach to executive compensation in our Management Proxy Circular.
Focusing on building our employees’ capabilities is critical in maintaining our competitive advantage. Beyond ensuring that CIBC team members have the capability to deliver a great client experience, we are enabling career fulfillment so that team members can thrive and excel.
We are redesigning training with a customized learner experience emphasizing our client service and digital training. For example, various onboarding and induction programs for client-facing roles have been redesigned to match learning to capability, with a flexible approach to the curriculum.
We are committed to investing in the development of our team through programs such as Unconscious Bias training, People Leadership and soft skills learning. In 2017, we invested more than $61 million globally on corporate-wide learning and development to support in-house and online training, as well as tuition reimbursement for externally offered training.
We believe it is important to recognize and reward members of our team for exceptional performance in serving our clients and supporting our strategic business activities.
In addition to our formal Performance Management and Measurement process, we have a number of programs for recognizing peers, top performers, and service milestones. Team members’ achievements are frequently acknowledged through our corporate intranet and newsfeed. Our Achievers program includes peer-to-peer recognition, quarterly individual or team Achiever awards, annual Achievers and our Awards of Distinction.
We recognize the importance of retaining our talent at all levels within our organization.
We regularly monitor turnover across all employee segments and actively deploy strategies to manage turnover in key segments including increasing focus on new-hire fit-to-role, onboarding programs, learning and development as well as coaching.
- Those who have received the highest performance rating (exceeded expectations or exceptional).
- Turnover as a percentage of regular workforce, excluding temporary employees, employees on unpaid leaves and retirees.
- Excludes employees that were part of the acquisition of The PrivateBank in June 2017.
CIBC is one of Canada’s largest employers.
In 2017, CIBC and its listed affiliates had approximately 41,300 regular full-time and part-time employees in Canada.
- Headcount comprises permanent employees who are working or on paid/unpaid leaves, excluding temporary employees. Also excludes employees of Home Loans Canada and INTRIA.
Globally, CIBC’s workforce comprises approximately 45,000 full-time equivalent employees. The CIBC group of companies paid close to $2.9 billion in base salaries and benefits to our Canadian workforce in 2017.
Workplace health and safety is a shared responsibility and collaborative effort, where everyone has an active role to play.
All team members in Canada are represented by Workplace Health and Safety Committees or Workplace Health and Safety Representatives who conduct monthly workplace inspections to ensure that every part of our workplace is safe.
We also provide mandatory health and safety training for all employees, as well as training on emergency procedures, and training to recognize and prevent violence in the workplace and workplace harassment. In addition, client-facing employees are provided with specialized training, as well as procedures and practices, on robbery prevention.
- National or ethnic origin
- Sexual orientation
- Marital status
- Family status
- Physical and/or mental disability
- Gender identity and gender expression, and
- Any other characteristic protected by applicable legislation.
- Code of Conduct
- Global Hiring Policy
- Employment Equity Policy
- Employee Leaves Policies
- Employee Time Off Policies
- Respect in the Workplace Anti-Discrimination and Anti-Harassment Policies
- Violence in the Workplace Policies
- Workplace Accommodation Program
- Emergency Back-Up Child Care Program
- Inclusion and Diversity Programs including People Networks
CIBC has developed and implemented many due diligence processes to identify, assess, mitigate, and address risks and impacts relating to human rights in the workplace.
In particular, we have a robust Change Initiative Risk Assessment Process (CIRAP) that includes reviews of all business initiatives by stakeholders from across the organization for risk factors. In particular, Human Resources reviews all CIRAP documents to ensure any potential human rights issues are identified and addressed (e.g., for business changes that impact employees, matters that may affect employees on leaves of absence as well as accommodation issues).
In addition, CIBC has a specific team of experts within our Human Resources Department who are responsible for managing any human rights issues that may arise for employees, contingent workers and clients. This team collects ongoing data, monitors trends and makes any required recommendations to promote human rights at CIBC.
As a member of the financial services industry, CIBC is committed to ensuring slavery and human trafficking are not employed in our own business or supply chains. Following new legislation in the United Kingdom, CIBC has published its U.K. Modern Slavery Act Statement.
Our bank respects the choice of our employees and we do not operate where the right to exercise freedom of association and collective bargaining is at risk. Approximately 2% of CIBC employees in Canada are covered by a collective bargaining agreement, specifically at our Credit Card Contact Centre in Toronto.