Our bank values all team members and the contributions they make every day.
We reward our employees through a competitive total rewards offer that includes salary, benefits, pension, and incentive compensation reflective of performance and aligned with our compensation philosophy.
Managers and their teams work together to establish performance expectations that link to strategic priorities and set development plans that support a team member’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 team members on 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 incentive compensation awarded.
Incentive compensation is generally awarded on an annual basis. For senior team members, incentive compensation is delivered as cash and mid-term incentives or a combination of cash and mid- and long-term incentives to align team members with shareholder interests.
Learn more about CIBC’s approach to executive compensation in our Management Proxy Circular.
Learning and Development
We believe that focusing on our team members’ learning and development is another key element to our success.
We understand the critical role learning plays in maintaining our competitive advantage and ensuring that we continue to meet our clients’ needs.
We invested more than $61 million globally on corporate-wide learning and development to support in-house and online training, and tuition reimbursement for externally offered training.
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.
Employment in Canada
CIBC is one of Canada’s largest employers.
In 2016, CIBC and its listed affiliates had approximately 41,500 regular full-time and part-time employees in Canada out of our global workforce of more than 43,000. The CIBC group of companies paid over $2.9 billion in base salaries and benefits to our Canadian workforce in 2016.
Full-time and part-time employees(1) (as at October 31, 2016)