Bank of Canada employee
Chosen as one of Canada's Top 100 Employers and National Capital Region's Top Employers for 2013:
By Richard Yerema and Kristina Leung, Mediacorp Canada Inc. staff editors
(Oct 9, 2012)
Some of the reasons why Bank of Canada
was selected as one of Canada's Top 100 Employers for 2013
- helps employees balance their work and personal life through a variety of alternative work arrangements including flexible hours, telecommuting, and shortened and compressed work week options
- supports ongoing employee development through generous tuition subsidies (up to $7,000) for courses taken at outside institutions and opportunities for employees to work on exchange with other central banks and finance organizations
- provides maternity and parental leave top-up payments for employees who are new mothers (to 93% of salary for 27 weeks) and parental leave top-up payments (to 93% of salary for 12 weeks) for new fathers and adoptive parents
- also offers employees compassionate leave top-up payments (to 93% of salary for 8 weeks) if called upon to provide care for a loved one
- the bank's downtown head office features a variety of amenities for employees to enjoy, including an onsite fitness facility (with partially subsidized membership for employees and their families), rooftop terrace and outdoor eating area, nap room, quiet room for meditation and reflection, and an interior tropical garden with waterfall
- helps employees prepare for life after work through the stability of a defined benefit pension plan and retirement planning workshops
The Bank of Canada is the federal Crown corporation responsible for regulating and overseeing Canada's monetary policies.
Established in 1934 as a private bank, the Bank of Canada was nationalized in 1938 and is today owned by the Government of Canada. The country's central bank conducts its activities with considerable independence compared with most other federal institutions, with the Governor and Senior Deputy Governor appointed by the Bank's Board of Directors (with the approval of Cabinet), and the Federal Government's Deputy Minister of Finance sitting as member of the Board of Directors, but does not have a vote. The Bank of Canada recently celebrated its 75th anniversary as the country's primary fiscal agent, working to ensure continued economic growth and stability of the country.
Industry: Monetary Authorities - Central Bank.
Major Canadian hiring locations: Ottawa ON.
Revenues: $1,600 million.
Full-time at this location: 1,037.
Full-time employees in Canada: 1,176.
Part-time employees in Canada: 34.
Workforce engaged on a contract basis: 18%.
Average age of all employees: 41.9.
Longest serving employee: 45 years.
Bank of Canada's physical workplace is rated as exceptional. The company's head office is situated in the heart of downtown Ottawa within a heritage building that also houses Canada's National Currency Museum. The newest part of the building was completed in 1979 and designed by renowned Canadian architect Arthur Erickson. The building is located on Ottawa's Confederation Boulevard, a ceremonial route connecting many of the capital's most significant and historic buildings. Transit stops directly at the Bank's entrance, making the office easily accessible to commuters. The building is also within minutes of numerous urban parks and recreational paths, including Ottawa River and Rideau Canal. Inside, the head office features an onsite fitness facility (with partially subsidized memberships for employees and their immediate family members, treadmills, stationary bikes, shower facilities, rowing machines, weights, instructor-led classes, climbing wall, badminton, basketball and floor hockey court, and a 200-meter indoor track); employee lounge (with comfortable seating); nap room; religious observance room; onsite cafeteria (with healthy and special holiday menus); secure bicycle parking; transit subsidies; car pool sign-up; floor to ceiling glass walls providing all employees with access to natural light; interior tropical gardens with a three meter waterfall; outdoor patio/deck and indoor rooftop terrace; and an onsite library and reading lounge.
Work Atmosphere & Communications
Bank of Canada's work atmosphere is rated as above-average. On the job, employees enjoy business casual dress; casual dress daily; can listen to music while working; employee sports teams; organized social events. The Bank of Canada operates the Staff Association, a company-subsidized social committee responsible for the organization of social activities throughout the year. Past events include an annual hockey tournament (called The Governor's Cup), an annual golf tournament, children's Christmas party, staff reception for the holiday season, a special "Bring Your Kids to Work" day and lunch with the Governor, and annual long service dinners. The Association also arranges for discounted ticket sales for various venues including the Royal Ontario Museum, Ontario Place, and Canada's Wonderland. The Bank of Canada captures feedback and keeps employees up-to-date through a company newsletter; corporate intranet site.
Financial Benefits & Compensation
Bank of Canada's financial benefits are rated as above-average. To keep salaries competitive the company participates in outside salary surveys every 12 months. Individual salaries are reviewed every 12 months. In addition to ensuring competitive compensation rates, the Bank of Canada provides signing bonuses for some employees; year-end bonuses for all employees; defined benefit pension plan; life & disability insurance; retirement planning assistance; and relocation assistance for new hires and current employees moving to other Bank locations.
Health & Family-Friendly Benefits
Bank of Canada's health and family benefits are rated as above-average. The Bank of Canada's health benefits plan is managed by Great-West Life. As part of the health plan, the employer pays 85% of the premiums. The health plan is a flexible plan with adjustable premiums and coverage levels. There is no waiting period before coverage begins. Family coverage is available on the health benefits plan. The basic plan includes routine dental; restorative dental; eyecare ($250 every 2 years); traditional medicine coverage; alternative medicine coverage; employee assistance (EAP) plan; healthclub subsidy (to $350 each year); medical equipment and supplies; physiotherapy; massage therapy; homecare; travel insurance. As part of the flexible health plan, employees receive "flex-dollars" equal to 2 percent of their salary that can be applied to enhanced coverage or taken as taxable income. The Bank's family-friendly benefits include; maternity top-up payments (to 93% of salary for 27 weeks); parental leave top-up for new fathers (to 93% of salary for 12 weeks); parental leave top-up for adoptive parents (to 93% of salary for 12 weeks); health benefits during maternity and parental leave; extended unpaid parental leave option (beyond the first year). Additional family-friendly benefits include; compassionate top-up payment (to 93% of salary for 8 weeks) while caring for a family member; flexible working hours; shortened work week (fewer hours with less pay); compressed work week; telecommuting; earned days off (EDO) program.
Vacation & Personal Time-Off
Bank of Canada's vacation and personal time-off are rated as very good. New employees receive 3 weeks of vacation allowance after their first year. Vacation increases after 8 years on the job. Long-serving employees receive a maximum of 5 weeks of vacation each year. Employees can also apply for an unpaid leave of absence.
Bank of Canada's employee engagement program is rated as very good. Employees receive individual performance reviews every 12 months. Managers receive training in how to conduct effective performance reviews. Exit interviews are provided for departing employees. The company also conducts entrance reviews with new employees to check-in after three months on the job. Employees and managers work together to establish annual performance agreements, which outline work goals and the employees' learning objectives for the coming year. The Bank of Canada recognizes exceptional performance through long service awards, and allocates funds for managers to distribute among individuals and teams in recognition of their contribution and accomplishment. Bank of Canada hires an outside consultant to conduct confidential employee satisfaction and engagement surveys. (These surveys are held every 36 months).
Training & Skills Development
Bank of Canada's training and skills development program is rated as exceptional. Employees receive tuition subsidies for courses related to their position. (Employer pays up to $7,000 in subsidies). Employees may also receive tuition subsidies for courses unrelated to their current position. (Employer covers up to 75% of non-related tuition). (Employer pays up to $7,000 in tuition subsidies). In addition to generous tuition subsidies, the Bank of Canada provides subsidies for professional accreditations; formal mentoring program; in-house training programs; online training programs; online employee skills inventory; new employee orientation program. The Bank dedicates over 3.8% of its payroll expenditures on programs to improve employee learning and development. The Bank also offers external development opportunities in the form of exchanges with other central banks and international finance organizations.
Bank of Canada's community involvement program is rated as very good. The Bank of Canada and its employees support a variety of local and international charities. Employees take part in the selection of charitable groups assisted each year. Approximately 16 charitable and community organizations were supported last year. The annual United Way/Centraide campaign is a central focus for the Bank of Canada. In 2009, the Bank was able to raise donations by eight percent through a variety of fun fundraising activities, from pancake breakfasts to an in-house mini-putt game with departmental teams playing through the "office links". In addition, the Bank organizes an annual holiday season food drive in order to assist local families in need. Across the organization, individual departments also host their own charitable events to raise money for organizations that are selected by employees.
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