CIBC employees at a charity event
Chosen as one of Canada's Top 100 Employers, Top Employers for Canadians Over 40 and Greater Toronto's Top Employers for 2013:
By Richard Yerema and Kristina Leung, Mediacorp Canada Inc. staff editors
(Oct 9, 2012)
Some of the reasons why CIBC
was selected as one of Canada's Top 100 Employers for 2013
- provides new mothers, fathers and adoptive parents with maternity and parental leave top-up payments and extended health benefits coverage during their leave
- offers great financial benefits including signing bonuses for some employees, referral and year-end bonuses, and a share purchase plan that is open to all employees
- invests in ongoing employee development through subsidies for tuition and professional accreditation, in-house and online training, formal mentoring and financial bonuses for some course completion
- a diversity leader, the bank manages a dedicated women's employee network to provide support to female employees throughout their careers and maintains an employee network for persons with disabilities and partners with "Ability Edge" to offer paid internships to graduates with disabilities
- helps employees balance their work and personal life through a variety of alternative work arrangements including flexible hours, reduced summer hours, shortened and compressed work week and telecommuting options
- helps ease the transition into retirement with phased-in work options and helps employees prepare for life after work through retirement planning assistance and generous contributions to a defined benefit pension plan
CIBC is a leading financial institution that provides a range of financial products and services through its extensive branch and electronic banking networks.
Established in 1867, CIBC operates three major lines of business: retail and business banking, wealth management and wholesale banking. The bank employs over 42,000 people and serves more than 11 million clients around the world.
Industry: Commercial Banking.
Major Canadian hiring locations: Toronto ON, Ottawa ON, London ON, Montréal QC, Vancouver BC, Calgary AB, Edmonton AB, Winnipeg MB, Regina SK, Halifax NS, Fredericton NB.
Stock symbol: CM.
Revenues: $12,200 million.
Full-time employees in Canada: 33,965.
Full-time worldwide: 34,777.
New jobs created in Canada last year: 476.
Part-time employees in Canada: 7,050.
Workforce engaged on a contract basis: 3.7%.
Number of applications received at this location last year: 757,025.
Average age of all employees: 41.9.
Longest serving employee: 56.1 years.
CIBC's physical workplace is rated as very good. The bank's downtown head office is located in Commerce Court, a complex of office buildings in the heart of Toronto's financial district. Originally constructed in 1931, the historically designated Commerce Court North tower hosted an observation gallery on the 32nd floor and was a popular tourist attraction. In addition to offering breathtaking views of Lake Ontario and the surrounding cityscape, the building is connected to the city's extensive underground PATH walking network, which provides access to public transit, retail shops and services, restaurants and food court. Inside, the head office features the bank's impressive corporate art collection, which is displayed throughout the office, an employee lounge (with comfortable seating and television); religious observance room; onsite cafeteria (with healthy menus and special diet menus); secure bicycle parking; transit subsidies; and courtyard, which hosts weekly farmer's markets during the summer months. Commerce Court is also within walking distance of many of the city's major tourist attractions, including the Air Canada Centre, Hummingbird Centre, Roy Thompson Hall and the St. Lawrence Market.
Work Atmosphere & Communications
CIBC's work atmosphere is rated as above-average. On the job, employees enjoy business casual dress; casual dress Fridays; can listen to music while working; concierge services available; employee sports teams. The bank recently hosted it's first ever company-wide employee appreciation day in recognition of employees' efforts and contributions. CIBC also organizes an annual children's holiday party for employees and their children at the Metro Toronto Convention Centre, which includes entertainment, amusement park rides, lunch and gifts, and an annual holiday celebration called the "One Night Party" for employees and guests, which includes dinner, entertainment and dancing. Throughout the year, CIBC keeps employees informed about new developments and solicits feedback through a company newsletter; corporate intranet site; email suggestion box.
Financial Benefits & Compensation
CIBC's financial benefits are rated as exceptional. To keep salaries competitive the company participates in outside salary surveys every 12 months. Individual salaries are reviewed every 12 months. The bank also offers share-purchase plan for all employees; signing bonuses for some employees; year-end bonuses for all employees; generous year-end bonuses (to $190,000), depending on the position; defined benefit pension with employer contributions (up to 7% of salary); new employee referral bonuses (to $2,000 for some positions); life & disability insurance; retirement planning assistance; phased-in retirement work options; and waived fees, bonus offers and preferred rates on CIBC banking products and transactions.
Health & Family-Friendly Benefits
CIBC's health and family benefits are rated as very good. The bank's health benefits plan is managed by Sun Life Financial. As part of the health plan, the employer pays 100% of the premiums. The health plan is a flexible plan with adjustable premiums and coverage levels. Employees who work 15 hours per week receive coverage. There is no waiting period before coverage begins. Family coverage is available on the health benefits plan. Retiree coverage is also available on the health plan, with no age limit. Traditional medicine coverage; fertility treatment medications; employee assistance (EAP) plan; medical equipment and supplies; travel insurance. CIBC's family-friendly benefits include; maternity top-up payments (to 100% of salary for 6 weeks); parental leave top-up for new fathers (to 100% of salary for 6 weeks); parental leave top-up for adoptive parents (to 100% of salary for 6 weeks); health benefits during maternity and parental leave; extended unpaid parental leave option (beyond the first year); onsite daycare centre; pre-arranged emergency short-term daycare. CIBC also provides up to 20 days of emergency back-up childcare at various locations across Canada. Additional family-friendly benefits include; flexible working hours; shortened work week (fewer hours with less pay); compressed work week; telecommuting; reduced summer hours program.
Vacation & Personal Time-Off
CIBC's vacation and personal time-off are rated as average. New employees receive 3 weeks of vacation allowance after their first year. Vacation increases after 9 years on the job. Long-serving employees receive a maximum of 5 weeks of vacation each year. Employees can schedule 3 personal days off each year, as needed. Employees can also apply for an unpaid leave of absence. Depending on their position, some employees start with up to 5 weeks paid vacation.
CIBC's employee engagement program is rated as above-average. Employees receive individual performance reviews every 6 months. Managers receive training in how to conduct effective performance reviews. Performance feedback is also solicited from co-workers and other managers familiar with each employee's work. As part of the review process employees can provide confidential feedback on their manager's performance. Exit interviews are provided for departing employees. CIBC recognizes exceptional performance through formal recognition programs including "CIBC Achievers", an initiative that allows employees to send informal electronic cards or nominate them for quarterly and annual awards. Recipients of the annual award are invited with guest to the annual conference of CIBC top performers, which was most recently held in the Mayan Riviera in Mexico. CIBC sponsors its own in-house employee satisfaction survey. CIBC hires an outside consultant to conduct confidential employee satisfaction and engagement surveys.
Training & Skills Development
CIBC's training and skills development program is rated as exceptional. Employees receive tuition subsidies for courses related to their position. (Employer covers up to 100% of tuition). Employees may also receive tuition subsidies for courses unrelated to their current position. (Employer covers up to 100% of non-related tuition). In addition to generous tuition subsidies, the bank supports employees' career development with subsidies for professional accreditations; formal mentoring program; financial bonuses for course completions; career planning services; in-house training programs; online training programs; new employee orientation program. The bank recently launched a Financial Services Leadership Program in partnership with York University's Schulich School of Business. The program includes training on strategic business and financial acumen, risk, client experience, global and local economies and leadership, and participants receive a Masters Certificate upon completion.
CIBC's community involvement program is rated as exceptional. Each year, CIBC supports a variety of local, national and international charitable initiatives. Employees take part in the selection of charitable groups assisted each year. Approximately 2,000 charitable and community organizations were supported last year. CIBC and its employees support a variety of organizations across the country every year, including the Canadian Breast Cancer Foundation. The bank has been the title sponsor for the Canadian Breast Cancer Foundation CIBC Run for the Cure for over fifteen years, with more than 13,000 employees, their friends and families participating in 2011. The bank also manages it's own children's foundation, which focuses on the health, education and well-being of children, and is responsible for distributing funds raised on CIBC Miracle Day to local and national community-based organizations. 2.80.
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