Manulife Financial employees
Chosen as one of Canada's Top 100 Employers 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 Manulife Financial
was selected as one of Canada's Top 100 Employers for 2013
- offers a range of great financial benefits, including a share purchase plan, year-end bonuses, generous referral bonuses (depending on the position) as well as a defined contribution pension plan
- encourages ongoing employee development with tuition subsidies, in-house and online training programs, mentoring, career planning and even financial bonuses for the completion of certain courses
- is located amidst a beautiful seven-acre garden oasis in the heart of downtown Toronto in a head office building designated as a municipal heritage property and only a short walk to great shopping and restaurants in the popular Yorkville district
- new employees start with three weeks paid vacation, along with three paid personal days-off each year
- lets employees customize their health benefits plan to align with their needs and stages in life through a flexible health benefits plan
- an incredible community citizen that encourages employees to volunteer in their communities through matching donations and even paid time off to volunteer
Manulife Financial Corporation provides insurance and investment management services to clients worldwide.
Established in 1887, the company operates in 21 countries and territories worldwide. Through its network of employees, agents and distribution partners, Manulife provides financial protection and wealth management products and services to millions of customers worldwide. The company's products and services include individual life insurance, group life and health insurance, long-term care services, pension products, annuities, mutual funds and banking products. In addition, Manulife provides asset management services to institutional customers reinsurance solutions, specializing in property and casualty retrocession. In Canada and Asia, the company operates as Manulife Financial and in the United States primarily under the John Hancock banners.
Industry: Direct Life Insurance Carriers.
Major Canadian hiring locations: Toronto ON, Kitchener ON, Waterloo ON, Montréal QC, Halifax NS, Vancouver BC, Calgary AB.
Stock symbol: MFC.
Revenues: $50,900 million.
Parent company: The Manufacturers Life Insurance Company.
Full-time at this location: 3,195.
Full-time employees in Canada: 10,999.
Full-time worldwide: 26,189.
New jobs created in Canada last year: 195.
Part-time employees in Canada: 437.
Workforce engaged on a contract basis: 3%.
Number of applications received at this location last year: 117,218.
Average age of all employees: 42.
Longest serving employee: 49 years.
Manulife Financial's physical workplace is rated as exceptional. The company's head office complex is situated on a beautifully landscaped 7.6 acre property that is only a short walk to the subway and Toronto's popular Yorkville shopping district, as well as an incredible selection of restaurants. The head office consists of three buildings and even features its own glass greenhouse. The original building was constructed in 1925 has become a familiar midtown landmark and designated heritage building in the city. Inside, the head office features employee lounge (with comfortable seating and television); nap room; religious observance room; onsite cafeteria (with subsidized meals, healthy and special diet menu items, Starbucks coffee kiosk); onsite full-service Tim Hortons; secure bicycle parking; subsidized parking.
Work Atmosphere & Communications
Manulife Financial's work atmosphere is rated as above-average. On the job, employees enjoy casual dress Fridays; employee sports teams; organized social events. The company's social committee was first established in 1939 and organizes a number of events throughout the year, including special employee appreciation events such as an annual executive thank you reception, free beverage days and ice cream days in the summer. Across the company, individual offices manage their own social events throughout the year. The company keeps employees up-to-date throughout the year through a corporate intranet site.
Financial Benefits & Compensation
Manulife Financial'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. Along with ensuring competitive compensation levels, employees may recieve share-purchase plan for all employees; signing bonuses for some employees; year-end bonuses for all employees; defined contribution pension plan with employer contributions (up to 5.5% of salary); new employee referral bonuses (to $5,000 for some positions); life & disability insurance; retirement planning assistance; phased-in retirement work options; subsidized home and auto insurance.
Health & Family-Friendly Benefits
Manulife Financial's health and family benefits are rated as above-average. The company's health benefits plan is managed by Manulife Financial, of course. As part of the health plan, the employer pays 78% of the premiums. The health plan is a flexible plan with adjustable premiums and coverage levels. Employees who work 20 hours per week receive coverage. There is no waiting period before coverage begins. The basic plan includes routine dental; restorative dental; orthodontics; eyecare ($200 every 2 years); traditional medicine coverage; alternative medicine coverage; fertility treatment medications; employee assistance (EAP) plan; medical equipment and supplies; physiotherapy; massage therapy; travel insurance. As part of their plan, employees can also allocate employer paid health "dollars" to a health spending account for additional coverages, their RSP savings plan or a wellness account where it can be used for gym memberships, exercise classes or equipment. Retiring employees and the company share the premium cost when they enroll for retiree benefits, with the percentage dependant on age and length of service with the company. Manulife Financial's family friendly benefits include; maternity top-up payments (to 75% of salary for 6 weeks); health benefits during maternity and parental leave. Manulife also provides discounted and emergency back-up childcare services for employees in Toronto and Kitchener and Waterloo areas. (Maternity top-up payments range from 75% up to 100%, depending on the position). In addition, the company helps employees balance their personal and working lives with; flexible working hours; shortened work week (fewer hours with less pay); compressed work week; telecommuting.
Vacation & Personal Time-Off
Manulife Financial'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 10 years on the job. Long-serving employees receive a maximum of 5 weeks of vacation each year. Employees receive 5 paid sick days every year. Employees can schedule 3 personal days off each year, as needed. Employees can also apply for an unpaid leave of absence.
Manulife Financial's employee engagement program is rated as above-average. Employees receive individual performance reviews every 12 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. The company maintains a number of employee recognition initiatives, including divisional awards programs, long-service awards and the coveted "STARs of Excellence Recognition Program, which is awarded to the company's top achievers and sales associates from around the world. Manulife Financial sponsors its own in-house employee satisfaction survey. (Surveys are conducted every 24 months); Manulife Financial hires an outside consultant to conduct confidential employee satisfaction and engagement surveys. (These surveys are held every 24 months).
Training & Skills Development
Manulife Financial's training and skills development program is rated as above-average. 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. In addition to tuition subsidies, the company also supports employee 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; formal management training program.
Manulife Financial's community involvement program is rated as exceptional. Every year, the company supports a variety of local, national and international charitable initiatives -- last year the company donated over $24.5 million to over 600 non-profit organizations worldwide. Employees take part in the selection of charitable groups assisted each year. Employees receive paid time off to volunteer with their favourite charitable organizations. As part of this program, employees receive 1 paid day off to volunteer. Last year, employees donated over 34,000 hours volunteering with charitable projects. Manulife Financial focuses its charitable giving in three key areas that are aligned with the company's business goals and reflect a desire to improve the communities where it operates, including building stronger communities; promoting health and wellness; and harnessing the power of volunteerism. In Canada, the company has a number of initiatives to encourage employee volunteerism, including: the "Spirit Days" initiative which offers the opportunity take a volunteer day for the charity of their choosing; the "Helping Hands" program that provides a cash donation (up to $500) when employees volunteer a minimum of 25 hours; and PowerMatch that matches employee contributions to a charity up to $150.
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