Leveraging Diversity

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Leveraging Diversity and Employment Equity
at RBC Financial Group Rotman School of
Management University of Toronto March 1, 2005
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Agenda

• Who are we?
• Diversity defined
• Why diversity?
• How diversity lives
• Diversity in Action vignette
• What weve learned
• Key success factors
• Whats next?

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RBC Financial Group

• Largest F.I. in Canada by market capitalization
  and assets
• 12 million personal, business and public sector
  clients
• Operations in 30 countries around the world
• In 2004 contributed more than 59 million to
  community causes worldwide
• Third year as Canadas Most Respected
  Corporation (Globe Mail), including being
  first for the 3rd year in Human Resources
  Management category
• As at October 31,2004

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2004 Workforce Representation

• Over 70,000 employees worldwide
• 38,500 in federally regulated businesses
  
• in Canada, of whom
• 72 are Women
• 23 are Visible Minorities
• 1.6 are Aboriginal Peoples
• 2.5 are Persons with Disabilities

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Diversity For Growth and Innovation

We grow as individuals and as an organization by
respecting and leveraging our similarities and
differences. Drawing upon the resources of our
businesses, geographies, markets and people, we
generate ideas and solutions that break new
ground.
Adapted from Implementing Diversity by Marilyn
Loden, 1996.
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RBC Diversity Model

• Employees/Workforce
• Build inclusive environments where differences
  are respected, valued leveraged.
• Attract and retain people from the total talent
  pool.
• Create an environment for all employees to
  realize their full potential and fully
  contribute.

Employees/Workforce

• Clients/Markets
• Grow revenues by accessing new markets and
  serving existing markets better.
• Attract clients build loyalty by understanding
  and meeting their needs.
• Support strategic priority of growth in North
  America.

Business Platforms Functions
Clients/ Markets

• Business Platforms and Functions
• Leverage knowledge capabilities across RBC
• Leverage diversity efforts to enhance corporate
  image reputation.
• Achieve synergies from mergers, acquisitions
  alliances.

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Why Diversity?Workforce Factors

• Immigration
• New Canadians represented almost 70 of labour
  force
• growth over last decade
• By 2011 will account for virtually all labour
  growth
• The Workforce is aging
• 1991 - 37.1 years 2001 - 39 years
• By 2011- half of all baby boomers will be over
  55
• Growth of Aboriginal Population
• Aboriginal birth rate is about 1.5 times that of
  non-
• Aboriginals
• Median age is 25 vs. 38 for non-aboriginal
  population
• University Enrolment
• 50 of undergrads at U of T are visible
  minorities
• 50/50 Women/Men in Canadian Universities
• 30 of MBA students are women

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Why Diversity?Marketplace Factors

• Women are estimated to control more than 80 of
  consumer and household spending
• Buying power of the U.S. gay, lesbian, bisexual
  and transgendered (GLBT) adult population in 2005
  is projected to be 610 billion
• Average annual growth rate 1992-2001 of Visible
  Minority Population in Canada 5
• In the US, Blacks make up 13.3 of the
  population. However, population growth for this
  group was 3.3 between 2000 2002, compared to
  2.5 for the overall population.

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Diversity in ActionJims Retirement Party

• Questions for Discussion
• What is your reaction to this scene?
• Is Jim out of line with his remarks?
• What would you do?

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What Weve Learned

• Communicate, communicate, communicate
• Provide learning in a myriad of ways
• Celebrate and recognize accomplishments
• Share and research best practices
• Recognize you never truly arrive

The journey is the destination
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Key Success Factors

• Visible senior leadership
• Integrated processes
• Clear accountability and measurement systems
• Ongoing communication
• Everyones responsibility

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Whats Next

• Four Diversity Priorities
• Talent management
• Women, Visible Minorities at the executive level
• Senior management leadership, communications
  learning
• Growing diverse client markets
• Governance

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Questions ?