Recruitment and Retention
- Recruitment and Retention
In a very competitive recruitment market we look for opportunities to showcase TD and the career and development opportunities that potential employees can expect. We sponsor and participate in initiatives that give us exposure to young people and the diverse communities we serve. As much as possible, we hire local residents within our significant areas of operation.
Our external Careers site, revamped in 2010, offers information on Canadian, U.S. and global opportunities. User-friendly tools and resources include video FAQs with sign language interpretation and an online recruiting system. Candidates can create and update an electronic profile of their skills and work experience.
We believe in open access to all internal career opportunities. Our common practice is to post all jobs up to the vice president level.
Back to Work Program – Case Study
Professional women who are returning to the workforce after an extended leave of absence represent an under-tapped source of potential leadership talent. As many as 37% of highly qualified women take time off for family responsibilities such as childcare and eldercare.1 In addition, a recent report by TD Economics, Career Interrupted, indicates that women’s professional and financial progress is often hampered by these prolonged absences.
In 2010, TD worked closely with the University of Toronto's Rotman School of Management to launch the Back to Work Program. The program helps returning career women refresh their business knowledge and professional networks and rebuild their confidence. It is designed for women looking for middle management positions and spans nine days over a period of three months. Free childcare is available to those who require it. As lead sponsor, TD underwrites most of the cost of participation and provided scholarships for four of the 30 women in the program. Senior executives from TD support the program by attending as guest lecturers and speakers and hosting networking events.
1 According to a 2005 Harvard Business Review report by Sylvia Ann Hewlett and Carolyn Buck Luce.
In the past year, our workforce population has grown by 6,271 employees, which includes 2,621 in Canada, 3,474 in the U.S. and 176 in other international locations.
When people are displaced as a result of job loss, staffing reductions or consolidation, they are given the opportunity to apply for other internal positions. With branch or business consolidations, we make every effort to minimize the overall impact through natural attrition and by managing our hiring levels in advance. In cases of job loss our policy is to provide employees with a minimum of 30 days notice where possible (60 days in the U.S.).
For employees who lose positions due to consolidations or staffing reductions, severance packages are offered that meet or exceed regulatory requirements and industry best practices. We also provide access to outplacement services to help affected employees find suitable roles outside TD.
- We recruited at 11 business schools in Canada and eight in the U.S.
- TD sponsored events such as the Inter-Collegiate Business Competition, Undergraduate Business Games and the Women in Leadership Conference.
- Across the company, 250 individuals currently participate in 10 associate rotation programs.
- Six MBA associates were hired in the U.S.
TD is a founding member of Career Edge in Canada, a national internship program that offers new graduates the opportunity to learn and gain practical work experience.
- There were 38 Career Edge internships in 2010.
- TD has hosted 468 since the program’s inception in 1996.
2010 2009 Canada Voluntary1 7.80% 6.50% Involuntary2 3.13% 3.24% Retirement 1.05% 0.85% TOTAL 11.98% 10.59% U.S. Voluntary1 8.72% 17.80% Involuntary2 19.22%3 8.79% Retirement 0.16% n/a4 TOTAL 28.10%5 26.59%
1 A voluntary exit from TD occurs when the employee chooses to leave TD.
2 An involuntary exit from TD occurs when employment is terminated.
3 The increase of involuntary turnover is due to the consolidation of roles following the integration of TD Bank and Commerce Bank in 2009.
4 2009 U.S. figures for voluntary turnover includes retirees.
5 Includes all U.S. businesses except The South Financial Group as this data is not available and cannot be estimated.
Annual Turnover by Age and Gender
Country Female Male < 30 Years 30–50 Years > 50 Years Total Canada1 11.15% 13.59% 19.74% 7.6% 9.53% 11.98%
1 2010 is the first year of reporting turnover by age and gender. For this reporting year, statistics for Europe, the Americas and Asia-Pacific were not available and cannot be reasonably estimated.
The results show that turnover is higher among our younger employees, which likely reflects the opportunity to be more mobile for the under 30 demographic. Results from our internal TD Pulse results indicate that the level of engagement of employees is consistent across all age groups.