Labour Practices and Decent Work

Labour Practices and Decent Work

Social Performance

DMA    

As a responsible employer, we work hard to create a workplace culture in which our employees feel inspired, valued, healthy and safe.

Employee Engagement: We aim to employ a highly engaged workforce. TD’s business model – to provide legendary customer service – fully relies on having engaged and well-trained employees to deliver the customer experience we strive for. One of our strategic business goals is to differentiate TD as a "best employer", which we measure through our employee engagement score, voluntary turnover rates and external recognition from ranking organizations.

Diversity at TD: We aim to be inclusive, to create a workplace where all employees are hired and promoted on merit, where they feel comfortable being their authentic selves and where they have equal opportunities to fulfill their potential. The Diversity Leadership Council oversees diversity and inclusion across TD. The Council is supported by a 300+ strong network of active subcommittees and regional councils, a Corporate Diversity Office and diversity policy and management systems. Our diversity strategy also includes training, internal mentoring programs and resource groups run by and available to all employees.

Labour Code and Human Rights
TD adheres to, and in many cases exceeds, all applicable labour laws and standards in every country where we operate. We have developed our own policies, guidelines and procedures to protect and promote human rights throughout our operations. Our Harassment, Discrimination and Violence in the Workplace Policy articulates our commitment to providing a work environment free from any form of harassment and unlawful discrimination.

Health and Safety
Employee health, safety and wellness are paramount to TD. We have a wide range of programs and processes to help prevent accidents and injuries in our day-to-day operations, including best-practice ergonomic standards in design and refurbishments, Health and Safety (H&S) Representatives, a dedicated H&S intranet resource and mandatory health & safety training for Canadian managers. Our focus is on mitigating safety risks relevant to our business, which primarily include: slips, trips and falls; ergonomics (e.g., repetitive strains); and injuries related to lifting.

We also promote general health and wellness by providing opportunities for employees to assess, manage and improve their physical and mental well-being. For example, we offer a robust health benefits program; a variety of flexible work options, from job sharing and compressed schedules to gradual back-to-work transitions; and an employee assistance program, which provides third-party counselling to help deal with a wide range of life events.

Training and Education
We encourage employees to take ownership of their careers and offer help in the form of a broad range of tools and support, including:

  • Career coaching;
  • Group, peer and individual mentoring programs;
  • Over 1,000 internal training courses through classroom and virtual learning; and
  • A dedicated Career Month, with in-person and virtual events educating employees about career planning resources and required skills for various business lines.

LA 1 Total workforce by employment type, employment contract, and region, broken down by gender. P

TD’s Workforce Profile (PDF)

LA 2 Total number and rate of new employee hires and employee turnover by age group, gender, and region. P

Employee Turnover
TD’s average global turnover for 2013 is 19.17%, slightly down from 19.26% in 2012. We know that U.S. turnover rates are an area of concern reducing voluntary turnover is a priority for our U.S. business for 2014 and 2015. While U.S. turnover rates will always be higher than in Canada (largely due to more competition for talent) we recognize a pressing need to retain employees. Among several approaches, we continue to compare our compensation to the marketplace and look for ways to provide more development opportunities in retail banking so that employees choose to build their careers at TD.

Performance Trends: Employee Turnover 2013 2012 2011
Average turnover rate for TD Bank Group 19.17 % 19.26 %  
Canada1 Voluntary2 8.74 % 8.97 % 8.60 %
Involuntary3 3.6 % 3.78 % 3.30 %
Retirement 1.16 % 1.27 % 1.10 %
TOTAL 13.5 % checkmark 14.02 % checkmark 13.00 % checkmark
U.S.4 Voluntary2 22.12 % 20.97 % 17.60 %3
Involuntary3 8.75 % 9.00 % 8.40 %3
Retirement 0.67 % 0.52 % 0.40 %3
TOTAL 31.54 % checkmark 31.43 % checkmark 26.42 %3 checkmark

Annual turnover by age and gender – Canada
The results show that turnover continues to be higher among our younger employees, which likely reflects the number of part-time employees who work in our branches while also pursuing post-secondary education. Our internal TD Pulse results in both the U.S. and Canada indicate that the level of engagement of employees is consistent across all age groups.

Employee Turnover by Age and Gender (Canada only)
  Female Male < 30 Yr. 30 – 50 Yr. > 50 Yr. Total
2011 11.79 % checkmark 14.78 % checkmark 19.72 % checkmark 9.23 % checkmark 10.23 % checkmark 12.86 % checkmark
2012 12.8 % checkmark 16.12 % checkmark 21.45 % checkmark 9.94 % checkmark 12.21 % checkmark 14.02 % checkmark
2013 12.66 % checkmark 14.91 % checkmark 20.75 % checkmark 9.85 % checkmark 11.23 % checkmark 13.5 % checkmark
LA 3 Benefits provided to full-time employees that are not provided to temporary or part-time employees, by major operations. F

Summary of Benefit Programs (PDF)

LA 4 Percentage of employees covered by collective bargaining agreements. F

While we strive to create a positive working environment where employees don’t feel the need for third-party representation, we respect their right to do so. TD General Insurance has a long-established bargaining unit of approximately 300 employees, or 0.34%of our total employee population, represented by the Teamsters Union at one of our Montreal locations.

LA 5 Minimum notice period(s) regarding significant operational changes, including whether it is specified in collective agreements. P

TD’s Approach to Job Loss:
As part of our commitment to be a best run company, we look for ways to streamline our operations and simplify our processes so that we can improve the value and service we provide our customers.

Sometimes these changes result in the consolidation or reassignment of work. To minimize the impact of these decisions on our employees, TD’s practice is to:

  • keep employees informed;
  • offer employees the opportunity to apply for other internal positions;
  • make every effort to minimize the overall impact through natural attrition and by
  • managing our hiring levels in advance; and
  • provide appropriate support, including Employee Assistance Programs.

In cases of job loss, our approach is to:

  • provide employees with a minimum of 30 days’ notice where possible (60 days in the U.S.);
  • offer severance packages that comply with or exceed regulatory requirements and industry best practices; and
  • provide access to outplacement services to help affected employees find suitable roles outside TD.

LA 6 Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programs. F

In Canada, we have a National Policy Health and Safety (H&S) Committee, H&S representatives at each work location (over 1,500) and H&S training for all managers and H&S representatives.

In the U.S., TD Bank has 13 Safety committees involving 185 employees who meet quarterly.

LA 7 Rates of injury, occupational diseases, lost days, and absenteeism, and number of work-related fatalities by region and by gender. F
Work-related Injuries1
CANADA 2013 2012 2011
Minor injuries2 246 (.43%) 230 (.40%) 199 (0.38%)
Disabling injuries3 119 (.21%) 80 (.14%) 73% (0.14%)
Employee days absent beyond day of injury 1745 753 430
Fatalities due to work-related accidents 0 0 0
U.S.      
Medical/report only claims filed through workers’ compensation4 591 742 690 (2.63%)
Indemnity claims filed through workers’ compensation5 62 58 95 (0.36%)
Employee days absent beyond day of injury 2732 4291 5754
Fatalities due to work-related accidents 0 0 0

1 Figures in parentheses indicate accident statistics as a percentage of our workforce in the country noted, as at the end of the calendar year.
2 Injuries that are treatable in the workplace, with no time lost beyond the day of injury.
3 Injuries that result in lost time in the workplace on any day following the injury. For each of the years shown, there were no workplace fatalities or disabling injuries that resulted in permanent loss or loss of use of a body part or function.
4 Workers’ compensation claims below $2,500 or any claim that requires no payment or activity other than generating a report.
5 Workers’ compensation claims greater than $2,500 and indemnity-paid claims.

The majority of disabling injuries within the financial services industry are a result of slips or falls on icy surfaces or due to tripping on a loose cord or irregular carpeting.

After researching the rise in disabling injuries in Canada from 2012 to 2013, we can attribute the increase to better awareness of health and safety reporting requirements among people managers and improved methods for capturing data. In 2013, there were also more instances of employees taking extended periods of leave above 90 days. The majority of days absent can be attributed to recovery periods after a slip, trip or fall. In the U.S., the decreased numbers can be attributed to a milder winter (with less trips and falls on ice) and a significant decrease in the number of ergonomic injuries.

The difference in relative numbers of employee days absent in Canada and the U.S. is a function of different reporting requirements in each country. In Canada, the requirement is to report accidents, such as slips, trips and falls. In the U.S., all health insurance claims must be reported, which inevitably includes a broader category of incidents and illnesses.

LA 8 Education, training, counseling, prevention, and risk-control programs in place to assist workforce members, their families, or community members regarding serious diseases. F

Some of our initiatives include:

  • Best-practice ergonomic standards, which are applied to branch and building design and refurbishments;
  • Tools to support employees working away from a typical office environment;
  • A comprehensive H&S training program, including mandatory courses for all managers and H&S representatives; and
  • A dedicated intranet resource with information on a range of health issues and communicable diseases, such as malaria and tuberculosis.

2013 Activities

  • In the U.S., we introduced an online ergonomic training and assessment system to more than 200 employees. The system enables employees who experience discomfort on the job to undertake an interactive evaluation of their workstations and receive ergonomic solutions.
  • We also introduced a six-week wellness program called "Get Active" and had more than 3,200 U.S. employees participate in the spring and fall sessions.
  • In Canada, TD developed a mental health awareness course to help approximately 2,100 employees better understand forms of mental illness (such as anxiety disorders, ADD and depression) and the importance of staying mentally healthy.

LA 9 Health and safety topics covered in formal agreements with trade unions. NR
LA 10 Average hours of training per year per employee by gender, and by employee category. P
Average Hours of Training per Employee Category Canada1 U.S.1
  20137 2012  20113 20137 20122 2011 
Average hours of training per executive4 8.00 checkmark 14.06 checkmark 13.99 checkmark 22.12 checkmark 17.73 checkmark -
Average hours of training per People Manager5 20.89 checkmark 23.89 checkmark 23.29 checkmark 34.92 checkmark 43.85 checkmark -
Average hours of training per individual contributor6 19.68 checkmark 24.52 checkmark 27.89 checkmark 42.39 checkmark 52.23 checkmark -

1 TD General Insurance and TD Auto Finance (Canada and US) are excluded from the 2011 and 2012 data as the data is not available and cannot be reasonably estimated.
2 TD Auto Finance (U.S.) is excluded from 2012 data as the data is not available and cannot be reasonably estimated.
3 2011 was the first year of reporting Canadian training hours by employee category; 2012 was the first year of reporting U.S. training hours by employee category.
4 Executive includes TD job levels Assistant Vice President and above.
5 People Manager includes an employee who has one or more direct reports.
6 Individual contributor includes an employee who does not have any direct reports.
7 The 2013 data excludes a portion of training hours that are tracked outside TD’s learning management system. This data is not available and cannot be reasonably estimated.

  • The reduction of hours of formal training (e.g., courses and workshops) can be attributed to a greater focus on training and development activities that incorporate more use of informal training methods (such as mentoring relationships, job shadowing, on-the-job experiences, social media, communities of practice etc.).
  • TD now offers more virtual classroom workshops to more effectively reach a geographically dispersed employee population, while also reducing business travel.
  • The reduction in training hours for Canadian executives can largely be attributed to a change in the Build for the Future course duration, from 4 to 3 days.
LA 11 Programs for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings. F

Learning and Development
Employees and their managers are encouraged to meet at least twice a year to discuss the employee’s strengths, needs and career aspirations in formal performance and development reviews. These discussions set the underpinning for career planning at TD.

We encourage employees to take ownership of their careers and offer help in the form of a broad range of tools and support, including:

  • Career coaching;
  • Group, peer and individual mentoring programs;
  • Over 1,000 internal training courses through classroom and virtual learning; and
  • A dedicated Career Month, with in-person and virtual events educating employees about career planning resources and required skills for various business lines.

Read more about the TD curriculum for Developing Leaders.

LA 12 Percentage of employees receiving regular performance and career development reviews, by gender. NR
LA 13 Composition of governance bodies and breakdown of employees per employee category according to gender, age group, minority group membership, and other indicators of diversity. P
Performance Trends: Workforce Diversity at TD (Canada)1,2,3
  Labour Market Availability4 2013 2012 2011 2004
Women Overall 57.89 61.58 % 62.29 % checkmark 63.38 % checkmark 68.11 %
Senior Management5   36.54 % 35.29 % checkmark 34.46 % checkmark 23.00 %
Middle & Other Management6   45.71 % 46.58 % checkmark 46.83 % checkmark 44.08 %
Visible Minorities7 Overall 21.29 28.31 % 28.03 % checkmark 27.49 % checkmark 22.71 %
Senior Management5   10.37 % 8.82 % checkmark 9.14 % checkmark 3.54 %
Middle & Other Management6   23.51 % 22.13 % checkmark 20.79 % checkmark 14.87 %
Aboriginal Peoples7 Overall 1.74 1.22 % 1.20 % checkmark 1.09 % checkmark 1.06 %
Senior Management5   1.23 % 0.98 % 0.51 % 0.39 %
Middle & Other Management6   0.81 % 0.90 % 0.78 % 0.61 %
People With Disabilities7 Overall 4.61 5.23 % 5.01 % checkmark 3.55 % checkmark 2.00 %
Senior Management5   4.44 % 4.66 % 3.34 % 1.57 %
Middle & Other Management6   5.18 % 5.16 % 3.06 % 1.54 %

1 Represents the amounts reported to the Canadian federal government as at December 31
2 Includes all Canadian businesses except TD General Insurance as this entity is provincially regulated.
3 Includes full-time and part-time employees.
4 2008 Workforce Availability data is taken from the Labour Pool Availability based on the 2006 Census of Canada.
5 Senior Management includes TD job levels Vice President and above who have signing authority.
6 See glossary for definition of Middle and Other Management.
7 Data is voluntarily disclosed by employees.
8 Refer to challenges regarding self-identification and recruitment.

Board Diversity
(as of October 31, 2013)
% of female directors 35.7%
% of visible minority directors 7.1%
LA 14 Ratio of basic salary and remuneration of women to men by employee category, by significant locations of operation. NR
LA 15 Return to work and retention rates after parental leave, by gender. NR