To ensure our employees are engaged in helping our organization achieve its goals, we adhere to a performance management process that helps employees connect their on the-job performance with the broader organizational strategy. This process is designed to foster open, frequent discussions between employees and their managers to ensure individual development and success. The process includes objectives setting, performance assessment, regular and ongoing feedback, and development planning.
We have a “balanced scorecard” approach to performance management, which includes balanced performance assessments for the senior management team. This approach helps management focus on achieving a balance of financial, operational, customer and employee results. Employee indicators measured with the balanced scorecard include workplace diversity targets, turnover rates and employee satisfaction levels. During the year, we also increased our emphasis on employee development and the use of informal feedback and coaching. Learning and development programs
Learning and development are important aspects of our overall corporate culture. Not only do they equip employees with the skills and knowledge they need to help our customers become financially better off, these programs also support a positive work environment by empowering employees to grow and advance in their careers. We provide an extensive range of internal and external courses through a combination of classroom, web-based, and self-study formats, plus we also support informal development activities, including coaching, mentoring and networking.
Domestically, we spent approximately $60 million on training in 2005, roughly $2,100 per employee – and nearly 28,000 Canadian employees completed a variety of internal and external courses. Also during the past year, we further enhanced My Learning Centre, our web-based learning management system that gives employees access to training information and courses from anywhere at anytime. We made this system accessible to more areas of the Bank, reaching an additional 7,500 employees. Read about Pros and cons of on the job training
For the second year in a row, we were selected by Training magazine as one of the top 100 training companies in the world. The award recognized the programs, policies, and metrics that support our commitment to learning and development. Scotiabank was ranked 71, the second-highest ranking received by a Canadian bank. Developing leadership capabilities In the coming years, major employers such as Scotiabank must be prepared to face the issue of aging workforce populations.
In fact, Statistics Canada estimates that the working-age population will decline steadily in the 2010s and 2020s. To help us meet these demographic challenges and build the Bank of the future, we have implemented a number of leadership programs to develop the Bank’s talent pool. These leadership development programs balance formal, informal, internal and external support, plus experience-based learning and cross collaboration throughout the organization.