Talent Development and Engagement
Attracting and developing employees with the right skills and aptitudes remains a constant priority for our organization and the companies in which we invest. We believe that to meet our business goals we must continue to attract and retain the most talented people through continuous learning and performance reward programs.
The quality and depth of our management teams, advisors and employees – at both the holding company level and within our group companies – has been built over a long time. It has always been a key priority and an important factor behind our success in creating long-term shareholder value.
We commit to developing a highly skilled and performance-based workforce. We empower our people to develop their teams in ways that reinforce our responsible management culture within a tradition of strong and disciplined leadership. Our objective is to create positive working relationships with our employees and to provide them with opportunities for career growth, as they contribute to the success of our business and of society as a whole.
Our talent development strategy is based on building leadership capabilities, creating a responsible management culture, and recognizing and rewarding performance.
Talent Development Focus
Building Leadership Capabilities
Skills development programs are offered through relevant internal and external training sessions stressing specific competencies and job responsibilities, including professional development, continuing education courses, seminars and conferences.
On-the-job coaching and development opportunities are provided within our group companies so that employees can broaden their perspectives, gain a better understanding of our diverse businesses, and share their experiences.
Opportunities are offered to work with executives and leadership teams to gain knowledge through exposure to leadership practices and strategies and to develop individual talent to its fullest potential.
Creating a Responsible Management Culture
Our employees receive regular reminders of our responsible management philosophy and core values as espoused in our Code of Business Conduct and Ethics and are required to annually attest their compliance to our Code and our related corporate policies. As part of the mandatory annual training session on our Code, we raise awareness and educate our people on key environmental, social and governance themes such as conflict of interest, anti-corruption, data privacy, respect at work, human rights, and the environment.
Discussions are held on our responsible management approach and on various sustainability-related topics at the Board and management levels. Topics include sustainability awareness, responsible investing, carbon management disclosure, as well as reporting to rating organizations.
Our performance and career management program focuses on three performance development pillars:
Results-based goals – we establish individualized, results-based goals that align with our core business levers towards long-term value creation, quality of execution and risk management.
Competencies – we define clear competencies that we believe are important to execute our strategies.
Individual development plans – we work with our employees to align their aspirations with business needs. Through these plans, we support employee career growth initiatives consistent with organizational objectives. We also provide third-party training programs and on-the-job training.
Our performance and career management program includes a formal annual performance review process for all eligible employees at the holding company level.
We offer progressive compensation packages, comprised of a balance between fixed and variable remuneration programs and competitive pension, savings and benefits programs.
We engage with employees through a variety of communications, training, awareness sessions, and other employee activities. For further information, visit the Stakeholder Engagement page of this microsite.
Power Corporation encourages and supports engagement with the not-for-profit sector and personal giving by employees through its Employee Giving Program. The program recognizes and rewards employees’ efforts in two ways: by matching personal charitable donations and providing grants to eligible charitable organization where employees volunteer.
Highlights from our Group Companies
Great-West Lifeco and its operating companies are committed to enhancing the employee experience and continues to measure and monitor employee engagement across the group companies. For instance, GWL Realty Advisors conducts regular employee surveys to help us understand how staff feel about key issues including work flexibility and career development. In 2022, this led to new initiatives designed to address these key issues and enhance employee engagement. For its part, Putnam Investments initiated an annual engagement survey in 2022 to examine the associate experience and created cross-disciplinary teams to develop action plans to address feedback.
Creating a highly engaging workplace experience for its employees is also critical to building a culture of better across IGM Financial. The company’s annual employee engagement survey helps measure the health of the organization and short pulse surveys provide feedback on specific topics. The 2022 engagement survey revealed an overall engagement index of 79%, compared to 74% for the global benchmark index. Regular updates are given to employees from their CEOs and other senior executives via email communications, webcasts and employee forums and divisional townhall meetings. Intranets and dedicated information hubs, as well as email bulletins and newsletters. Leaders were given access to their business area’s anonymized engagement survey results to facilitate post-survey conversations and take relevant action.
IGM Financial’s subsidiary Investment Planning Counsel surveys its network of financial advisors three times per year. The survey results feed into an Advisor Satisfaction Index, giving advisors a voice and providing them with insights into what’s important for their advisors and how the company can help them build better businesses. Similarly, Mackenzie Investments measures advisor satisfaction through an annual advisor perception study and other surveys, and IG Wealth Management gathers feedback from financial advisors through quarterly satisfaction surveys.
For its part, GBL conducted 12 employee surveys during the first half of 2023, ensuring that each employee’s satisfaction is measured at least monthly.
PROFESSIONAL DEVELOPMENT AND TRAINING
Employee learning and development remains a priority for Great-West Lifeco, as it continues to offer career path-specific supports and opportunities for several disciplines. Its subsidiary Canada Life’s learning and development program offers a variety of solutions so its employees are empowered to learn what they want, when they want to best serve the millions of clients who rely on them. In Canada alone, in 2022, over 6,000 Canada Life employees attended 148 workshops, and 168,445 eLearning training sessions were completed by employees. In addition, Canada Life continued to offer an intelligent and intuitive virtual classroom that includes nearly 700 pre-curated topics mapped to and based on core skills that are in demand at leading global companies.
Canada Life’s internship and co-op programs help students accelerate their careers and, in 2022, over 200 students joined the company on work placements. Programs are offered in areas like actuarial sciences, accounting, auditing, investments, human resources, technology and digital strategy. The company’s Chartered Professional Accountant (CPA) program is one of its cornerstone student programs. Candidates in Winnipeg and London can work with a team of CPAs and receive valuable coaching, mentorship and study resources including an in-house exam preparation course for eligible employees pursuing the designation. Fourty-four students participated in 2022.
IGM Financial facilitate professional development opportunities for its employees through formal training, feedback, coaching and on-the job experience – all supported by individual development plans that employees create annually with support from their leaders. Leaders set clear expectations on performance objectives and competencies and provide ongoing coaching and feedback. Annual objectives are aligned with company strategy and leaders hold quarterly meetings to review progress. The competency framework gives employees clear indicators of what’s expected of them at each career level and helps create their development plans. All tasks are completed through a digital talent management system that integrates performance management and compensation tools.
In 2022, IGM Financial introduced several professional development programs. These include the Continuous Performance in their Talent Management System (TMS), which helps communicate activities and achievements and drive performance via a dashboard that keeps track of progress and discussions with leaders; LIVE virtual learning experiences, focused on soft skills development on topics such as emotional intelligence, talent and strengths discovery, communicating with impact and coaching; and Leader Labs, where leaders come together to learn from external experts and each other.
IGM Financial also provides professional development opportunities to advisors in its network. IG University provides advisors with programming focusing on financial planning, professional responsibility, products and services, practice management and leadership development. In 2022, engagement on the platform increased by 58%. Highlights include engagement of more than 300 advisors earning the Certified Financial Planner (CFP) certification and more than 60 new continuing education programs enabling advisors to maintain accreditation across regulatory bodies.