Our Employee Population
Scotiabankʼs strength comes from a highly diverse workforce — thousands of Scotiabankers around the world who contribute their talents and skills, and share their unique perspectives, backgrounds and experiences.
The charts below provide a snapshot of the Scotiabank team, as well as key indicators regarding our workforce. These include turnover rates, union membership and our approach to organizational change and restructuring.
- Employee population by region
- Geographic breakdown by country
- Number of employees in Canada*
- Total voluntary* turnover of high-performing employees** (Canada)
- Managing labour relations
- Organizational change
Managing Labour Relations
Scotiabank is committed to treating all employees, wherever they work, with fairness and respect, in accordance with our core values. The same values drive the Bankʼs approach to employee and labour relations.
Based on international and universal labour standards, such as the Declaration on Fundamental Principles and Rights at Work, including Conventions of the International Labour Organization on Freedom of Association and Collective Bargaining, Scotiabank:
- respects the right of its employees to join a trade union for purposes of collective bargaining, without intimidation or undue influence from the union, employer or any other party; and
- believes that, as an employer, it is an interested party in any union organizing activity or application for union certification and is entitled, in accordance with local law and practice, to express its point of view so that employees can make a personal decision based on correct facts and information.
Scotiabankʼs approach to labour relations, including collective bargaining and collective agreements, is based on a respectful relationship and open communication with unions certified to represent employees. When negotiating collective agreements, Scotiabank bargains in good faith and acts in the best interest of all stakeholders, including customers, shareholders and employees.
The Bank does not presently operate in any jurisdiction where local law prevents freedom of association or the right to join a trade union in accordance with universal labour standards prescribed by the International Labour Organization. In fact, in 2013, a union representing employees in St. Vincent and the Grenadines applied for certification and recognition following the lawful exercise of freedom of association by employees in that country.
Scotiabank has unionized employees in 14 countries, representing approximately 9,800 employees worldwide.
Open, transparent communication between Scotiabank and its employees is an essential part of how the Bank does business. It seeks collaborative outcomes in all that it does. This is important when the Bank executes change initiatives that affect employees, including organizational growth and expansion, acquisitions, operational restructuring, outsourcing of services, strategic alliances and joint ventures or strategic divestitures.
In all transitions, ensuring employees are treated equitably and fairly is critical, and the Bank meets or exceeds local standards in all cases. Scotiabank uses a wide range of avenues to ensure that employees are kept well informed of changes, such as interactive town halls and team meetings, employee communications, intranet sites, and messages from the CEO and other senior leaders. Where collective agreements exist, Scotiabank complies with notice obligations and conducts open, timely and respectful communication with union representatives.
The Bank gauges its effectiveness through an annual employee engagement survey (ViewPoint) that measures employee feedback through open two-way communication. In this regard, Scotiabank is an industry leader, scoring well above the financial services industry norm.