Stronger relationships across the board

CIBC’s third pillar of its strategy, stronger relationships, applies to both the relationships that exist among employees and managers and those that employees have with the communities that CIBC serves.

People Networks

Inside the organization, CIBC leverages its ten People Networks for advice in developing and executing its Leading with Inclusion strategy. The People Networks are employee resource groups (ERGs) that all employees can join, primarily charged with being a voice for their talent segment and providing feedback to the inclusion governance structure at CIBC. Unlike less mature ERGs that primarily exist for networking and community, CIBC’s People Networks have direct responsibility for advancing business and inclusion goals. They are, in a sense, advisory boards to the Inclusion Action Committees and the Inclusion Leadership Council. This enables the voices of communities across CIBC to be heard by those responsible for making change without placing the responsibility of fixing inequities on their shoulders.

Each year, each People Network submits a plan for its activities for approval. These generally include mentoring, education, and career development opportunities for employees through events, workshops, and training sessions. Plans also include client-service activities such as advising on brand components, client interactions, and product development. People Networks also engage in community outreach and partnerships, supporting initiatives that promote inclusion beyond the workplace.

CIBC’s People Networks have co-leads as well as an executive sponsor chosen by the Talent Team. Over 25,000 employees globally – more than half the workforce – are members of People Networks, which makes them a highly effective way to reach employees.

Within CIBC’s Stronger Relationships objective, two areas of focus stood out as needing particular attention. The company therefore created two standalone Action Committees: 

Accessibility Action Committee

The Accessibility Action Committee is composed of more than 50 leaders who are responsible for the bank’s Accessibility Roadmap. These efforts cut across many areas, including digital space, physical workspace, employee supports, client experience, and communication. The physical space at CIBC Square in downtown Toronto is a significant milestone in the bank’s accessibility progress. Through the efforts of the Accessibility Action Committee, CIBC became the first bank in Canada to include accessibility information about all their branches in Access Now, a Canadian mapping app. Roles focused on making CIBC accessible exist in many areas of the organization, not just in the Accessibility Action Committee or in the WorkAbility Employee Network.

Reconciliation Action Committee

CIBC’s Reconciliation Action Committee came together in 2021 as a result of feedback from a Listening Exercise. Responsible for stewarding CIBC’s Reconciliation Framework, the committee includes representatives across lines of business and reports progress to the Inclusion Leadership Council. Since its launch, the Committee has developed a formal policy for reconciliation with regards to the bank’s investment strategy, and CIBC was the first bank in Canada to make that policy public. The committee also actively engages with CIBC stakeholders and companies on the Toronto Stock Exchange about its approach and actions toward reconciliation.

The Reconciliation Action Committee recognizes unique factors at play when working to remove barriers members of the Indigenous community face. Many Indigenous professionals live on reserves and do not want to relocate to Toronto or other major urban centres. They receive a tax advantage through Canada’s federally legislated Indian Act, which they would lose by relocating. Knowing this, CIBC offers several remote work opportunities for Indigenous team members, which helped the company move toward its representation goal of 3%.

To ensure the Indigenous community had the same quality banking experience as other communities, the committee also re-evaluated products and services to ensure that they fit the population’s needs.

Community outreach

CIBC has also been an active voice to create access to opportunity in the communities it serves. For example, in 2020 President and CEO Victor Dodig signed the BlackNorth Initiative pledge and served as co-chair of the BlackNorth Initiative from 2020 to 2022. CIBC has made public commitments to support ending systemic biases based on race, including expanding training, increasing representation, removing barriers that prevent employees from achieving their potential, and increasing corporate giving.

CIBC – Leading with Inclusion

Executive summary

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