RBC foreign workers
Canada should place a limit on the number of temporary foreign workers it allows into the country, before the program grows
Royal Bank of Canada isn't the only financial institution where employees are busy training their foreign replacements. Sources
Royal Bank of Canada has announced what appear to be significant restrictions to its use of non-Canadian workers. Faced with
In this day and age of free market orthodoxy, the banks don't like to think of themselves as having any sort of "moral obligations," only obligations to shareholders. But the protection Canadian banks enjoy -- the same protection that has allowed them to prosper internationally -- means that the banks do not operate in a free market environment, and if they want to continue having their cake and eating it too they should accept they have responsibilities towards the Canadians who have little choice but to bank with them.
Gord Nixon, the CEO of RBC, must have been pretty surprised when his bank’s move to outsource 45 jobs to contracted workers
The public’s visceral response to RBC’s foreign worker scandal is about more than the sullied reputation of Canada’s largest
In response to the backlash surrounding RBC this week, and in particular, against RBC CEO Gordon Nixon, let's look at how CEOs are compensated. Last year, RBC posted record earnings of $7.5 Billion and CEO Nixon received a pay hike of $2.5 million with millions in stock and option-based awards, incentives, and bonuses -- for meeting or exceeding expectations set out by the board of directors. I thought that was pretty shocking until I read about other CEOs. What makes these people so valuable and worth so much to a company? Someone tell me please. The bottom line is that this type of financial abuse affects everyone.
RBC has been in the news this week in a way no company ever wants to be.The recent debate about an outsourcing arrangement for some technology services has raised important questions. While we are compliant with the regulations, the debate has been about something else. Despite our best efforts, we don't always meet everyone's expectations, and when we get it wrong you are quick to tell us. You have my assurance that I'm listening and we are making the following commitments. First, I want to apologize to the employees affected by this outsourcing arrangement as we should have been more sensitive and helpful to them.
News that RBC is planning to replace some of its employees in Toronto with outsourced foreign workers has prompted numerous