RBC: Empowering the Next Generation of Canadian Talent
Royal Bank of Canada (RBC) is recognised as an institution with immense influence – not just in the context of financial services, but across society as a whole.
Look no further than the organisation’s RBC Future Launch, a CAD$500 million programme aimed at empowering Canada’s youth for the jobs of today and tomorrow.
The 10-year initiative—unveiled back in 2017—is the bank’s largest-ever commitment to Canada’s future, helping young people gain access to the skills, job experience, networking solutions and mental wellbeing support they need to be ready for the rapidly-changing future of work.
Preparing young people for work
RBC Future Launch is focused on helping young Canadians across four primary areas, with the first being development of skills.
Royal Bank of Canada works closely with a host of community and educational partners in a bid to ensure the next generation of talent is prepared for employment.
This takes into the account the widening digital skills gap and increasing prevalence of emerging technologies like AI, blockchain, IoT and quantum computing.
RBC’s own Humans Wanted report, published back in 2018, found automation was set to impact at least 50% of jobs in the ensuing 10 years, and seemingly little has changed when it comes to integrating related skills into the curriculum.
Various research has shown a significant proportion of roles are not published on jobs sites, with a similarly high percentage filled thanks to personal and professional connections.
The next element of RBC’s commitment, therefore, is to help Canadians obtain career support, including networking opportunities with peers, influencers and potential employers.
This leads nicely onto the bank’s pledge to facilitate meaningful work experience opportunities.
Research from McKinsey has shown that, although 83% of educators feel young people are prepared for work, just a third (34%) of employers and 44% of prospective employees agree.
RBC Future Launch works with partner organisations to increase access to practical, work-integrated learning experiences and address the ‘no experience, no job’ cycle.
Finally, RBC places extra weight on the importance of mental wellbeing, and remains dedicated to ensuring Canada’s youth have access to sufficient mental health support, whenever and wherever they need it.
A study conducted by the International Labour Organization found that young people’s productivity and career prospects are directly linked to their overall mental wellbeing. However, half of young Canadians say the pandemic has had a negative impact on their social lives and mental health, and fear it has negatively impacted their future career potential.
Ten Thousand Coffees
Last year, as part of RBC Future Launch, RBC renewed its partnership with Ten Thousand Coffees (10KC), a diversity-founded talent experience platform for inclusive mentoring, employee connectivity and skills development.
10KC was entrusted to ensure the BIPOC (Black, Indigenous and people of colour) community across Canada receives mentorship tools catering to the future of work.
Until at least 2025, this collaboration is set to continue breaking down the barriers young people face as they prepare for the workforce.
Among the key elements of the partnership is to match students with alumni based on their career goals and provide simple, step-by-step instructions on how to network effectively.
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