39 Transitions

We aim to minimize the impact on our employees of changes to our business or operational processes through communication and natural attrition and by delaying hiring. In the case of job loss, we offer notice and severance packages that comply with or exceed regulatory requirements and industry best practices.

+ TD’s Approach to Job Loss (PDF)

Labour codes and human rights TD adheres to, and in many cases exceeds, all applicable labour laws and standards in every country where we operate. We have developed our own policies, guidelines and procedures to protect and promote human rights throughout our operations. Our Harassment, Discrimination and Violence in the Workplace Policy articulates our commitment to providing a work environment free from any form of harassment and unlawful discrimination.

While we strive to create a positive working environment where employees don’t feel the need for third-party representation, we respect their right to do so. TD General Insurance has a long-established bargaining unit of 309 employees, or 0.36% of our total employee population, represented by the Teamsters Union at one of our Montreal locations.

Compensation

The majority of employees receive a base salary and incentive compensation. Incentive awards are based on the achievement of financial and non-financial measures. Non-financial measures include customer satisfaction results. TD’s approach to executive compensation is fully disclosed in our Proxy Circular.

A concern we hear from employees from time to time is how salaries will keep pace with a steadily increasing cost of living. For 2013 in both Canada and the U.S., we are making incremental investments beyond annual base salary increases in our front-line employees. The total incremental annualized investment will exceed $12 million.

For TD, as for our competitors, the cost of living is one of many factors that contribute to compensation decisions. We value a pay for performance culture that rewards employees according to their personal contribution and the bank’s financial results.

+ TD’s Approach to Compensation (PDF) Retirement and benefits

Our benefit programs aim to ensure that our employees have a comprehensive safety net of essential protection in the event of death, disability or a serious illness and to help them provide for their retirement. Employees can choose from a broad range of benefits, savings and wellness programs to meet their needs and those of their immediate dependants. TD’s retirement programs ensure every employee will have a retirement income, whether they chose to contribute or not.

+ Summary of Benefit Programs (PDF)

2012 Highlights: • New medical options were launched in the U.S. providing employees with more choice, lower-cost coverage options and the opportunity to participate in spending accounts.

• In Canada, a new cancer assistance program, CAREpath, helps employees and their families navigate the health-care system from diagnosis through treatment.

• In 2012, we completed the implementation of our Global Service Recognition program. All employees around the world participate in this industry-leading program that features awards of TD shares.

• As of January 1, 2013, in Canada, employees’ vacation entitlement and eligibility for the TD Retiree Benefits Plan will factor in their total service with TD even if they have had breaks in employment. The Global Service Recognition Program also recognizes past service in the calculation of milestone service anniversary awards.

$7.4 billion

Amount TD spent on employee wages, incentive pay and benefit programs in 2012.

Build an Extraordinary Workplace

TD 2012 Corporate Responsibility Report