RBC spending over $200M to retain workers

Royal Bank of Canada is spending more than $200 million on pay increases, boosted retirement benefits and other incentives to retain employees amid stiff competition for workers. The Toronto-based bank is raising base salaries in the four lowest levels of its pay scale, accounting for almost half of its workforce, by three per cent starting July 1 to “address the market pressures and the rising cost of living,” CEO David McKay said in a memo to employees Monday. McKay has said that the demand for top talent, especially workers with math and coding skills, is among his top concerns for the bank this year.