2012



2012

Introduction

This assignment is based on Canadian Imperial Bank of Commerce's (CIBC) specific initiatives/programs and policies that contributed to making CIBC company one of the 2012 best workplaces in Canada. It is one of the leading Canadian based global financial institutions with a market capitalization of $30.1 billion. It operates in three businesses such as Retail and Business Banking, Wealth Management and Wholesale Banking. The company believes in developing deeper relationships with clients across its businesses. The company believes that efficient management of financial and human resource is essential for smooth management. It will also help the organization to achieve investment goals. CIBC is practicing the elements of productive corporate culture, as long term success is linked to effective governance (Canadian Imperial Bank of Commerce, 2013).

There are various factors that declare CIBC as one of the 2012 best workplaces in Canada which includes strong corporate culture, employee diversity management, implementation of effective human resource management strategies, employee loyalty, strong corporate governance etc. Specifically, organizational culture at CIBC plays a vital role in the organizational success. A culture that leads to the success of an organization does not necessary mean that it will lead to the success of another organization. While the organization undergoes a change, there is special attention on team work and diversity management. CIBC's Human Resource Management department works effectively for ensuring that employees understand the organizational strategic directions (Shen, 2009).

CIBC focuses on workplace diversity by analyzing variety of experiences that value employees from diverse cultures. People from diverse culture bring new attitudes and ideas at CIBC.

HRM department consult with the top management of CIBC about how effectively it can enhance performance of an organization considering all the parts of its system such as structure, employees, abilities, values, and culture.

CIBC Named One of Canada's Best Diversity Employers

In 2012, CIBC has been declared as one of Canada's Best Diversity Employers. CIBC won this award in 2011 as well. CIBC strongly believes in managing the diversity management as it bring new ideas and innovation to organization. Effective diversity management helps the firm to enjoy the competitive advantage in the financial industry of Canada. CIBC is always committed to provide fair and productive workplace environment to its diverse employees (The 100 Best Workplaces in Canada, 2012).

Similarly, CIBC has also undertaken various initiatives to promote diversity in organization such as CIBC's online People Manager Diversity Toolkit, CIBC's careers website and CIBC's Workplace Accommodation program.

CIBC believes that maintaining diversity is very important at the workplace so that individuals from different social and cultural backgrounds must be employed in an organization and every individual should be valued to make him feel motivated so that he/she perform well. CIBC's diverse workforce strengthens the operations within an organization; it helps the company to engage in profitable business.

Enhanced productivity of employees increases the effectiveness and profitability of CIBC and it is due to quality communication channels.

Corporate Governance and Financial Disclosure Quality and Extent

In 2012, due to the ongoing emergence of fraudulent or manipulated ...