Engaging with our team members to enhance benefits In 2021 we initiated a process to introduce more flexible benefits across CWB, and in 2022 we completed the consultation phase of the benefits program review. This phase focused on gathering comprehensive feedback on potential new plan features and ensuring that the options offered would allow employees the flexibility to tailor their benefits to their individual needs and preferences. Our benefits enhancement journey:
TEAM MEMBER SURVEY
DRAFT PLAN DESIGN
CURRENT STATE ANALYSIS
BENCHMARKING
Proposed a plan design and structure to our Executive team based on recommendations.
Identified what our team members valued in existing programs and what they would like to see in future.
Compared the existing benefits that were offered to our team members against the market within financial services and beyond to identify top trends and best practices.
Identified and measured the value and effectiveness of all our benefit plans, programs, vendors and carriers across CWB.
NEW BENEFIT CARRIER SELECTION
TEAM MEMBER FOCUS GROUPS
LAUNCH OF NEW BENEFITS PLAN
Effective November 1, 2023 , our new benefits plan offers team members increased flexibility to choose the benefits that are most important to them, including increased mental health support, family planning and fertility support and gender affirming care.
Tested proposed plan design with team member focus groups and leveraged results to refine plan design to ensure team member priorities and expectations were addressed.
Evaluated proposals to identify the right carrier to deliver our team member benefits experience in close consultation with our Executive team.
38 2023 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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