Innovation

TD conducts its annual Ready Challenge with the goal of recognizing organization(s) that have created an innovative opportunity in support of the four key drivers of change – Financial Security, Vibrant Planet, Connected Communities, and Better Health. The impact of the four drivers of change often coincides with the UN’s SDGs and is frequently solved in unique, but brilliant ways. This is where TD as a sustainable business exceeds the expectations of those around them. Although the annual TD Ready Challenge may not be an innovation itself, doesn’t mean it hasn’t been a key stakeholder in some of the biggest initiatives taken by businesses per annum. Being a bank that occupies a large portion of the market allows them brand equity, to be recognized as trustworthy, and allows ideas into fruition through promotion and funds that may have never been acted on without assistance.

Some of these initiatives include a program at the University of New Brunswick that sets aim on reducing the digital divide faced by indigenous youth in STEM programs through hands-on experience. Another way they support education and equity is through the Catalyst Project. This project involves assisting students with developmental disabilities in areas such as speech therapy, tutoring, employment readiness, and connection to public benefits. TD also granted financial support to an organization called MY TURN. Their project, the Education Fund, uses a unique learning technique involving the implantation of outdoor eco-labs into urban complexes with limited green space. These projects are in support of common SDGs 4, 10, and 17, though they support several solutions that help solve various problems across the globe.

Inspiration

TD's purpose is to enrich the lives of customers, communities, and colleagues. That purpose led to the creation of the TD Ready Commitment, with a strong belief that the Bank had a role to play in building inclusive futures where everyone would have the opportunity to succeed in a changing world.

The purpose of this innovation, as put by Irene Santos is “Working Together for a More inclusive Tomorrow”. The inspiration comes from TD's responsible management strategy. Having implemented responsible management within the core beliefs of the organization, the TD Ready Challenge has sprouted, as mentioned earlier, TD pursues to create a better and sustainable future for stakeholders.

Through sustainable actions, organizations can thrive financially and build a good reputation in society. Part of the inspiration for the TD-ready commitment comes from further establishing the organization's reputation as a bank that puts the world's future first, and an organization that offers solutions to the world's problems. Engaging in such initiatives gives TD an advantage over its competitors as well, and it’s that wanting to get ahead of other competitors that fuels inspiration regardless of how small.

Overall impact

The overall impact of TD Ready Commitment has allowed TD to help people reach their goals through what they call the “Four Interconnected Drivers of Change” which include financial security, vibrant planet, connected communities, and better health. These address 12 of the 17 United Nations SDGs including quality education, climate action, gender equality, and more. The actions of this program help create conditions for people to have a greater chance of success.

One example of the successful impacts of the program includes 15 organizations were awarded financial support to deliver in support of their plans to support students' education impacted by the pandemic in 2021. An example of one of those organizations was the Immigrant and Refugee Community Organization of Manitoba, which they were able to use the funds to provide Newcomer Refugee Youth with integrated learning models through after-school enrichment programs Another example was the funding provided to the Victoria Native Friendship Centre, who used the funds to support the only Indigenous Library in a Centre in Canada provide urban Indigenous children with a Reading Hub for cultural programming.

Through TD Ready Commitment support, early learning initiatives reached more than 1.1 million children, over $86 billion has been contributed toward low-carbon initiatives, 1.7 million people have benefited from initiatives that support improved health outcomes, and many other positive impacts have come through the contributions of this initiative.

TD has played a huge role in the support of the growth and development of youth across North America by supporting the initiatives earlier mentioned. They have helped to level the playing field for those disadvantaged to be able to get access to better education to be able to give back and contribute. TD has sponsored programs that promote the social and economic inclusion of all people, irrespective of demographics. This has helped make drastic changes in people’s lives through education, appreciation, and opportunities they may have not been subject to.

Since the implementation of eco-labs, 67% of students were observed to have increased their proficiency in the sciences. By promoting eco-friendly activities early in students’ development, these labs could give the students the opportunity and tools they need to enact future climate initiatives. This project also targets fewer wealthy neighborhoods to help bring fresh produce and greenery to their inner city.

Business benefit

The 2021 TD Ready Commitment Report included a message from its CEO, Bharat Masrani, which reads: "At TD, we know that we can only thrive when the communities around us thrive, and that building a more sustainable and inclusive future is critical for both our communities and for our bank." The TD Ready Challenge shows stakeholders that TD cares about organizations that are focused on improving the world, and in turn, this builds trust amongst stakeholders and influences customers to bank with TD as opposed to an industry competitor. Employees want to work in companies that serve a greater purpose, companies who take initiative to build a better future rather than putting profit first, and TD does just that.

Through the TD Ready commitment, people who are in the banking industry, or looking at a future in it are influenced to apply and become potential new employees, and so TD's initiative is helping grow its workforce and will continue to grow in the future. Since the introduction of the TD Ready commitment in 2018, TD reported a 7.99% increase in revenue from 2018 to 2019, 2019 was one of the best years in terms of revenue, now this isn’t to say this was solely a result of the initiative announced by TD, no, but the TD Ready Commitment does draw in customers including large organizations to use its financial products and services. Although the TD Ready Commitment may not be a sole contributor to receiving a rating of A- on its CDP disclosure/CDP Supply Chain assessment, being named one of the Best Workplaces in Canada by Great Place to Work Institute, and is included on the Dow Jones Sustainability North America/World Index doesn’t mean it hasn’t played a large role in the notable achievements gained as the business has gained its monopolistic name in the finance game.

Social and environmental benefit

Funding numerous organizations, whose focus is on Financial Security, Vibrant Planet, Connected Communities, and Better Health, helps to propel work that improves people's lives and communities.

Each year, TD Ready Challenge has granted funding to final recipients with innovation in support of financial security, action to climate change, and education enhancement. From 2018 to 2020, TD Ready Challenge granted a total of 30 million dollars to many potential recipients, with a project of promoting a resilient learning platform and narrowing the gap of household income for disadvantaged economic families by adopting Artificial Intelligence (AI) technology. Besides, 2020 grant recipients also supported diversity and inclusive cultures in addition to working towards mental health concerns.

In 2021, TD Ready Challenge granted funding to fifteen organizations with the aim of promoting literacy development and technological advancement to variable students. This innovation had a huge impact on opportunities for students with limited access to advanced education and technology. It contributed to building an equal society for everyone, regardless of their background and conditions. Additionally, the innovation indirectly supported the Government policies of promoting STEM (Science, Technology, Engineering, and Mathematics) initiatives in North America.

Recently, TD Ready Challenge has been focusing on climate change solutions, including but not limited to clean tech, sustainable land use, and green infrastructure. With the tremendous support of grant funding, eligible organizations would build a solid background for a sustainable environment, strengthening the United Nations Sustainable Development Goals by 2030.

Interview

Irene Santos, VP, Global Talent Acquisition