Systemic issues with employee performance rating and talent management
CIBC has poor leadership; they have limited understanding of the needs of their staff and it is not a priority to rectify the deficiency. This makes it difficult to help your employees become self-actualized. A large percentage of the leadership simply lack the EQ to perform this task or even understand it. There are some decent leaders, but not all employees may experience this, as the middling performers tend to be ignored rather than encouraged to improve. The bank prefers fealty (sycophants) over performance. You could work 60 hours a week or 30 hours a week and get the same rating, as employee performance measurement is more about ticking the box, than evaluating the employee or helping them grow. Similarly, the yearly leadership rating system, ESAT is not effective. If you are one of the chosen you could have multiple poor ESAT scores and live to underperform another year. Conversely if you are a good leader, but someone dislikes you, you are likely to be shunned. There is also no screening of new people managers, training courses can only help so much, when you do not offer the compensation to attract good talent. Do not expect HR to help the employee, they are there to do management’s bidding and bury it deep.
The quality of the staff is quite disparate, those who have decent skills may get promoted, but it is more likely that they will be under appreciated and leave. This is largely a function of the leadership issues outlined above, but the performance rating also
ProsWorking from home
Broker | Toronto, ON | May 10, 2015
Great Opportunities and Long-term Relationships Built
CIBC ISI is where I started my professional career, I have learned a lot and I enjoyed working there so much that I stayed close to 10 years.
I started as a front-line customer service support member while doing my paid internship for College. I talked to many clients on a daily basis answering queries about their investment accounts and processed their routine and non-routine requests. I was consistently recognised for my service excellence. Got an additional 1 day off every quarter!
When I graduated I was offered a permanent full-time employment and promoted to Senior Investment Representative. In this role, I got to experience the excitement of the stock markets, it's highs during a bullish market, and its lows during bearish times. I got to witness well-known companies and their initial public offering - what a busy day on the trading floor and so exciting! We used to make guesses as to what the closing price would be at the end of the trading day, who ever guessed the closest gets a free coffee.
With my mind being curious of understanding how things work and also having a passion for delivering service experience excellence, I decided to join the Customer Satisfaction department, ISI's internal complaint and resolution team. I was granted the assignment for a year. I acted as a point of contact and subject-matter-expert to clients/customers/colleagues for unresolved and complex cases. I worked on a case once that lasted for 3 months, it involved a lot of r
Financial Representative | British Columbia | Nov. 24, 2020
I am happy i got out. If you are thinking to quit, just do it. This company doesn't deserve you.
I had worked with CIBC for close to 6 years. All this time thinking that this was the best place to work and grow. I slowly started realizing just how cheap and unfair this company is. Working at the call center was stressful as it is. So, i moved to the branch a year later. Branch was no good either. With DVP's changing all the time, and new policies coming in place every other month, it was a lot to keep up with. Because of rising expenses, the company decided to kick a lot of people, took control of basic branch expenses, took away the coffee that was being serves to the customers. If a customer came in asking for water, we would have to run to the manager asking for a cup, as they would hide it in their drawers and lock them away. Customer are not people for the big banks they are just numbers. This would be same for all banks just that the intensity of selling things would be different. As sad as it is, people think that working for a bank would be a privilege but in reality it felt nothing less than working as a car salesman to me. We were practically forced to sell sell and re-sell to the same customers if needed. The basic trend is to offer the customer a credit card, once they overuse the card, offer the customer a line of credit. If the customer overuses the line of credit, then offer them a loan. This is a good enough tactic to anchor the customer to that particular bank. Why would you switch banks if you think your bank is doing so much for you.
About work ethic
ProsBenefits, mostly helpful co-workers and reliable support staff over the phone. salary, paid and unpaid vacation
ConsUnpaid long hours to finish outstanding work, worst management, car salesman like feel, lack of freedom and creativity and many more already mentioned.
Customer Service Representative | Wallaceburg, ON | Jun. 21, 2016
Seems good on the surface, but no value of employees.
I was so excited when I was offered the job at CIBC in 2015. The training was simple enough, and within a short amount of time working my own wicket, I felt comfortable with the job requirements. A typical day involved opening my cash, serving clients with varying financial needs from simple deposits or withdrawals, to more complex transactions involving lines of credit, or foreign exchange. At the end of the day we had to balance our cash, and that was the most difficult part for me, though I found with more focus on each transaction I was able to improve and master this task. I learned a lot about the financial sector, and I really enjoyed working there. Although it did feel like the company as a whole has very little value for their employees, in a small town I felt connected with my coworkers and our clients. I honestly loved my job. I was going to take on additional responsibilities within the branch. However I have never worked in this industry before, so I was unfamiliar with some of the red tape. As I approached my one year with the company, in a misguided attempt to do something nice for my coworkers, I unintentionally violated a privacy section of the code of conduct. In my disciplinary interview, the district manager came into the branch, whom I had never met before, and did not believe my innocence when I explained what had happened and I was immediately terminated. I felt completely helpless. I had worked so hard for this company, consistently improving my perfor
Prosemployee banking, excellent hours of operation
Consfrequent management changes, high turnover, understaffed, do not value employees.
Customer Service Representative | Red Deer, AB | Feb. 3, 2019
My question for you is, have you looked at someone or talked to someone who has worked at your profession 10, 20, 30 years longer than you. Would you trade their whole life for yours (finances, relationship, family, well-being)? When I looked at the bank people were just as miserable as I was but they had been so for YEARS. A coworker of mine wanted to leave so badly but they were so close to getting their pension that they were were stuck there another handful of years. I refused to be STUCK. Someone who's been there longer than you, that's where you are likely to end up. You're a product of your environment and when you spend most of your time at a job instead of with the people who matter most you start picking up their mannerisms and habits.you dont think you will, but you do.
I had started to work at the bank because I wanted to work my way up, to help people, to help them reach their goals, and help them budget to do so. I found out about 6 months in, while progressing my learning to move up just how sales focused instead of customer focused they were. I became miserable and it affected my relationship because I would always be complaining. And for someone who values their family, time, and well-being I needed to leave as helping people is not what this job was. Some of my coworkers were great people, but at the end of the day it was about how they pay their Bill's, and earn their paycheck. Which means selling customers things 1. They didn't come in for 2. They don't
ProsCo-workers, some clients, 3 weeks paid vacation, benefits
ConsSome clients, management, only 3 weeks paid vacation to start, salary, sales pressure
Financial Representative | Victoria, BC | Feb. 17, 2020
Senior Management is out of touch
Local management in my area is great, but senior management is out of touch. Here are some pros and cons.
- lower pay than other banks
- there is an attitude at all levels of the bank to "get lost of you don't like it here"
- external hires are always paid more than existing staff
- EXTREMELY glitchy, poorly designed and antiquated computer systems
- terrible business banking team and products (dead-last among Canadian Banks)
- constant cuts to "non-productive" support/service roles with tellers and associate/assistants
- lack of tenured/knowledgeable staff
- constant "gaming" by sales staff to inflate their sales numbers (no one is measured by the same standards)
- poor culture that promotes mediocrity and underpays the most talented staff (this is done in a number of ways, primarily bonuses, pay structure and incentive programs)
- fewer and fewer teller hours are available (many branches frequently operate with a single teller and no lunch coverage)
- lots of inefficiencies with internal systems (for example, mortgage assumptions are done on PAPER and MAILED to head office, all RIFF GIC renewals are done via a manual form that gets processed several days later by the back office, mortgage documents are printed and assembled manually by the lender often taking 30+ minutes, the only way to inquire about a transaction is to order the original paper receipt, among other things).
- employees are not valued and are treated like they are expendable (because th
Senior Financial Advisor | Stoney Creek, ON | Jul. 23, 2015
Bright spots with uphill battle
As a senior Advisor with nearly 9 years of experience at CIBC, I was looked upon to be a leader among fellow advisors and the core branch team. After moving districts to take on the Advisor role, I was excited to join familiar faces whome I knew were hard workers, supportive leaders, and "go getters". That attitude was projected through me, and I quickly adopted the "can do, will do" mantra that CIBC was looking for. My first year as a Senior Advisor in a new district should have been dedicated to learning, but direct management made me feel very comfortable in my skills and provided positive feedback. Unfortunately, a large shake-up in management occurred into my second year, and advisors across the district felt the changes - not for the best. Wages suffered, and morality came down. We were left wondering what more can we do after many years of successful portfolio building, and helping restore the CIBC brand to a more positive culture to do business. Many requests went unheard and turnover became an issue, as well as less Advisor support vis-a-vis Associates (the latter position became less available and associates were split between two or even three advisors). Year-over-year, clients were impacted by a subpar business culture of cutbacks, a decisive approach geared towards sales rather than being client centric, and restrictions on our ability to meet the progressive demands of client needs.
The team environment and ability to count on fellow advisors to share ideas an
While working at CIBC, I had the privilege of meeting some very intelligent and inspiring individuals. A typical day at work would begin with calendar management, to ensure my two Senior Directors were aware of the days events, and so that appropriate time management could take place throughout the day.
My typical day would also consist of an array of requests ranging from onboarding a new employee, completing expense reports, arranging off-site meetings, providing security & print cards, or just ensuring all team members have appropriate tools and supplies available to them at all times.
My team was estimated to be approximately 145 people in total, and residing at locations ranging from Downtown Toronto, Mississauga, North York, and India.
I was an active member of many committees including the Health and Safety, Employee Appreciation, and the Diversity Day Committee. I also was nominated to be the Female Searcher for the Fire Committee as well.
While at CIBC, I had the opportunity to learn many things from the Managers that I had the pleasure of supporting. They have taught me many aspects of the financial industry that will benefit me in my future endeavours, as well as providing me with ample opportunities to increase my level of knowledge within a Corporate Environment.
The hardest part of the job was having to say no to a team member when priorities needed to handled for a Director's request. However, I had an incredibly supportive team and was able to help
ProsAmazing people, ample opportunity for advancement
ConsTraining lacks consistency and direction, Transperancy is valued but not exhibited, Lacks job security.
Financial Representative | Etobicoke, ON | Jun. 22, 2016
CIBC is a great company that ensure the needs of all their clients are fulfilled.
A Financial Service Representative is responsible for creating a great experience for both new and existing clients by identifying their needs through utilization of CIBC Financial tools. Throughout the day
we are responsible for proactively initiating phone calls to book appointments with clients to discuss their needs and to offer financial solutions. This requires probing and using different tools to ensure we are providing something suitable for the client.
As FSR's we have weekly sales, service and referral targets for personal and small business clients. We are still responsible for achieving our sale targets. This position requires individuals to have a strong code of ethics while adhering to and protecting client privacy. This is due to the confidential information and documents we receive from clients such as credit bureau, various forms of income confirmation, investment documents. Hence it is important for FSR's to accurately capture and validate clients’ personal and financial information, ensuring all documentation is complete in accordance with CIBC policies and procedures.
In this position individuals learn interpersonal, commmunication and problem solving skills due to the various day to day interactions with clients. Interactions vary from clients losing a love one to experiencing fraud on their account to a client hence being empathetic is very important. This is one of the challenges that a FSR will experience since we cannot control the emotions of
Manager | North York, ON | Dec. 30, 2017
Fun place to work with
Most days I get in early so I can get emails answered and important work done and be ready for the routine work. On a typical day we had a coffee meeting to discuss of any backlog work and unprocessed mortgage insurance applications. One particular day I was not able to show up to work and this got really messed up due to short staff. The team weren't too happy to have to squeeze in another change, but when I explained the reason they got down to amend their usual schedules to meet the deadline. I bought in pizzas to keep them all happy and to let us steal a bit of space at lunchtime. We'd got it done by three and, with the Manager appreciated very much. We got everything back on track by the end of the day.
My last job was an excellent learning opportunity and I developed my skills and experience in numerous different ways. While I already had strong Accounting skills, I didn’t have any previous experience of Microsoft Excel. When my employer introduced a new order management system which used Access they gave me the opportunity to undertake additional training so as to be able to work effectively with this. I was then able to put this training into practice on a day-to-day basis and I was able to adept at using this skill. I also learned a great deal about handling customers. My previous roles were not customer-facing so it was great to have the chance to develop this area of my experience.
Management was very unbiased and reasonable in all aspects of company policie
ProsClose by, Flexible, Good Boss
ConsLong hours at times
Questions and answers about CIBC
If you were to leave CIBC, what would be the reason?
Asked Mar. 21, 2017
Sales..no option for growth. Worst management
Answered Jun. 16, 2020
Better pay, better computer systems and more efficient internal processes.
Answered Feb. 17, 2020
Does CIBC require background check?
Asked Mar. 23, 2017
Oui.cela est nécessaire dant tous les domaines . pas seulement à CICB.pour préserver la sécurité.
Answered Apr. 24, 2019
Yes CIBC required a Background Check.
Answered Mar. 22, 2019
What would you suggest CIBC management do to prevent others from leaving?
Asked Mar. 16, 2017
Value your full time employees. Don't make them dependent for their job on others. You hired them because they are also qualified. Stop forcing them to do sales. Appreciate independent FSR too instead of appreciating all the time who is dependent on mobile consultant for meeting their day to day investment targets.
Answered Jun. 16, 2020
Pay employees an equitable wage, and change the bonus compensation model so that it does not promote mediocrity (your most talented people should be paid the most). Constant cuts to teller hours and management layoffs has created a toxic culture that undermines branches willingness to provide good service to our clients. If senior management really wanted us to be the leader in client experience, they wouldn't have laid off 400+ people with the title "Manager, Client Experience."
Answered Feb. 17, 2020
Why did you leave your job at CIBC?
Asked Mar. 16, 2017
Manager was only interested in moving to the next level up himself. No help for new employees. Pressure not to complete or pay attention to training but instead make cold calls and sell. Staff, even new ones left to manage the branch by themselves. Left all complains to staff to handle then blame staff that client left. Cut backs after cut backs, increased work loads without proper compensation. I’ve heard the flock of new immigrants is helping them underpay and overload.
Answered Oct. 12, 2019
Overworked, underpaid, management has no idea what they're doing and they treat their employees bad.
Answered Oct. 21, 2018
How should you prepare for an interview at CIBC?
Asked Apr. 7, 2017
Be yourself. You're either a good fit for banking or you're not. Just be yourself and the interviewer will know if you're wasting your time, or if you are truly a good fit for banking.
Answered Feb. 17, 2020
Doing thorough research on the company and speaking confidently during interview process.