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
CIBC works at the pace of your average bank and struggles with change and agility. The organization has policies that are overall inclusive and accepting, but stray towards a very traditional work model. They also don't have any insight into what the competition is doing, often just reacting rather than doing a proper assessment.
Many hopefuls will be met with mandatory Hybrid work with at least one day on site and ever relaxing COVID restrictions. If you're around immunocompromised individuals, I wouldn't recommend the company at all. It's easy to get caught up in the rigidity of the org, so you're going to have to get used to red tape. This inhibits a lot of richer efforts in terms of what kinds of solutions you're able to pursue.
Speaking from my position, turnover at a company this large is normal. Few people have a tenure past 5 years and some of the assessments of talent aren't based on anything other than assumptions. Bias overrules a proper talent growth structure sometimes as well. While there is opportunity, there also isn't. Many jobs have a person with a foot in the door.
If your passion is digital, please avoid any FI. Their restrictive policies don't foster anything other than frustration. They operate behind the baseline, and it contributes to the turnover.
If you're looking for a more management role, aim for one of those. Individuals who make it there tend to stay and for good reason. CIBC is generally just average beyond that.
A lot of these issues are
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
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.
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
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
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
Entry Level Administrative Assistant | Toronto, ON | Feb 2, 2015
Amazing Employees and Phenomenal Job Culture
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.
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
The only positive is the health insurance.
They offer a hybrid work schedule. Stating that everyone is required to come into the office for a hybrid schedule. This is inaccurate, there are entire departments that work 100% remote. Even a few employees that worked 100% remote prior to the pandemic. Remote work is left to the discretion of how out of touch the management umbrella you fall under is.
This is a high-stress position. There is a lot of pressure to complete tasks with deadlines while covering others' work. The department has been understaffed for years.
A typical day in this role will include your duties and the duties of others. Including but not limited to process improvements, procedure maintenance, and a variety of complex account and loan system reconciliations. A lot of which are time-sensitive duties. Someone is generally out of the office every week from March through year-end. Plus coverage for people who call in sick while the team is already down 1 person. Expect to cover others regularly in addition to your own assigned work with little to no downtime. Overtime is strongly discouraged but is often required in order to manage the workload, especially at month end.
The hardest part of this position is the lack of management. The manager is unable to support the majority of the duties on the team. There is very little direction or knowledge regarding policy & procedure. Questions often "receive I don't know, I'll have to get back to you about that."
If you were to leave CIBC, what would be the reason?
Asked Mar 21, 2017
Incompetent management, non existent culture, non competitive wages (lower than all the other big 5)
Answered Jun 10, 2021
High pressure, low quality training(high volume of materials short time to complete, pressure to finish the training fast. No value for quality work all about sales volume!
Answered Oct 28, 2020
Does CIBC require background check?
Asked Mar 23, 2017
Answered May 30, 2019
Oui.cela est nécessaire dant tous les domaines . pas seulement à CICB.pour préserver la sécurité.
Answered Apr 24, 2019
What would you suggest CIBC management do to prevent others from leaving?
Asked Mar 16, 2017
support employees during life altering situations, be more supportive, be more motivated
Answered Sept 7, 2022
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.