Retail banking and wealth management
Pros
- work life balance - no stress, no target but don't expect too great of a compensation - Often you find yourself helpless but as a consolation it's not only you but most of the employee feel helpless. - KPI is very easy to achieve once you understand how to game the system. Often when the so called expert try to improve on the system. Individuals will find ways to innovate and game it. And often improvement of the system does not mean improved profit or revenue. - it's an Organization where you can learn as you work, taking over a team or department without experience , no need to understand the local market and trial and error even if you fail, you can use your position to eliminate all your critics. - ability to write or articulate well often bring you to places.
Cons
- since there is no target, individuals can't be bothered to build their business, learn or improve. - learning curve often flatten rather than steepen after day 1 as the inexperience would try to figure out how to run day to day business. Leaders themselves do not know what the directions are or how to move accordingly. - there are more individuals trying to game the system in order to get better bonus payout rather than doing quality work. - favouritism runs deep and discretionary bonus is creating an imbalance in compensation. Those who brings in cold hard profit often get short change while those who can write and articulate well but a major cost often get compensated better. - no clear understanding of the business, how to plan and how to work. Try to reinvent the wheel when the basic of business and key driver is revenue. U need income to cover your cost and not reducing your cost to build your profit. - cost are reduce on essential business but increased for incompetent individuals or redundant individual coming in to local market. - often employee will hear news via Internet or credible news source than the top management memo or email. Sometime it make the employees wonder why outsider knows more about their Organization then them. - management whether top, mid or front are great firefighters, it just shows how well they can plan. - telling employees who contribute if you are not happy you can go leave is degrading those who love their job or Organization. And often such brainless comments come from mid office management, who do not even bother to understand how the local run their business. And most of the time these people do not know how to run the business. Using their power and position in the Organization to cover their incompetence.
