Royal bank of canada has long been the biggest bank in the country. This year, for the first time, it is also tops among its employees, according to Investment Executive’s 2002 Account Managers’ Report Card, which rates Canada’s major banks and credit unions according to the satisfaction of their front-line workers.
Royal Bank received first-place scores in 15 out of a total of 19 categories, making it the undisputed heavyweight of this year’s Report Card, with an average score of 8.2.
The closest competitor was the credit unions, which received two top-notch scores and an average rating of 7.7 across all categories.
Royal Bank’s win marks the first time since 1998 — when IE began the survey — that an institution other than Canada Trust is the winner. Even when it was in the process of merging with TD Bank last year, former Canada Trust account managers were optimistic and managed to raise the scores of TD employees to secure a first-place finish.
What a difference a year can make. Royal Bank has done well in the past, coming in third last year after TD Canada Trust and Bank of Montreal, and ranking second in 2000. Undoubtedly, it has many things going for it, size being one of them. A Royal Bank account manager in British Columbia says the size of his employer is a definite asset, but it’s also the freedom he’s given that makes working for the bank so good.
“I can do what’s in the best interest of my own business, the way I see fit. There’s enough latitude to feel independent within an organization that can offer you a lot,” he says.
It seems that supplying staff with the tools they need to serve clients, accumulate assets and manage accounts goes a long way toward creating happy account managers. Among its top-ranking scores, Royal Bank’s sales force says the bank has the best client management software, ongoing training, freedom and client service.
Last year, the bank launched a new technology platform and the Report Card reflects a marked improvement in this category. Account managers gave front-office technology a 7.4 in 2000, 8.3 last year and an 8.5 this year.
Better, more efficient technology helps increase the confidence of the bank’s sales force because sales reps can offer more advanced client service, says Jennifer Tory, Royal Bank’s senior vice president of sales effectiveness. Not all employees are raving about the new systems, however. “Some of the software is phenomenal; some of it is disappointing,” says an account manager in Nova Scotia.
Another part of the upgraded technology was the launch of LeoNet, the bank’s intranet, which Tory says is an excellent way to communicate with branches and offer updates and support from head office. Royal Bank also ranked first for its intranet and Internet applications.
Account managers were also asked about what initiatives their employers should focus on in the coming year. Technology was one area that Royal Bank’s sales force says still needs some attention; while it’s good, it’s not perfect.
Sales support is the area that really needs sprucing up, however. It’s the one category in which Royal Bank has been sliding for the past few years. Account managers rated it a 7.7 in 2000, a 7.5 in 2001 and 6.7 this year. It is also the main initiative reps want management to develop in the coming year.
Could use more bodies
“The workload is too heavy,” says a Manitoba-based Royal Bank account manager. “The expectations of work performance can be unrealistic and unattainable. It’s a high-stress work environment.”
“I guess we always think there’s not enough staff to go around; we could use more bodies,” says another manager in Ontario.
Tory says the issue is being addressed. She says the bank has plans to add to its sales force, as well as increase support through centralized areas such as the Internet, through which customers can download loan applications, freeing up an account manager’s time.
Although Royal Bank’s size affords it opportunities that aren’t available to some smaller financial institutions, it can also be a burden for staff and management. One account manager in Ontario puts it succinctly: “The perception is: ‘They’re too big and they don’t care about individual clients or individual staff’.”
“Like any company, when you’re at the top you forget what it’s like to be in the trenches,” laments another Royal Bank rep in Ontario. “Sometimes the programs they come up with impact the branches differently. They need to be more in tune to the day-to-day occurrences on the branch level.”
Tory concedes the bank’s size sometimes makes it difficult to resolve customer problems. “There’s still a lot of work to do in that area, but we’re going to focus on that in the coming year,” she says.
But Royal Bank must be doing something right because its account managers, for the most part, can’t say enough good things. The bank’s pay structure and benefits package are golden, say employees.
When asked what Royal Bank’s best aspect is, a Winnipeg-based manager said: “It’s the benefits, employee savings plan, and medical and dental plans. We have excellent benefits.”
A manager in Ontario comes up with five areas to praise: “Fairness, compensation, autonomy, flexibility, trust.” IE