After two years trailing Royal Bank of Canada in Investment Executive’s Account Managers’ Report Card, Bank of Nova Scotia has risen to the top in 2003.
The bank edged out Royal Bank by 0.3 points to take first place this year, with an overall score of 8.8. Scotia gained points in all but two of 20 categories, with strong improvements in technological efficiency, ongoing training and corporate culture.
“They are fantastic to work for because they offer so much to their employees,” raved one Ontario Scotia banker. “This is the best bank to work for,” another bragged.
The feeling is mutual. “In our view, we have the very best banking staff of any bank in Canada,” says Bob Chisholm, Toronto-based Scotiabank’s vice chairman, and president and CEO of domestic banking and wealth management. Chisholm credits the bank’s solid commitment to two-way communication as the key to both employee satisfaction and customer service success.
The account managers at Scotiabank surveyed in this year’s report card expressed satisfaction in almost every aspect of their bank.
Scotia’s technological efficiency, an area of rancour at many institutions, rose a healthy 0.8 points to register a 7.0 in 2003, 0.7 points ahead of the industry average. “We completed a massive changeover in our technology at our banking officer level over the past three years,” says Chisholm.
These changes include state-of-the-art technology at the desktop level, as well as relieving the branches of some administrative tasks.
“We have taken, and we will continue to take, some administrative activities outside the branch and either automate them or put them into an off-premises back office,” he says. “We want our employees freed as much as possible from administrative work so they can focus on providing the best possible customer service.”
While Scotiabank’s front-office technology score rose 0.4 points to 7.5 this year, many account managers continue to complain about their desktop equipment.
“The PCs need to be upgraded,” says one Ontario banker, echoing the opinion of many of those surveyed.
Chisholm urges patience and says the bank is continually upgrading. “I think any comments in this regard are in the process of being satisfied,” he says. “We are installing a new modification to our network that is increasing the capacity of the PCs.”
Scotia bankers also gave ongoing training an improved score of 8.3 this year, 1.1 points ahead of the industry average. The bank has rolled out several new training programs in the past year, using both intranet and satellite technology.
Scotia spends about $1,200 per employee on ongoing training, and also encourages employees to seek educational opportunities outside the bank. This support was noted by many of those surveyed.
“When I wanted to pursue outside education, Scotia encouraged it and paid for it,” says a western banker.
Scotia bankers most frequently listed the company’s corporate culture as its best aspect, rating it an 8.3, one full point ahead of the industry average.
“It’s our culture, the way they treat us,” says an Alberta banker. “The corporate culture is fantastic,” says another Scotia banker from the Prairies.
Chisholm says the bank’s performance strength is at its culture’s core. “We’ve been a very successful bank, and people like to work with a winner,” he says. “We have a very strong performance from a financial perspective.”
The bank’s consistent management is another strength. “We’ve had low employee turnover at all levels of the bank,” says Chisholm, noting the bank has had only two chief executive officers in the past 30 years.
Scotia has also avoided the major layoffs that have plagued other institutions. “We’ve been able to plan and manage our growth in a very controlled way, and we have never had to embark on any massive layoffs in any way, shape or form.”
Although one Scotia banker in the West criticizes the stability the bank extends to even mediocre employees, most of those surveyed listed job security as another of the bank’s best aspects.
“They’ve downgraded or eliminated positions I was in several times,” says an Albertan. “But they always retrained me.”
Despite the job security, salary remains a bone many Scotia bankers want to pick. “There is a strong sales emphasis with minimal corresponding salary,” says one Ontario banker. “I know couriers who make more than our managers,” says a western employee.
Contrary to these claims, Chisholm says, the bank prides itself on providing competitive compensation and suggests employees who are disgruntled with their salaries speak to their managers about the various factors that surround compensation.