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- Comp & Benefits
- Work/Life Balance
- Senior Management
- Culture & Values
- Career Opportunities
I worked at TD Bank full-time for more than 5 yearsPros
Use employment with TD as a stepping stone to a better job. If you stick with it and work hard for a few years, your resume can look awesome.In the retail banking side of TD there are a lot opportunities for growth if you make it known you want to move up. In my first 3 years I was promoted 4 times. I could fill my resume with 2 pages of excellent responsibilities and job skills I acquired from the time at TD, and without that I would not have the job I have today with another company. I'm extremely thankful for the opportunities provided to me while employed at TD, and also because of that employment.
TD has an excellent leave program, giving PTO instead of vacation and sick leave. Use your PTO hours as you want, and you accumulate more the more years you work there.
401k matching is alright, they used to contribute more. They do make a nice "core contribution" to your 401k whether or not you've actually been enrolled, at the beginning of the year based on the previous year's salary. This happens after your first full year of employment if you've worked a certain number of hours (I believe some part time and all full time staff will qualify).Cons
Outwardly the corporate culture is all about the little guy, TD loves to talk about how much they LOVE their employees. In reality if you work in retail banking you'll be lucky if you're ever shown that love with a raise that's more than $1/hour. Instead, they'll tell you that your quarterly bonuses could equal a substantial raise in pay if you manage to earn the maximum payout.
When TD took over Commerce Bank the customer service centric culture became one focused on sales. Year end bonuses based on your job performance, salary, position, and time employed were replaced by quarterly "bonuses" based mostly on sales and mystery shop scores for your branch and paid as a percentage of your salary. There is no way to get the highest possible payout unless every single team member pulls their weight, and lets be honest, that's not going to happen in a place where half the staff is made up of full time students under 25 who will be gone in a year.
They put a great deal of focus and pressure on maintaining certain levels of customer service and monitor them via mystery shop (regular mystery shoppers, and post-transaction survey phone calls they call CWI for Customer Wow Index - gag me), but those levels become difficult to attain in an industry with such high turnover. Employees are constantly leaving for better paying jobs outside the bank, transferring to new positions within the bank, or getting fired.
More often than not branches are short staffed, but in recent years the powers that be have adjusted budgets to cut the allowed number of FTE, and positions have not been refilled when an employee is lost. The hiring process takes an inordinate amount of time, and then there's a lengthy training period, so even when you fill an open position you've desperately needed to fill for months, it will be another few months before you can actually rely on the new employee to do their job without tons of supervision or assistance. Unfortunately the classroom training for CSRs and Tellers destined for the branch is bare bones and just puts you through the motions of opening accounts and taking transactions, so the majority of your learning is done on the job when you get a question you weren't trained to answer.
Their slogan is that they're "America's most convenient bank", which technically is true, but customers will take every opportunity to throw it in your face when they can't do something they want in a timely manner due to regulations or holds on funds. They're forced to stay open on Sundays because of that slogan, but in the spirit of budget cuts, 3 weeks ago branches across the footprint began closing on Sundays, leaving one branch open with others in the area closed. Customers are now forced to drive far out of their way to do their banking on Sundays if their regular branch is one that's closed. Business customers are especially angry because TD was the only place they could get large orders of coin and small bills for their registers on Sundays, and that's the whole reason why many opened their accounts. Also, you'd think that those branches who remain opened on Sundays would be allowed at least one additional FTE to compensate for the staff needed to take care of the increased demand that day. My branch is a very busy reason and we stay open on Sundays, and there has been absolutely no talk of hiring any new employees for positions other than the ones open due to recent firings. So not only are we already short staffed, but we're much busier on one of the days that we were already having trouble handling.
In short, corporate's support (or lack thereof) does not actually support their expectations for branches. They'd be able to retain quality employees they lose to other employers that value them more if they actually put effort in to valuing them beyond the one week a year Employee Appreciation Week extravaganza.Advice to ManagementAdvice
Pay people according to their responsibilities. You have branch supervisors making $14/hour who are responsible for hundreds of thousands of dollars of cash on a daily basis, and are constantly called by their staff for assistance when they're at home and off the clock. Hire better quality workers who aren't apt to leave as soon as they graduate college (of course, you have to pay more to attract those people). Don't expect your branches to maintain low wait times and excellent, devoted customer service if you won't let them hire people!! Create a grading curve that gives short staffed branches some wiggle room when their CWI scores are low. It's nearly impossible to meet the goal when you don't have staff to help customers. And let's be honest, CWI is a crapshoot. People answer questions based and come up as detractors based on things that happened at other branches than the one being called about, or complain about things like "it was 2 am and the ATM wasn't working" and the branch gets penalized for something outside anyone's control.
Essentially - put your money where you mouth is when it comes to compensation and hiring, and find a better way to evaluate and assess customer service in the branches.RecommendsNegative OutlookNo opinion of CEO