Bank of America

  www.bankofamerica.com
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Compensation and Work review

  • Comp & Benefits
  • Work/Life Balance
  • Senior Management
  • Career Opportunities
Current Employee - Team Manager  in  Chicago, IL
Current Employee - Team Manager in Chicago, IL

Pros

Benefits and flexibility at work.

Cons

Promotions and compensation is very arbitrary and not truly based on qualifications.

Advice to ManagementAdvice

When selecting candidates for promotion or for compensation management needs to make better judgements. Sometimes promotions are made based on pressure to the management rather than the qualifications.

Approves of CEO

Other reviews for Bank of America

  1.  

    I feel more secure than most in my position

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Officer
    Current Employee - Officer

    Pros

    They have a great benefits package: 5% match in your 401k, pension program, time off benefits are good (I get 4 weeks a year after only working there a couple of years, plus you get 10 banking holidays and 2 weeks of sick time). You can even buy an extra week off if you want to. Obviously with how massive the company is, it provides a lot of opportunity to advance if you are willing to move (especially to Charlotte). In '09 they are starting some new benefits, such as childcare assistance (I think they give you around $250/month per child) and a $600 health savings account that's fully funded by the bank. I also feel much more secure working at Bank of America than I would if I worked for Wachovia, for example.

    Cons

    Every merger brings a bunch of layoffs. They laid off part of my team and then hired more people than we lost only 8 months later. Senior management also likes to change things up a lot, which is annoying because nobody can remember what their actual job title is, or the newest procedures they are supposed to follow. This isn't helped by the fact that their idea of communicating these things is to send out a blast email about it, or have a quick training about it where the trainer basically knows as much as you do.

    Advice to ManagementAdvice

    See above! Better communication of changes, make a plan and stick to it as far as employee layoffs/hiring.

    Approves of CEO
  2.  

    great environment, ok pay

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Career Opportunities
    Current Employee - Assistant Manager  in  Los Angeles, CA
    Current Employee - Assistant Manager in Los Angeles, CA

    Pros

    great benefits, great perks, great team environment. it gets really fun when you get very competitive with other branches because each branch in each market is stack ranked against one another in a myriad of categories. I sometimes joke that i get ranked on the breaths that I take. Basically, if you are good and you come out on top all the time, you will be praised, nicely rewarded and continuously reinforced to do better. If you are mediocre, you will simply stay in the same position for a very long time and unless you screw up really badly, you most likely will not lose your job

    Cons

    drastic disparity amongst age groups of people with whom you work with. a 25 year old might be managing a bunch of 55 year olds, vice-versa. sometimes, goals are hard to acquire and can be unreachable if you do not have right resources to meet your quota

    Advice to ManagementAdvice

    keep doing what you are doing

    Recommends
    Approves of CEO
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