Women made up 50% of those surveyed for this year’s Account Managers’ Report Card, and more and more say they find the account manager’s position an attractive and fulfilling profession.
By comparison, only 15% and 25% of those surveyed for this year’s Brokerage and Planners’ Report Cards, respectively, were women. Although bank and credit union executives interviewed for this year’s Report Card insist they don’t purposely recruit women, they say women find the work/life balance, compensation and prestige associated with the position rewarding.
“Our goal is to make sure we are supplying an employment experience that is second to none and meets the needs of our employees,” says Wendy Hannam, executive vice president at Bank of Nova Scotia in Toronto.
One of those needs is good balance between work and personal life, which can be achieved through work-sharing. Because of the salary-based compensation, it’s possible to work in conjunction with another account manager. Clients don’t feel neglected if their advisor is not around, as there is always a qualified account manager available to attend to their needs.
“The flexibility of job-sharing has made the work/life balance a lot easier and has contributed to the number of women in these positions,” says Michael Walker, vice president of wealth-management services at Royal Bank of Canada in Toronto.
That sentiment is echoed by a Scotiabank account manager on the East Coast. “There is no paid commission; there is no cutthroat attitude,” she says.
This year’s Report Card survey found the financial institutions interviewed recognize their employees’ lifestyle needs. This was also corroborated in the “living up to promises” category, which both men and women rated an impressive 8.4.
Vancouver-based Vancity Credit Union tries to accommodate lifestyle needs by offering its account managers a condensed workweek. “For moms who are juggling daycare and household demands, a four-day workweek or extended hours makes life a bit easier,” says Lydia Johnson, vice president of sales and services at Vancity.
“It’s a positive environment. The benefit package and the flexibility of things such as maternity leave are very supportive,” agrees a Vancity account manager.
Accommodating lifestyle needs is an industry trend and a major benefit to employees. Account managers gave the corporate culture category — which looks at issues such as work/life balance, gender equality and work environment — a weighted average of 8.4, up half a point from last year’s 7.9.
“Many of our planners are women who have young children, and we make accommodations for young mothers,” says John Wink, senior manager of investment services and insurance at St. Catharines, Ont.-based Meridian Credit Union.
Another reason for the greater number of women working as account managers at banks and credit unions is that the majority of the customer service representatives and tellers are women. Because the branch environment introduces women to available career options and mentoring channels, they can develop their careers and become account managers, says Johnson.
“I was recruited as a teller, and they’ve been supportive throughout the years,” says a Coast Capital Savings Credit Union advisor.
And seeing their female colleagues successfully taking on significant positions at the company motivates women employees to follow these examples. “Some women are encouraged, mentored or chosen for upper level positions,” says a TD Canada Trust account manager in Ontario. “And some have done fabulously.”
With banks and credit unions placing a greater emphasis on internal succession, both are offering training and advancement incentive programs that encourage organic growth that moves women through the ranks.
Coast Capital has an in-house incentive that gives internal candidates the opportunity to enrol in an investment certificate program. “It takes them approximately six months to acquire the qualifications to step into an account manager’s position,” says Trudi Kloepper, senior vice president of investment services at Vancouver-based Coast Capital.
But promotion within the company may take longer than expected because the firms surveyed are also looking at other financial institutions, outside sales representatives and the universities when hiring account managers. But, sometimes, when the right skills aren’t at hand, firms will look at people with a positive attitude.
“Someone who excels in customer service and is good at building relationships, both with the customer and within the peer group” are attributes Bank of Montreal looks for, says Janet Peddigrew, the bank’s senior manager for specialized distribution programs in Toronto. IE
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