The bank is Canadian-owned. The parent company operates an environment with a similarly but crucially distinct regulatory environment . US budgets are often reduced in favor of Canadian projects. Canadian executives expect the US company to mirror certain products and procedures, failing to take into account the different regulatory environment and technology infrastructure. This causes undue stress and anxiety.
The technology platform is seriously outdated in some functions, creating suboptimal experience for employees, and, at times, clients. This problem has been known since the early aughts, and progress has been slow.
Salaries in some roles are below market, relative to job requirements. Employee departures are not backfilled, but rather taken as an opportunity to reduce expense. Therefore, certain areas are understaffed.
Upward mobility has become more restrictive in recent years. While a more common problem as boomers have not been retiring as early (could that partially be a result of trimming pension benefits, perhaps?), it is a problem that requires a thoughtful solution. Otherwise, employees will continue to leave n order to advance, which increases cost for the company.
BMO Harris uses a comparatio approach to salary. therefore, if you are above their midpoint for a salary grade, you no longer are eligible for salary increases. This can leave higher graded employees stuck without a salary increase for years, or even the rest of their career. Depending on one's department and role, the eligible bonus opportunity is inadequate to offset comparatio's effect. This recurrent issue, which appears inthe employee survey, is brushed off as typical of the industry, as everyone always complains about salary.
Toxic managers are keep in position well after the damage has been done. Complaining employees are often at disadvantage in these situations. Often, action is not take unless a very senior individual happens to personally observe the behavior.
