Ally Financial reviews

The mood at Ally is one of complete distrust and demoralization. Competent employees are realizing that Ally is a disaster and are leaving in droves, while the "cruisers" are staying on and being overwhelmed with work. Other banks are taking advantage of Ally's attrition and actively poaching colleagues. Case in point: 2 colleagues on my team left for rivals; one being a team lead. 2 more I know of have admitted they will be leaving within the month. I am sure there are more to come. Will be a 60% turnover rate on our team alone since September. You would think that these levels of attrition are unsustainable but what does Ally do? Institute stack ranking aka forced distribution into the year end evaluation process. To be graded on a bell curve instead of being acknowledged for your individual contributions while promoting a system that rewards unhealthy competition, distrust, schmoozing, and other net-negative behaviors is NOT "Doing it Right."

Where to begin. 1) Compensation is crazy low. They try to lure you with the "great benefits" but they don't offset the fact that you start off making 25% less than big banks. Add in inflation and after a couple of years you are really far behind your peers at other institutions. RSUs and stock are not part of the compensation package for most employees, and bonuses are paltry. Charlotte is no longer an "affordable" city to live in and their salaries are stuck in bygone eras. 2) Attrition is really high. People are leaving, even senior directors, for better pastures that pay more, respect their employees, and provide flexible work environments. Ally offers none of the above. Ally is also choosing to not replace those people that are leaving, meaning more work, same pay, and no promotions for existing employees. 3) Massive layers of middle management make it impossible to get anything done in a timely fashion. Roadblock culture in every direction. Making minor changes to copy requires massive levels of diplomacy. It's a frustrating work environment that results in subpar consumer products, meaning our customers ultimately suffer. 4) Just my observation but it appears to me that diverse employees get hired, then left behind. 5) The path to promotion lacks transparency. Definitely not a meritorious system; based solely off of tenure and soft politiking factors such as whether you go out of your way to "face time" with people in other irrelevant departments that for whatever reason have a say in your promotion. 6) Assimilate or get pushed out type of culture. If you don't (and this is definitely not a holistic list) want to: get involved with every single ERG; volunteer for the sake of making the company look good and then go around bragging about your VTO hours; have your camera on for every, single, meeting (no exceptions here!); worship JB and C suite executives and constantly fawn over their leadership; needlessly pontificate on conference calls; provide 10,000 questions when giving feedback for a project because you think it makes you look "engaged"; never challenge the status quo; come into the office 4 days a week to sit there like a monk with nothing to do; and you are perfectly comfortable with your career stalling while you ride the wave of mediocrity at this company then sorry, you will not fit in here.