Great benefits and hours, but tough lower management - Anonymous employee Preferred Bank Employee Review

Good work life balance and friendly management

I don’t currently have cons

Low Pressure (Unless in Lending): In most departments, the work pressure is relatively low, offering a more relaxed environment. However, this does not apply to everyone, as those in the lending department face much higher pressure, but that will also depend on who you report to. Certain lenders are less ego driven than others. Decent Standard Benefits: The company offers a standard benefits package, which includes a 401(k) with a small match, health, dental and vision coverage, parking and travel reimbursement amounts depending on your seniority and role.

HR Nightmare: The company has faced legal issues, including lawsuits for wrongful termination, which were settled out of court. This reflects poorly on the company’s HR practices and its ability to maintain fair treatment for employees. High Turnover Since starting at the bank almost a decade ago, the Bank has gone through almost 560 people. That is an average turn over of 56 people a year or 1 person a week. The total workforce is 200-300, so they've nearly gone through a 200% employee turn over in 10 years. Low Pay: Pay is consistently way below industry standards, making it hard to feel adequately compensated for the work you put in, especially with the added stress in certain departments and locations. Pay and compensation is only good if you are a "Golden Child" Favoritism and Double Standards: There is a clear issue with favoritism, where certain employees are allowed to engage in inappropriate behaviors—such as drinking on the job or skipping office hours—while others are held to stricter standards. This breeds an unhealthy and unbalanced work environment. Lack of Career Development: There are no structured development opportunities, such as step-up meetings or career advancement support. Employees are left to figure out their growth without guidance, leading to stagnation for many. No Real Training: Training is minimal, leaving new hires to navigate their roles without adequate preparation. This lack of investment in employee development makes it difficult to succeed and perform well. Lack of Pressure (Unless in Lending): While some employees benefit from a low-pressure environment, those in lending face much higher stress without clear targets or minimum expectations, which can lead to confusion and frustration for those in the department. Dated Benefits Dated Work Culture Benefits are standard packages, but benefits for employees is dated. FSA does not rollover, and other benefits are largely based on a older mindset. Work culture is very conservative. No remote opportunities and expectations is to work 5 days a week in the office. Most of the workforce is approaching retirement age. Very few young people at this financial institution. Where and Who Where you \work and who you work under will largely play a role in how happy you are here. The Bank works in reverse since Lending Officers are in charge of branches. Your work environment will largely be determined by the ego of the people at your location. In some locations their is a true sense of team and working for commonality, where as others its very territorial and defensive.