TOP 10 REASONS NOT TO WORK FOR RBC (FORMERLY KNOWN AS RBC DEXIA)[U]
This is some useful info for consideration before you waste your career away. I am sure many workplaces have its down sides, and of course there are good things too, but I need to highlight some important points objectively based on facts from working here...
1. High attrition / staff turnover (everyday is a farewell party for someone...)
Yes, while every company has its own attrition nightmares, RBC in Malaysia has zero engagement with their mostly young, fresh grad, Gen Y staff. Most of the graduates who join always end up leaving eave due to ZERO career progression. Those who stay on are content to key data, day in day out, or work in back office... Think I'm talking nonsense? Here's a fact: There has been 4 HR Directors in the past 4 years! All of them left because they could not stand the business, and the way the business treats its people and peers. If a head of HR cannot take it, think about the sufferings of mere mortal staffs...
2. Artificial career progression, if any...
Most of the staff work on production floors, they start out as Administrators > then Senior Administrator. If you're OK they promote you to Supervisor. After Supervisor, one should be in the line for Manager. But very little Managerial roles and most Managers have huge reporting lines and look like they're dying. Senior Managers are generally happy because they are recognised and visible in the Company's higher management but they get all the *&*% and scolding whenever the team gets an E&O (error/omission)
3. Teams with fancy names but not so fancy jobs
You are either in the support functions (e.g. HR, Finance) which generally do not get along with the business; or you are in the business, which has 5 main departments:
- Fund Accounting (lots of NAV accounting on a massive scale, it is the biggest 'factory'/'production' as the management call it). This department is led by Irish guy
- Shareholder Services (the most disintegrated function with bits and bobs from each country but no scale and super long hours). This department is led by French guy
- Shared Services (recently restructured with an expanded mandate that covers everything from Entitlements to Reconciliatons). This is led by a French guy who people struggle to understand
- Transaction Management (does a bit of everything from Settlement to Trade Capture and really dead end processing). This department led by a long-serving Malaysian with only a diploma and who is going somewhere else
4. One of RBC's five core values is Diversity, but...
It is known that TM is Little India, FA is Chinatown, Senior Management or well jobs go to Ang Moh expats. I have so many facts and figures feel free to PM me. Oh, and is it a coincidence that the Operations is headed by a male, whose direct reports are also all males. And the Country Management Committee only has 1 Malaysian - the rest are just foreigners who are deciding what's best for a hub full of Malaysians
5. One of RBC's five core values is Integrity, but...
I've witnessed some of the most senior heads in the Malaysian office swear, shout and and behave like Chinaman... but guess what, it is the Ang Moh (there is one especially horrible British) who behaves like that. He is the worst leader there is and what could have been a great Company really is rotting under him. His own direct reports also scared of him, always become Yes Man. And they are always so relieved when he's on holidays. Of course, every boss is pressured to pressure their staff right? But this one is different... this one is so grossly inhuman (please feel free to PM me for details on how he has said horrible things to us, talked bad about clients and our other leaders etc). I'm not joking - one of our former leaders has even left RBC just to write an article about him and his 'emotional vampire' ways
6. HR infrastructure is sub-par
A lot of HR-related process is super manual... they 650 staff and in HR only a small team, i.e. 2 HRBPs, 1 L&D and 2 to support payroll and ALL staff queries. Most of them in HR are really under qualified. The recruitment/talent acquisition team used to have 3 staff, but they really suffered a lot and got abused by business. Recruitment is uphill struggle due to relatively unknown RBC brand (which nobody really knows in Malaysia), and always under from business to hire, hire, hire at a super short timeframe. In case I did not mention under attrition, there has been at least 3 recruitment managers in 3 years. Recently RBC HR gave up and hired Resource Solutions to do their recruitment. During this time, two RS leads have joined and left suddenly. Even RS is doing their best but keep getting unfair comments from barbaric business people. It is seriously a place that does not attract great talent... and even seasoned recruiters see that
7. IT team is in a sad state...
So much to say about IT, but I guess most who work here will know the IT incidents and how little help the friendly IT guys get. Even the recently joined Head of IT left after a few weeks. Says it all really...
8. You are Malaysian
Because most 'premium' jobs go to expats who are able to rent in KLCC/KL Sentral/Bangsar (if they can rent there, can you guess how much their salary or allowance is?), if you are Malaysian you are automatically disqualified or have to wait in a long line to climb to a better job. Because they would rather bring their own kind from overseas than develope local staff. So, prepare to slave away, work weird shifts as and when business demands (sure they'll be nice and ask you first but you still have to do), endure peak periods or hectic cut-off's... while I'm at this topic, it is also a fact that someone has passed away of a heart attack before on the job! Some young Supervisors I know already have health problems - so not worth it, guys... please think twice. Or expect to lead a slightly unhealthy lifestyle especially if you work late shifts...
9. There are better MNCs out there
RBC brags that it's an 80,000 strong company but they are really big ONLY in Canada, where people are nice and prudent, sure, but they are really slow and behind a lot of their competitors in many ways (brand presence, versatility, global mobility...) If you are looking to learn and grow, look elsewhere. What you will learn here is very limited and of little value to ANY meaningful career in financial services.
10. Job cuts
There have been more than 300 jobs cut in the past few years. Last year's Social Plan in Luxembourg really affected many staff - we always have trainers who come from countries like Luxembourg to train up our staff
in Cyberjaya. Some of them really pitiful - they are told they are going to be made redundant just before they come to Malaysia to conduct training to our teams. So bad for morale and inhuman... this year I heard there will be more cuts in Europe like Switzerland, Luxembourg (again), Italy and maybe Spain/France. So far Malaysia has not been impacted DIRECTLY by job cuts because they are still growing in Cyberjaya (cheap labour mah). But there are a lot of INDIRECT effects like efficiencies - e.g. they will have headcount approved but they never actually hire so that means, more work but no headcount = your hours will stretch longer and more work for you and me. I know a lot of teams really stress and already throw in their letters... Really kesian, supervisors are aware, managers are aware but not everybody listens and acts. Then there are a lot of efficiency related projects like STP (meaning straight through processing), so there will be more automated processing meaning less work/intervention = more boring, click/click/click type work. And once all the STP rates go up, become more efficient, god knows what they will do with the 'spare' headcount...
So, bros and sis, please think twice. I won't wish you bad luck if you join and really want to brave it with a smile, but for your own sake, please look elsewhere first. RBC should be your last resort NEVER your first choice...
Jun 16 2008, 10:47 PM, updated 12y ago
Quote
?
some more parking is gonna be a problem but they said can get a spot in that building for about 70 - 90 per month ? not sure if true or not .... 
where r u from ?
.
n my senior told me that over long term i cant learn much...
)
i have no idea why.... 
0.1953sec
0.31
6 queries
GZIP Disabled