Recognized as one of Greater Toronto's Top Employers (2017)
By Richard Yerema and Kristina Leung, Mediacorp Canada Inc. staff editors (Dec 11, 2016)
Here are some of the reasons why Tangerine Bank was selected as one of Greater Toronto's Top Employers (2017):
- Tangerine Bank offers a number of financial incentives including signing bonuses for some employees, year-end bonuses for all and referral bonuses of up to $1,500, to encourage employees to recruit candidates from their personal networks
- Tangerine Bank supports employees who are new parents with maternity and parental leave top-up payments of up to 75% of salary, ranging from 10 to 17 weeks (for those who have been employed for over a year), and offers the option to extend their leave into an unpaid leave of absence
- In addition to supporting a number of national charitable organizations, Tangerine Bank encourages employees to be active in their local communities by providing paid time off to volunteer as well as offering matching donations to organizations where employees volunteer their time
Share, dare and care at Tangerine
Peter Aceto may be President and Chief Executive Officer of Toronto-based Tangerine, but he does without many of the usual perks that come with being leader of a financial institution - perks like a designated parking spot and a fancy office with a million-dollar view.
"I don't have an office, I have a desk and my desk is right out there in the middle of the floor," Aceto says with a measure of pride. "If I drive my daughter to school and arrive a little late, I've got to drive around the parking lot like everyone else looking for a spot."
Those are just a couple of things that distinguish Tangerine from other financial institutions, which are bound by tradition and have decades of history behind them. Tangerine, on the other hand, is a relative newcomer to the banking sector. And it takes a different approach to the business.
It is a digital bank that offers a full range of retail products and services - without a network of bricks and mortar branches. Founded in 1997 as ING DIRECT, it was acquired by Scotiabank in 2012 and had to be re-branded and re-named. Tangerine has since become familiar to Canadians through its visually distinctive TV ads.
Tammy Chiasson joined Tangerine two and a half years ago as Director, Client Experience Strategy and Innovation, after working as a consultant to the bank. "In my previous field, I found that as I became more senior there were fewer women and people with similar values to me in my peer group and in leadership positions," says Chiasson. "At Tangerine, I feel shared values amongst my peer group and am inspired by an executive committee that is comprised of 50 per cent women."
The Tangerine culture is guided by four promises - We Share, We Dare, We Care and We Deliver - and it fosters teamwork, collaboration, transparency and commitment, says Aceto. "If I picked a random sample of 100 employees at Tangerine and asked them why did they join, why do they stay, what do they like about it, the overwhelming answer would be the culture," he says. "People say they love the culture, how it feels to be here every day and how people work together as a team."
Chiasson says the four promises resonated strongly with her when she was working as an outside consultant to the bank. "They align with my core values and made me want to work here," she says. "Caring, sharing and delivering are things you can apply to your personal as well as your professional life. They say people who work at Tangerine bleed orange and the promises have a lot to do with it."
But there are other things that make it an attractive place to work - like the bowls of fresh fruit spread throughout the workplace at the bank's Toronto headquarters, which is home to some 85 per cent of staff. Then there are the subsidized meals at the 11th-floor restaurant. Employees can choose from two hot dishes daily, custom sandwiches and an array of nutritious salads. The bank also offers each employee a $500 annual wellness subsidy that can be used for fitness classes, gym memberships or accessories like a Fitbit.
Tangerine has a department dedicated to Sponsorship & Community Investment, which partners with more than 50 charities across Canada. Employees devoted more than 8,000 hours in the past year to charitable volunteer work.