Business Management Essay: Fidelity vs. Ally

Business Management Essay: Introduction

Within the last centuries, the business environment has drastically changed as a result of emerging technologies and new competitive environment. Now, businesses can access the whole world thanks to the internet, social media, and web applications. In this direction, businesses should comply with the requirements of the new world in terms of the hiring process, pay rate, incentives, and benefits, and so on. In this assignment, a comprehensive analysis and comparison of Fidelity Investments Systems and Ally Financial regarding the hiring process, pay rate, incentives, and benefits have been presented. The paper also includes purposive, comprehensive, and directive comments and insights to both companies. After all, one can infer that both organizations offer a broad range of benefits and opportunities, and it would not be fair to rank one of them as better without having actual working experience in both companies.

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Fidelity Investments Systems

Headquartered in Boston, Massachusetts, Fidelity Investments Inc., (a.k.a. Fidelity) is an American financial and multinational cooperation. Fidelity is one of the biggest asset managers in the world, with the estimated value of almost $2.50 trillion, and the customer value of almost $7 trillion (“Benefits,” 2020). A brokerage firm, mutual funds, investment and distribution advice, index funds, retirement services, life insurance, cryptocurrency and securities clearance and execution are among the initial focuses of the Fidelity.

Fidelity Investments Hiring Process & Pay Rate

Upon application, a candidate’s profile is evaluated for the job requirements. When the criteria match with a candidate’s profile, the candidate will be contacted for further details regarding a schedule for a telephone interview. Nevertheless, in such cases, when a candidate does not hear anything from the company, one can readily conclude that the job description and the profile do not match for the offered position. Fidelity may contact a candidate through different channels, including LinkedIn InMail, phone number, or email, depending on what the candidate has provided. During an interview, “Come prepared to market yourself,” says one Fidelity recruiter (“FAQ’s,” 2020, para. 1). More specifically, “Instead of just listing your strengths, describe what you have accomplished as a result of those strengths, cite specific examples” (“FAQ’s,” 2020, para. 2). That is, Fidelity wants you to be creative and market yourself rather than counting merely on your resume.

Figure 1. Fidelity Total Well-Being Dashboard (Business Wire, 2019)

On the other hand, the hiring process, in general, includes “at least two rounds of face-to-face” interviews (“FAQ’s,” 2020). Often, the first one will take place with the recruiting managers, and the second one will be organized with the team. Although the most often positions do not require a long time period, the hiring period may differ depending on the qualifications and complications of the position. Also, the team provides candid feedback regarding the outcome of the meetings, and if a candidate is not selected, he/she can apply for other positions as well.

In terms of salary, one can readily infer that all jobs have an extensive salary range depending on the difficulty of the position and the number of responsibilities. However, it is clear that the initial salary of a new entrant will highly be dependent on the provided proficiency and the experience. Luckily, Fidelity reviews its salary status and conditions quite often in order to be sure about its competitiveness and the well-being of its employees.

Fidelity Benefits & Incentives

As an international and famous company, Fidelity Investments Inc. provides a broad range of incentives and benefits for its employees across the world. These initial benefits include fully-paid maternity and parental leave, supportive wellness programs, a step ahead of student loan assistance, concierge services, and supportive wellness assistance (“Benefits,” 2020). In general, the corporation spends $38+ million on student loan savings and presents 5,475 years saved in time to pay off loans (“Benefits,” 2020, para. 1). Accordingly, up to 7% employer matches with 401 (k), and the corporation provides $240 million+ in employer contributions towards employees’ retirement (“Benefits,” 2020, n.p.). Also, Fidelity offers over 45,000+ concierge services, along with 28% of concierge services helping associates and their families plan to travel (“Benefits,” 2020).

More specifically, retirement plan includes “savings plan, catch-up contributions (50+ or older), profit-sharing contributions, and the Retiree Health Reimbursement Plan”, and annual credits that can be used for medical expenses in retirement (“Benefits,” 2020, para. 4). On the other hand, the company offers decent health insurance for its employees, which include dental coverage, disability coverage, pet insurance, HSA Compatibility, vision coverage, tobacco cessation program, drug coverage, medical coverage, life insurance coverage, group personal excess liability insurance, group auto and homeowner’s insurance, and fitness reimbursement plan (“Benefits,” 2020). Moreover, Fidelity offers a wide variety of training and development programs for all employees in most of the world. Exploring career paths, accessing thousands of business books, online, and video-based training, and leadership and management topics are among the leading benefits of the company’s training programs.

Ally Financial

Headquartered in Detroit, Michigan, and based in Delaware, Ally Financial is a bank holding company. Online banking, corporate lending, car finance, mortgage loans, vehicle insurance, trading financial assets, and electronic trading platforms are among the main interests of the Ally Financial. The company is considered the largest car finance formation in the U.S. according to its volume, and Ally is ranked as 18th in terms of bank volumes in the United States (“Ally Financial Inc,” 2020). The company, in general, serves at least 6 million customers in the U.S.

Ally Financial Investments Hiring Process & Pay Rate

The hiring process is quite similar to Fidelity Investments. That is, searching career opportunities, creating a profile, tracking the progress, interviewing, job offering, background checks, and onboarding are among the milestones of the whole hiring process in Ally Financial Inc. More specifically, the company first wants its candidates to read through its website to get an overview of the company and benefits.

Upon reading through and searching for job opportunities, a candidate is expected to create a profile completely. This process, in general, takes around twenty minutes, and the candidate is expected to load a full resume, including his/her previous experiences and strength and weaknesses. Following the profile, a candidate needs to log in to the dashboard in order to take care of any pending tasks (“Careers,” 2020). The next step is interviewing.

The interview process in Ally depends highly on the level and role in the organization. However, in general, the interview process begins with a phone interview to get a little overview of the candidate (“Careers,” 2020). A next step follows when an interview with a manager and additional interviews may be required depending on the responsibility and the level in the organization.

Figure 2. Ally Financial Benefits (Comparably, 2020).

On the other hand, Ally does not collect the payment data. That is, the company believes that each candidate has a unique set of experiences and qualifications which needs to be separately defined and analyzed in order to come up with a fair salary for its future employees (“Careers,” 2020). It also depends on how Ally evaluates and analyzes the salaries of other employees in similar positions in the company (“Careers,” 2020). But the company explicitly claims that a future employee will get a detailed report including benefits and compensation in his/her future position in order to ensure the company culture and equality among other employees.

Also, each candidate in the last step will experience a detailed and comprehensive background check in order to have an overview of a history of drug (“Careers,” 2020). Upon a successful background check, a candidate will have online instructions regarding further details of onboarding (“Careers,” 2020). The instructions also include a specific and clear checklist to complete before starting working in the Ally Financial.

Ally Financial Benefits & Incentives

Ally Financial benefits include compensation & retirement savings, health & wellness, work-life integration, and career development. In addition, Ally’s “parental leave policy provides 100% pay for both mothers and fathers” (“Benefits,” 2020), up to twelve weeks. More specifically, the company hold the awards of Best Places to Work for 2018, 2019, and 2020, respectively, by the Human Rights Campaign (“Benefits,” 2020).

Market-competitive base pay, volunteer time off, flexible paid-time-off, pay-for-performance incentives (a.k.a. bonuses), industry-leading 401 (k) retirement savings plan are among its savings program (“Benefits,” 2020). Health and wellness include flexible health insurance options, life and disability benefits, subsidized Weight Watchers program, tobacco-free discount and cessation program, health savings account, and wellness program to encourage healthy living with bonuses (“Benefits,” 2020).

On the other hand, parental and caregiver leave, pre-tax commuter benefits, LifeMatters program, child care discounts and backup child care program are among the work-life integration program of Ally Financial (“Benefits,” 2020). Furthermore, the career development program within benefits includes leadership training, mentoring, rewards and recognition program, tuition reimbursement, and online courses with the Ally Learning centre.

Conclusion

In recent decades, the business environment has extremely changed as a result of emerging technologies and new competitive environment. Now, businesses can access the whole world thanks to the internet, social media, and web applications. In this direction, businesses should comply with the requirements of the new world in terms of the hiring process, pay rate, incentives, and benefits, and so on. In this assignment, a comprehensive analysis and comparison of Fidelity Investments Systems and Ally Financial regarding the hiring process, pay rate, incentives, and benefits have been presented. The paper also included purposive, comprehensive, and directive comments and insights to both companies. After all, one can infer that both organizations offer a broad range of benefits and opportunities, and it would not be fair to rank one of them as better without having actual working experience in both companies.

References

Ally financial Inc. (ALLY). (2020). Yahoo Finance - Stock Market Live, Quotes, Business & Finance News.

Benefits. (2020, July 17). Banking, Investing, Home Loans & Auto Finance |

Ally. https://ally.com/about/careers/

Benefits | Fidelity careers. (2020). Jobs and Careers | Fidelity.

Careers. (2020, July 17). Banking, Investing, Home Loans & Auto Finance | Ally. https://ally.com/about/careers/

Comparably. (2020). Ally financial Inc. Benefits.

FAQ's | Fidelity careers. (2020). Jobs and Careers | Fidelity.