Job Title: Senior Business Manager
Location: McLean, VA
Submitted on: 11-Jan-04
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| Senior Business Manager |
Responsibilities: Incoming managers receive assignments that provide
them with a well-defined set of responsbilities. For example, a new
MBA may be responsible for a set of strategies as part of portfolio
management of a particular line of business. Another example could
include credit policy (i.e. should we preapprove a person for a product
and how much should their credit line be if they do in fact apply) for
a particular product at the time of acquisition. One other example
might be fraud management for a new line of business like insurance.
Critical for Success: Often new managers have to learn how to manage
credit in order to get bigger assignments. It's incredibly important
to know how to manage credit and make solid credit decisions in order
to succeed at Capital One. We are well known for our quantitative
focus and it's no joke. We take someone's ability to think logically,
critically, and analytically very seriously. Whether an associate is
in an analyst position or more project management-like position, these
skills are equally important.
Capital One expects people to be well rounded managers. There is very
little room for people who are extremely strong in one area but cannot
succeed in others. For example, a truly stellar analyst will not
succeed in the company if he/she does not demonstrate leadership,
people skills, results, ownership, and a deep understanding of their
job.
Performance Management: We are currently reviewing our appraisal
process. We have historically been on a 6 month review cycle, with
raises happening once per year (unless one is promoted mid-year) and
promotions possible in June or December. There is a strong likelihood
that we will move to an annual process rather than a twice per year
review cycle. We will continue to maintain formal feedback processes
at least twice per year, but with no implications to salary or long-
term compensation.
Feedback is widely encouraged within the company. We have an online
process to enable associates to provide feedback to other associates --
either to their manager only or to be shared directly with the
associate. The system is utilized during the formal review process,
but we are encouraged to utilize the system anytime during the year.
Managers are encouraged to carve out time every so often (every 2-4
weeks) to provide actionable feedback (both encouraging and
constructive) to each of their associates. This process is considered
an important part of leadership within the company.
Industry: The industry is consolidating more and more over time. We
have to increasingly consider diversification of product to ensure that
we continue to grow at our typically fast pace. We are considering
other financial service products and areas in order to remain
competitive. We have decided to pursue other financial services,
rather than considering other industries as we have in the past.
Senior Leadership: With our long-standing COO/Pres, Nigel Morris,
stepping aside (on his own accord,) the senior management of Capital
One has revamped the way in which it is making top level decisions.
Rather than ruling by consensus of the two most senior leaders (Rich
and Nigel,) they have formed a management committee of approximately 12
senior leaders. Each large decision is to be brought in front of the
committee for debate and consensus. While it might be difficult to
adjust to this new style of leadership, it is widely agreed that, once
the organization gets used to it, it will work much more effectively.
Corporate Culture: We have shifted from a small company with a bottoms
up approach to decision-making to a more traditional top-down
management style. At the same time, we still have a culture that
values associate input into big, strategic decisions. We are still
trying to grow into our new management style, so it's been a bit of a
bumpy road. Many of those associates who have been around for a long
time (like me) have had to adjust to the idea that senior manangers (VP
and above) are making hypotheses/decisions and asking us to go and
prove them, rather than the analysts and managers coming up with those
hypotheses and bringing it to them with the proof. While it's been a
difficult transition, it seems that our strategic direction is no worse
for the wear.
Lifestyle/Hours: We have a very cohesive associate team. While it's
not quite as close as it used to be, most of us consider our co-workers
as family. We not only work together, but we also spend time outside
of work with each other. The environment is quite jovial and
friendships happen easily. People tend to be smart, driven,
competitive, and a lot of fun. The "work hard, party hard" mantra is
evident even among those who are married with families. The nature of
the partying changes, of course, but there is high emphasis on sharing
personal as well as professional interests.
Diversity: Capital One is extremely diverse, but there is a heavy
emphasis on both white males and new immigrants from India. On my team
alone, we represent 13 countries. The Indians have invaded Capital
One, making diversity mean a team that is only half Indians, but we are
more than welcoming of people from many countries. We have a very good
policy with regard to Visas and citizenship sponsorship, so we are a
very attractive place for people to work.
Hours: I can't soften this at all. We work a lot. It's not uncommon
for whole teams to be at work well past 7PM, when the main lights go
out in the building. Like a consulting firm, we order dinner in quite
often and take our laptops home and continue to work. One nice aspect
of our business is that we get to home to our own beds when we leave
the office. While many people commute to Richmond, VA for one or two
days per week, at least we stay in the same hotels each time and can do
the drive in roughly 90 minutes (depending on how nervous you are about
getting a ticket on Interstate 95.)
Dress Code: We are a very lax business casual. It's not unusual to
see people in jeans even during the week. It's highly common for
people to wear jeans on Friday. We used to be all business attire, but
we have moved very far toward the casual scale. It's funny, though.
Apparently some more junior Director types received some advice to
start wearing blazers (they are all men, so it's just a sport coat.)
Now we make fun of those wearing blazers calling them "VP wannabes."
Opportunities for Advancement: This is a mixed bag at Capital One.
Some people are on the fast track, while others can still do quite well
(like me) and manage to move very slowly. I get great ratings and good
feedback, but the powers that be have not promoted me yet. It's not
terribly difficult to get promoted from a junior/entry level
analyst/project manager to a senior analyst or project manager.
However, the jump to Business Manager is quite difficult. Even more
difficult is the jump to Director. The senior management of the
company all (yes ALL) have to agree on someone's promotion to
Director. It is widely known that it is much easier to get hired in as
a Director than it is to be promoted to that position. However, the
company has raised the "bar" of entry into the Director position. Even
former engagement managers at McKinsey are being hired in at the
Business Manager level with the express understanding that they have to
prove themselves in our environment before they will be considered for
a Director position.
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