WSFS Financial Reviews

This company will work and has worked its employees into the ground. They are incredibly understaffed. As the bank grows, they’ll likely continue to make acquisitions of other companies and WSFS relies on its employees to do two full-time jobs: day-to-day responsibilities and the full-time requirements that come up from mergers and acquisitions. Employees are stressed. Employees are anxious. Employees don’t benefit monetarily from the double work they do while management and the board get fat paychecks (see the 2018 proxy). Employees are discouraged to even take time off, not overtly, but through comments made by managers and leaders in group discussions or one-on-one. During my time there, I was also forced to work on laying off hundreds of employees from an acquired bank while management were paid $500,000+ in annual salary plus millions more in shares. The bank talks a lot about “serving” all its constituents, yet management primarily consists of white people, the bank chooses not to bank majority-minority communities, it underpays its employees (especially in Retail, the division that has the most employees of color), does not give enough to nonprofit community organizations, charges high fees on its products for little advancements in its technology, and much more. Just look at the executive management team: all white people while the CEO is primarily advised by SVPs and above who are also majority white. For people that want the opportunity to build their skills and don’t yet have family responsibilities, this is a good place for you. For people who truly want to be treated well in a culture that values you through fair pay of your double jobs and flexibility to do your job and dedicate time to family, I strongly recommend you look elsewhere. Other families are growing in the Delaware Valley, too. The departments I recommend avoiding most are Retail (underpaid significantly), Marketing (understaffed, lack of communication that impact the team’s morale and lives outside of work - lacks effective, empathetic leadership hence recent high turnover), Call Center (an afterthought group that needs significant more resources dedicated to it), Finance (leadership requires its employees to live to work with insufficient work-life balance), and HR (Glassdoor does not allow to reference specific individuals, so I can’t specifically add why I don’t recommend HR).

I am expected to do a job of many with current responsibilities, yet I am underpaid. The company has significant trouble being able to keep and retain young people, especially young women. The technology is so far behind and upper management refuses to budget for it, so the back office suffers for the mountain of administrative work. There is no guidance on processes as each individual creates their own process. I have been stressed and depressed working in my position. Their solution for being severely under-staffed is to hire 10 more corporate banking trainees at $35k, rather than increasing the pay of their own hard-working people. They also have brought in newer associates at significantly higher salaries than associates hired before the merger. Beneficial Bank associates are being paid more than WSFS associates, yet WSFS associates are bringing in twice the business. They refuse to pay the people that work the hardest. Bonus of 3%, and raise annually of 2% that barely covers inflation. There is also no diversity, and no women senior vice presidents in the commercial division. There is older men in senior positions who continually put down women, and management is aware of the situation yet has done nothing about it. Only opportunities to move up is if someone leaves. Wilmington office is dated.