BMW Financial Services Reviews

Updated 18 May 2020

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3.5
72%
Recommend to a Friend
90%
Approve of CEO
BMW Financial Services CEO   Ian Smith
Ian Smith
8 Ratings
Pros
  • "Great benefits, great people, great work/life balance, family like culture(in 15 reviews)

  • "Excellent benefits package together with a fantastic work environment with amazing facilities(in 14 reviews)

Cons
  • "New people receive a few short weeks of training before they get thrown into working the high volume call center(in 8 reviews)

  • "Contractors through Dawson, who surpass the results (collections) of their BMW counterparts are not recognized nor considered for full time positions(in 7 reviews)

More Pros and Cons
  1. "Friendly culture but was going through tough times"

    4.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Acceptance Officer in Belgrave
    Recommends
    Neutral Outlook
    No Opinion of CEO

    I worked at BMW Financial Services full-time for more than 3 years

    Pros

    Friendly vibe and company culture is focused towards the employees.

    Cons

    Going through tough times as business. lot of movement within the company.

    BMW Financial Services2020-01-04
  2. Helpful (1)

    "For your sanity and mental health, avoid at all costs."

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Compliance in Melbourne
    Doesn't Recommend
    Negative Outlook
    No Opinion of CEO

    I worked at BMW Financial Services full-time for more than 3 years

    Pros

    Car if you're at a grade that receives it. Some of the greatest people you'll ever meet, but as you'll read in the Cons section, that's because you're in survival mode in a blue and white work prison.

    Cons

    The brand is separate from the finance arm, so management have this ridiculous illusion that they are the best company in the world. Corporate sociopaths doesn’t begin to describe senior management. They’re out for a three year junket, then disappear into the wilderness without accomplishing anything. The brand is a cult, but at least a cult is organised. Ineptitude is the religion. Many feign that they are the best at their jobs, which they might believe, but this is separated from reality. There’s no acknowledgement of mistakes, but a “kill, spill and fill” process to restructure which doesn’t remove poor performers but promotes cronyism in every way. Job titles are meaningless, and don’t represent what people actually do. Expect to work long hours to achieve nothing, because it takes people 6-9 months to make a decision, change their mind, get approval from someone who doesn’t need to provide it, all for the cause that their covered if it goes up in flames. Unless they are desperate for your role, your pay will be 2/3 of some ridiculous Mercer survey. For a company that was slammed before the royal commission, you’d think that there was some lesson learned from it. Guess again. You can see why BMW is downsizing globally, and a shame they didn't shut this pustule on the antipodes from HQ down. Do yourself a favour and brush up on your employment legislation knowledge; HR won’t be helping you any time soon. BMW- Business Made Wrong.

    Continue reading
    BMW Financial Services2019-11-10
  3. Helpful (2)

    "Restructures monthly no job security"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Project Systems Administrator in Melbourne

    I worked at BMW Financial Services full-time for more than 5 years

    Pros

    Company Car (but you have to pay for it every month) unlike at other car companies

    Cons

    Managers with titles who do nothing HR no support at all German company, German values - cold and ruthless...just about the money

    Continue reading
    BMW Financial Services2019-07-14
  4. "Personality over substance"

    3.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 
    Doesn't Recommend
    Negative Outlook

    I worked at BMW Financial Services full-time for more than a year

    Pros

    1. Great vehicle benefits for full time emoloyees 2. Nice on site Cafe and gym 3. Employee drive days

    Cons

    1. Remuneration structure (you don't get promotion benefits until the next appraisal period - high could be a year away depending on when you fit promoted) 2. Being well liked appears to be more important to get ahead in the business 3. Lack of support from management

    BMW Financial Services2019-02-18
  5. Helpful (2)

    "Mulgrave, Australia"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
     
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at BMW Financial Services

    Pros

    Fleet car scheme, if you're lucky enough to get what you requested, range is limited depending on grade. Free petrol on work days, what is good.

    Cons

    Everything is sooo slow (decisions, systems), lack of management, direction and strategy. People are generally great and happy to help, with the exception of management and HR.

    Continue reading
    BMW Financial Services2019-01-28
  6. "Culture cannot be sustained on perks alone."

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Anonymous Employee 

    I worked at BMW Financial Services full-time

    Pros

    Great perks at management level. Larger perks and bonuses the higher your employee/role grading. - Access to company fleet car and secondary spousal car - premium cover health insurance for family - unlimited petrol for company car - higher superannuation rates - higher bonus structure - $300 p/a credit to spend on BMW lifestyle products - global company with some opportunities for international exposure/travel - genuine opportunities for internal promotion although this has been phasing out over last 12 months

    Cons

    - Below average base salary with perks to compensate. Frequent overtime is the norm/expected (without additional pay) - Reactive culture with lots of red tape and inefficiencies following hierarchy structure - Focussed on bottom line, not genuinely customer-centric or people focussed - Blame culture and led by applying pressure - Poor communication and change management - Departments and individuals generally not working for the best interest of the organisation, just themselves - Large salary variances (circa 20%) within same roles incl. external candidates offered higher than internal employees - Remuneration increases are marginally impacted by performance review results - Remuneration increases for internal promotion are not effective until a set time of year dependent on performance appraisal. Very common to do a higher role for 6-12months with no difference to salary/benefits - Constant rotation of executive leadership positions add to the on-going list of reactive changes without achieving significant improvement

    BMW Financial Services2018-11-19
  7. "Commercial Finance Officer"

    2.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Commercial Finance Officer in Mulgrave
    Doesn't Recommend
    Neutral Outlook
    No Opinion of CEO

    I have been working at BMW Financial Services full-time for more than a year

    Pros

    Great Team, nice working environment

    Cons

    poor salary, lack of management support

    BMW Financial Services2018-10-25
  8. Helpful (11)

    "Corporate sociopaths"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Alphera Sales Manager in Mulgrave
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at BMW Financial Services full-time for more than a year

    Pros

    Real insight into what it is like working for corporate dictators that break the law solely at the expense of profit and claim ignorance.

    Cons

    Must be something in the air, many mangers claim amnesia when questioned on decisions they make within the company to avoid blame for poor management decisions.

    Continue reading
    BMW Financial Services2017-12-28
  9. Helpful (16)

    "Wasted"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Former Employee - Regional Operations in Mulgrave
    Doesn't Recommend
    Negative Outlook

    I worked at BMW Financial Services full-time for more than 3 years

    Pros

    Location: SE suburbs of Melbourne meant you didn't have to fight traffic Fuel: If you are graded at 6.5 and above the company pays for your fuel (Only if you drive a company car, which you have to pay for - See Cons)

    Cons

    Salary: Pays below industry average, you salary package is highly inflated due to them incorporating a valuation of your company car - what it would cost to lease it under a Novated Lease Agreement. It would be not inaccurate to suggest that a total package of $85k offered would be made up of a base salary of $60k + Super @ 9.5% + 15% Bonus (Grade 6.5) + Vehicle Valuation (Approx. $15k for a 3 Series) Company Vehicle: In addition to the above, if you wish to drive their vehicles it will cost you roughly $430 per month for your default allocated vehicle. No L&D: Want to do a course or get certified or get sponsored for your: CA/CPA, LSS, Agile PM or anything of substance? Forget it. The company does not see any value in sending you to any of these course or conferences and when they do they only send managers they like. However it should be noted that there's a underhanded method they employ where they rewrite your JD's and add formal qualifications to restructure you out if you don't meet these new requirements. Performance Appraisals: They adopt a process called portfolio review which you are scored 1-5 for target achievement and 3 other areas of Leadership based on the Management House - Managing Business, Leading People, Leading Yourself. In theory this appraisal process works however your score depends on whether or not your manager likes you and put his reputation on the line to score you above a 3. In cases where they do score you on anything higher than a 3 it needs to be endorsed by the leadership team who will challenge the score and compare you to another associate which may or may not be responsible in the same areas of work, or even do the same amount of work, or deal with the same complexities - This is quite often the case for teams where tasks are divided and conquered or in project teams and often the peers in which you are compared to are on different/job pay grades anyway. Your targets are often misaligned with your job description and as a result you are forced to achieve targets and are given responsibilities outside your JD and usually your pay grade. This stems from a inherent expectation from LT and all managers to over achieve. Promotions/Salary Increase: Apart from CPI adjustments, this is non existent due to the above unless you change roles into a position that his considered more advanced than your current position. In this case HR tend to steer you towards signing an addendum that advises that no changes to your contract occurs unless superseded by a new one. Depending on which part of the year you change roles if it's not aligned to the Portfolio dates (new contracts and revision of your remuneration only occurs during OCT and is effective APR the year after) you pretty much work your new role, for the same pay as your old one for 12 months because "in order for us to change your salary we need to assess your performance for that portfolio year and since you haven't performed your role for a year you need to do so first" Once you to get a revised remuneration you, will come to the realisation that you would have been better off doing less work in your old role and be paid the lousy increase for the blood sweat and tears you put into your new role. In instances where opportunities are advertised, it's usually a formality as they already know who they want in that role. Whether that person is actually suitable/capable does not appear to be a factor. Questionable HR Department: Avoid like the plague; they actively work against you. If you are in the firing line of any LT members, they will stop at nothing to get rid of you. This can happen a number of ways: Formal complaints which have been cooked up, Assigning blame (eg. Recent ASIC/Responsible lending debacle), Under performance, demoting, restructuring out. Convoluted Processes: Complex authority matrix means you need to get 3 levels of approval before the COOs approval to get catering for a training/workshop - Which in the past has been rejected - The amount requested was something around $200 for workshop of 10 people. Their finance and controlling department leaves much to be desired.

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    BMW Financial Services2017-07-07
  10. Helpful (12)

    "Disappointing"

    1.0
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Compensation and Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Mulgrave
    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO

    I have been working at BMW Financial Services full-time

    Pros

    New building with good facilities and staff fleet vehicles. Professional recruitment through Easton RNA recruitment

    Cons

    Improving compliance culture when compliance department resigned due to lack of respect and their department being called a dead horse at all associates meeting

    Continue reading
    BMW Financial Services2017-03-11
Found 130 reviews