September 16, 2020
Hello, my name is Charles Reed and this summer I was blessed with the opportunity to work as an HR Compensation Intern for Ally Financial downtown Detroit location.
I spent the summer learning how the HR Compensation team works from an internal and external standpoint. Ally Financial is an investment bank that does a phenomenal job of taking care of its customers and I believe that the primary reason is because Ally takes great care of its employees.
The first project I worked on with the compensation team was looking at proxy statements. Proxy statements are information firms are required to share so that shareholders can continue to make decisions. I was asked to compare CEO Pay Ratios between Ally Financial and their peer groups. A CEO Pay Ratio is how much more CEO’s are paid in comparison to the average employee. Ally had the second lowest ratio among its peer groups, which helps show that Ally takes care of all employees.
Another project I worked on job descriptions and this was more internal. My goal was to make sure that job descriptions were more inclusive for everyone and Ally has done an excellent job of changing its word choices. Instead of using language such as “required,” they decided to use preferred and this makes a huge difference especially when someone has the work experience but does not have the education requirements.
Aside from the work, I was really impressed with Ally’s breakout sessions for interns, where they brought together interns on Zoom calls and exposed them to Ally’s culture. They provided Excel training courses, explained how Ally makes money, and had coffee question and answer sessions. I am excited that Ally still decided to do their summer internship program and I am extremely grateful for all that Ally Financial has taught me this summer.
Connect with Charles and other Ally Financial ambassadors on the Let’s Detroit ‘Grow Your Network’ page.
Written by Let’s Detroit Ambassador Charles Reed, Wayne State University