Purpose prevails for HomeEquity Bank employees
At HomeEquity Bank (HEB), “know your client” is not only a maxim or a regulatory requirement. Inspired by the distinct demographic the bank serves, it’s the motivating spirit throughout the organization.
HEB is the only Schedule 1 bank in Canada that focuses solely on the needs of homeowners aged 55 and over. To that end, it offers a range of reverse mortgage solutions that enable them to access the equity they’ve built up in their homes.
“Our purpose is to help every aging Canadian live a life with dignity, independence, and empowerment in the home they love, for as long as they can,” says Sherry Dondo, senior vice president and chief human resources officer.
“That means such things as not having to worry about outliving their retirement savings, whether they can handle major unexpected expenses, or finding joy in doing the things they love, like travelling or spending time with family.
“All of our employees believe in that purpose and are aligned with that purpose.”
It starts with the hiring process. Dondo says the bank’s values and variety of career opportunities attract individuals of all ages. She notes that those working with aging Canadians are often motivated by a desire to make a positive impact in people’s lives, going above and beyond in their roles.
That would be a fair description of Clive Coke, regional vice president, broker channel, who joined HEB in 2015 as a mid-career professional with extensive knowledge of the Canadian mortgage market.
His responsibilities include working with independent mortgage brokers and agents throughout Canada to ensure they’re knowledgeable about the bank’s products and serving clients with the respect they deserve.
“We value our brokers, so we help them with their businesses and make it easier for them to offer their services at a very high level,” Coke says. “They trust us.”
Founded in 1986 using the direct-to-consumer model, the bank connected with its early customers using the only technology then widely available – the telephone. HEB has since expanded its product line and distribution channels and kept pace with trends in banking and technology.
Still, Dondo says that while the bank will continue to enhance its digitization processes for customers, telephone conversations will always be an option.
“Human interaction is so important,” she says. “It fosters caring and empathy and helps us build connections and a better understanding of the needs of our employees and clients.”
The value the company places on interpersonal connections is also reflected in its downtown Toronto head office. HEB took advantage of the disruptions of the pandemic to rethink its workplace and moved to a new location in 2023.
The result is a large, open office space designed to encourage collaboration by being both functional and comfortable. There are thoughtful touches throughout, including a wellness room, a cafe with free healthy snacks and actual telephone rooms to facilitate private conversations.
Like other employees, Coke enjoys the flexibility of the bank’s hybrid work model. Still, there are days when he needs to be in the office.
The bank is committed to promoting from within, so he sometimes takes part in roundtable discussions with other senior leaders, identifying employees’ strengths and creating professional development plans for them. Or he might take part in one of the meditation practices offered for employees.
Coke says he enjoys being in the office. “It’s a beautifully designed space that inspires strategic thinking,” he says. “It has an energy that’s inexplicable.”