by Colleen Cormier, Account Executive for On The Mark Strategies
“You’re only as strong as your weakest link.” I never understood this saying until recently. As far as I was concerned, the strong members of your group could compensate for the weaker ones, as long as the weak members were outnumbered. It doesn’t work that way.
My son’s soccer team recently merged with another team because neither had enough players to make a roster. The two halves of the teams live in different cities, hold separate practices and train with different coaches who have different coaching philosophies. Our half of the team took first place four consecutive seasons. The other team was always toward the bottom of the pack. Combined, we’re at the bottom of the pack.
Financial institutions most likely relate to this, because they usually have teams of employees at different branch locations with managers who manage differently. Do any of those managers exercise business practices that contradict your brand? Those are your weak links, or brand gaps. Even if it’s only one manager at one location, that branch weakens the overall strength of your brand.
Following are a few suggestions to strengthen or repair your weak links:
Staff buy-in is critical to your brand’s success. That starts with brand training. We conduct brand training for every branding client we work with, because it’s so important. Brand training explains what branding is, how it impacts your credit union and how employees must live the brand in their jobs daily. It gets everyone on the same page and excited about your brand promise to customers or members. Repeat it regularly and be sure every new employee experiences it. If you have to take the training to certain locations and deliver it multiple times, do it. Your brand depends on it.
Every executive at your financial institution must lead the brand. They must be living examples of the culture and values that define your brand. If your brand is friendly, say hi to employees on the elevator or in the hallway. Learn their names. Smile. Employees tend to imitate whatever behaviors your executives exhibit – positive or negative.
Your brand is not just your logo or your dress code or the framed values hanging on the wall. Those are all pieces of your brand, which encompasses everything about your financial institution. It is a way of life for your employees on the job, and it needs to be enforced. The marketing department often polices how your logo is used and what branches look like, but every manager is responsible for monitoring his or her employees. You want all employees to get on board with your brand, and hopefully with adequate training and leadership (and sometimes discipline) they will. Those who refuse are no longer a fit for your organization. They are your weak links and should seek employment elsewhere.
Banking is a competitive industry in which differentiation is already a challenge. You cannot afford weak links. That doesn’t mean every employee is perfect all the time. It means they embrace the brand, try every day to live the brand and help your customers or members grow to love your brand.
This is the first post in a series about qualities that define great leaders and how you can live those qualities in the workplace.
by Colleen Cormier, Account Executive for On The Mark Strategies
A friend of mine was reminiscing recently about a former “boss” of hers who always made her staff feel appreciated. It was obvious by my friend’s facial expressions and the tone of her voice that she had a great deal of respect and gratitude for this supervisor, even so many years later.
“She would leave little Post-it notes on our desks that said ‘good job’ or ‘thank you’ for doing something that was already part of our job,” my friend said. “Then all year long, she would keep a record about those things and recognize us at the end of the year. I never felt more appreciated than I did when I worked with her.”
Appreciation in the workplace matters. For many people, appreciation is a basic human need. Your employees spend more time at work than they do with their families Monday through Friday. They want to feel like their time away from home makes a difference.
Appreciation also impacts your bottom line. The Harvard Business Review, Inc. Magazine and Global News (among others) all report that a “bad boss” is the number one reason why employees quit their jobs. According to a report published by Bersin by Deloitte, companies lose an average of $100,000 for every employee who leaves. Interim reduction in labor costs, lost productivity, cost per-hire and the first year of orientation and training all factor into that cost. You also have to consider potential loss in client relationships and the cost of the knowledge walking out your door. That’s significant for something within the company’s control.
Appreciation and recognition do not have to cost a lot of money or take a great deal of time. Here are some easy and inexpensive ways to make your employees feel appreciated.
Say Thank You
It doesn’t get much easier than this. When an employee reaches a work goal or does something notable, say thank you or congratulations. Write them a note and leave it on their desk. Recognize them in a team meeting or team e-mail. Fill their cubicle with balloons. Make sure to do it in a timely manner before the moment has passed.
When your team reaches a goal, order pizza and celebrate their accomplishments. Surprise them with morning donuts or breakfast tacos. Buy (or make) a congratulations cake. In addition to recognizing them, you are a creating good memories by giving your team a chance to gather and celebrate.
Keep a stash of small gift cards ($5 to $10) to places your employees enjoy eating or shopping and reward them periodically for meeting a goal or going above and beyond. Or, give them special tokens they can save up for larger rewards, like a half day off work. Who doesn’t love receiving a gift?
Appreciation matters. Great leaders appreciate their employees.
By now, people around the world have either seen or heard about the recent viral video of authorities dragging a passenger off a United Airlines flight. The passenger wasn’t being unruly (until authorities began man handling him). He wasn’t breaking the law. He was the victim of a computer algorithm that “randomly” selected him to leave the plane. The airline needed four seats to fly crew members to a destination where they had to work the next day. Only three passengers volunteered their seats. United needed one more. They chose to handle it by pulling a passenger off the flight kicking and screaming (literally). Needless to say, it was handled badly, and United is already paying for it.
How can your financial institution avoid a brand scandal of this magnitude?
A financial institution’s failure to plan adequately is not the customer’s problem. It shouldn’t be anyway. United not having enough seats for its scheduled employees is about the equivalent of a financial institution not having enough money to accommodate withdrawals. It should never happen. Whatever contingencies you have in place for such a time should focus on inconveniencing the financial institution – not the customer or member.
Understand the situation before you comment on it
United CEO Oscar Munoz did the right thing by publicly apologizing the following day for the way the airline handled the situation. Where he failed was writing a letter telling employees the exact opposite. He applauded them for following procedures and handling a “disruptive and belligerent” passenger.
Clearly, Mr. Munoz did not understand why the passenger was belligerent until after he saw the viral video. And newsflash to Mr. Munoz: Nothing in writing is guaranteed to remain confidential, especially when you send it to thousands of employees who may not agree with your stance. While the CEO changed his attitude after the video went viral, it was too late. His credibility was already in question and so was the airline’s integrity.
Always apologize when your financial institution makes a mistake. Do not, however, put in writing words that will come back to haunt you because you failed to understand the full scope of the scandal before you spoke.
Train and empower employees to make better decisions
I don’t know the value of the voucher offered to the three passengers who voluntarily gave up their seats, but I’m willing to bet a fourth person would have come forward for the right price. The same holds true for your customers or members. Offer a valuable solution when a problem arises, even if you have to be creative or lose a little bit of money.
Even $1,000 or more would have cost the airline less than it stands to lose from this scandal. Stock prices dropped relatively quickly, and United typically doesn’t have the cheapest rates to begin with. Customers won’t have a hard time choosing another airline that doesn’t bully its passengers.
Most likely, United will recover from this scandal eventually. The question is, how much will it lose in the meantime for a situation that could have been avoided with better planning, communication and decision making?
It’s early spring, which means trees are leafing-out, birds are singing and baseball has returned to the land. Regardless of your favorite team, there are plenty of lessons that the great game of baseball lends to life and business, including strategic planning.
You must never stop evolving. Baseball teams evolve regularly, pulling up players from the minor leagues, putting players on the disabled list, making trades and changing positions. It’s a fluid game and requires great adaptability. Your bank or credit union strategic plan must be approached in the same way. If you are simply rubber-stamping the same plan (or a version thereof) every year, you’ve stopped evolving and are in danger of losing the game.
Relationships matter. Much like a bank or credit union CEO, a baseball team is captained by its manager. However, that manager rarely makes decisions independent of his support staff. A good manager will listen to what hitting and pitching coaches are saying and how big-picture decisions can impact the rest of the team, both at a game-by-game level and over the course of the season. Similarly, every decision made at your strategic planning session will, in some way, impact every department. It doesn’t matter if it is viewed primarily as a “marketing decision,” “operational decision,” or “IT decision,” its ramifications will impact every employee in every department, some level. Keep this in mind when developing your strategic plan.
Put players where they can succeed. A baseball team wouldn’t win many games if it forced its star pitcher to play catcher. This simply isn’t capitalizing on his inherent strengths and is a waste of both talent and resources. Your bank or credit union, through its strategic plan, must also recognize the same thing applies to your employees. Every staff member has a unique set of skills and talents that can lead to a better financial institution for your consumers. Allow your strategic plan the flexibility to recognize this and plug in the right employee in the right role.
Just as an umpire roars “play ball!” to start a game, your bank or credit union strategic plan is the kick-off to the next several years of development. By learning that you must always evolve, relationships matter and how to position employees where they can best succeed, you increase your chances of capitalizing on that development.
One of the most important ways banks and credit unions can distinguish themselves in a sea of competitors is by involving consumers in an immersive brand experience from their first point of contact.
When trying to wrap your mind around the concept of an immersive brand experience, one of the great examples is Disney World. From the moment you walk into the park (and even before) you are completely submerged within the brand experience designed meticulously by Disney. Another example is Medieval Times. From the exterior of the castle to the lowering of the drawbridge and all the jousting and sword-fighting within, a trip to Medieval Times is about as authentic a (theatrical) trip back in time can be.
A fair push-back to these examples can sound something like “You’re talking about Disney World and Medieval Times — places that promote and provide supercool experiences. At our bank/credit union, were talking about checking accounts and loans — pretty dry fare.”
Sure, the inside of your bank or credit union probably lacks talking mice and jousting knights, but the principles of brand immersion still apply. To be a memorable financial institution, one that gives consumers reason to come back again and again, you must create and then adhere to a set of brand standards that guide every consumer interaction.
This is best accomplished by a deep-dive brand examination that includes mapping out the journey of your consumers, whether they come to you in person, on the telephone, via email or any other point of interaction (such as social media). You are ensuring that at every point of contact (and every branch facility or contact center you have) your consumers receive the same set of service standards.
This repetition of the brand immersion experience, when repeated consistently and well, leaves an indelible mark in the minds of your consumers – that your bank/credit union is the place to go, the place that understands them, the place best suited for their financial products and services. That’s one of the reasons places like Disney World and Medieval Times can charge the prices they do for admission. Sure, there’s plenty of places to take the family for food and entertainment that are a lot cheaper. But you’re buying into the brand immersion and expressing a lifestyle choice that says something about you as a consumer.
The same thing applies to a bank or credit union. And it doesn’t matter that we’re talking safe deposit boxes and savings accounts. Brand immersion, when done well, works the same for any retail operation. How well does your bank or credit union approach brand immersion to differentiate itself from the competition?