Publications & Resources

May/June 2010
Leadership & People

Developing a “ Best Place ” vs. “Pretty Good” Work Initiative

By Rebecca Doepke

Most executives will agree that their organization is a “pretty good” place to work. But does “pretty good” service cut it with your customers? Probably not, so why would you want “pretty good” for your employees?

A key factor for financial institutions competing in today’s “New Normal,” where consumers have abandoned the borrow-and-spend-mindset that existed prior to the recession, will be making the customer experience top priority. Employees play a critical role in delivering this customer experience. If they’re unhappy or even just “pretty good,” it will translate over to the customer experience.

Creating a Best Place to Work Initiative can be defined by many different objectives. Some financial institutions aim to become the employer of choice in the marketplace, or to be named the best place to work at a local, regional or national level. For some institutions, though, it’s simply a goal to increase employee performance and retention. All of these are worthy endeavors, and for each one of these goals the organization must keep in mind that developing a Best Place to Work Initiative is not a one-time event that can be walked away from once it is achieved.

A Best Place to Work Initiative will constantly be challenged by the marketplace environment, and the financial institution must continually lead employees through the obstacles presented. Change is constant; the economy presents new challenges, and your employees look to you for energy, purpose and inspiration through these tough economic times. As a leader, your job is to move them forward.

Managing vs. Leading

Both managing and leading are important undertakings in the overall operations of a financial institution, but they are two very different actions. Managers run the day-to-day operations of a business, working with employees to carry out the tasks and duties that must be performed to function in the marketplace. Employees must follow the manager’s direction to complete their job tasks and responsibilities.

In contrast, a leader is someone employees want to follow, rather than need to follow. They inspire and engage employees. Leaders are who employees look towards for guidance.

It’s important to remember employees want to be part of an organization that embraces the same values as they do. As a leader, you embody the employer’s brand. You represent and guide the culture, work environment and employee connection. Leaders have the ability to mobilize the team to action.

Leaders must give employees something to aspire to within their work. Without goals, employees are just working to pay the bills, and that gets old very fast. Employees need a purpose for what they do.

Start by establishing an Onboarding program. On day one, employees will see the connection between what they were told about the company and what actually exists. From the start, there are no misconceptions. Employees learn who the company is and what they stand for, and what their role is in the success of the financial institution.

Stay Connected to Employees

It’s easy to get caught up in the day-to-day grind of meetings, conference calls and putting out fires that keep the organization running, but it’s important to establish daily communications with staff. It should be team and organization focused. With technology, like email or digital signage, CEOs and Presidents can reach employees remotely. Schedule time on a regular basis to walk the branch floors and back offices to talk to your employees. Ask about their families and work. You may find out information about the business that you didn’t know, and your employees will feel more connected.

Recognize your employees for what they do and accomplish. Your recognition system should share and promote achievements and motivate people. Have a strategic intent when it comes to recognition. Make sure it aligns with your strategic initiatives and business plan. And most importantly, keep the recognition system evolving. If the program becomes static and outdated, it will not be effective or motivating.

Employer Brand: A Company with a Mission

Today’s workforce does not want to be identified by their job; rather they want to be identified with a company that has a true purpose. Philanthropic efforts mean a great deal to employees.

Financial institutions with a strong mission or a cause provide market differentiation that enhances brand equity and both the employee and customer relationship.

What do you stand for? Leading a company with a cause starts with defining your cause and then backing it up. For example, if you are a family oriented institution, then make sure your actions and policies support this cause, such as: flexible work schedules, encouraging employees to participate in their children’s school programs, a generous stock option, etc.

Financial institutions that focus on creating a workplace that engages employees, will, in turn, create a business that engages customers.

Rebecca Doepke is director of culture at NewGround, a premier provider of growth solutions for financial institutions. She can be reached at (314) 440-8420 or rdoepke@newground.com.