30% of your current employees are involved in Pirate activity
In today’s banking environment, many community bankers are pressing for ways to generate additional income by finding new fee sources or raising fees. Some are falling back on mass marketing, while others are reverting to wildly unsuccessful cold calling programs. There are even a few banks that are doing things right by focusing on advocacy, reason to call programs, and incentive plans that build on the business currently inside your bank’s doors. Regardless of your approach to growth, if you’re not addressing the Profit Pirates in your community bank, you’ll never see the success you’re looking for.
What are Profit Pirates? They are the employees and managers and senior managers that are actively fighting your bank’s culture or business plan. Their purpose is to protect the status quo, or their territory and to expand on it as the opportunities arise. They are the underlying reason your latest and most promising initiatives are not seeing the success you were looking for. They are the reason, for stagnant growth or an ROA that’s below 1.0. They are the reason you can’t keep your best employees. They are the reason mediocrity reigns supreme in many community banks. Once you come to the realization that Profit Pirates are real and they are representative of up to 30% of your employees, you can then take the steps to move your bank forward. But first you have to know how to spot them. Here are five common traits of the Profit Pirate. In part 2, we’ll provide five more traits.
#1 – They complain and gossip openly in front of customers and coworkers
Many Profit Pirates are bold and with good reason. They have been empowered by management over time by not being held accountable for their words and actions. Nothing can destroy a customer’s confidence and trust in your bank than hearing an employee complain about or gossip to others about coworkers and customers. Complaints should go through the proper chain of command and anything short of that should not be tolerated.
#2 – They consistently come to work in a bad mood
Profit Pirates often have “one of those days”. They make other employees walk on egg shells when they’re in one of those moods. They quite often forget to take whatever medication it is that they take to stay in that happy place. We’re not saying every employee has to have a cheerleader type attitude, but every employee must come to work in a professional mood. If you allow the wrong attitude to survive in your bank it will choke out any positive atmosphere that ever existed.
#3 – They arrive at the last second or late
Whether it’s work or a meeting, this is an easy way to spot a Pirate. We get it, the kids didn’t cooperate, you were delayed by a wreck and you got stuck behind too really slow idiot drivers. It happens, but not consistently. Maybe you hear, “I was with a customer”. If this is the normal thing then you have a very disorganized employee or a Pirate that is more focused on his agenda than the bank’s. Don’t delay meetings or work for the Pirate and keep good records in order to take action against this activity.
#4 – They verbalize concerns about the integrity of successful employees
This is an easy one to spot! They show concern for the organization while questioning the sales activity of successful employees. The purpose of the concern is to take focus away from their lack of sales activity. It’s a classic move that weak employees use in order to maintain the perception that they are one of the best employees. They want to be judged by feelings and likability instead of measurable results. Do not allow the Pirate to misdirect your focus.
#5 – They exaggerate accomplishments
This trait often shows itself with the previous point. As the Pirate is concerned about the sales of the successful employee, he’ll tell you how he sells just as much but he doesn’t track it. He’ll try to convince you he’s not concerned about getting credit for cross-selling checking accounts with loans. He’ll say he does it but just doesn’t track it. Don’t buy into this lie. Pull his last 10 closed loan applications and match it to new checking accounts opened. Don’t worry, it won’t take long. You’ll find there may be 1 or 2 new checking accounts at best. Keep score and don’t take the Pirate’s word for it. Profit Pirates hate scores!
Pirate flags are easily seen
When you spot a Pirate, don’t hesitate, don’t steer away, don’t pretend you didn’t see him. Attack before he creates total mutiny on your ship. A direct attack is something he won’t be familiar with since he has been allowed to get away with creating mayhem for years. When attacking pirates, some will fight, many will jump ship but all can be defeated and made to walk the plank for all other pirates to see. Once defeated, keep a watchful eye for any of these traits to pop up and then deal with them quickly and directly.
Stay tuned for part 2 of this article with more traits of the Profit Pirate.
