Don’t be fooled by the Pirates
Profit Pirates are a sneaky bunch, but if you know what to look for, they’re pretty easily seen. There’s a high probability that 30% of your coworkers are pirates. We’ll assume you’re not one of them. Community banks are under more pressure than ever from regulators and market forces to produce profits, maintain high levels of capital and navigate the stressful waters of compliance. In this environment, the last thing any bank needs is Profit Pirates fighting against it within the walls of their own bank. If you get the pirates out of your bank, you will have won half the battle in reaching a 2.0 ROA.
What are Profit Pirates? They are the employees at all levels in your community bank who are actively fighting against your culture or business plan. They scheme to protect the status quo. They are the scoundrels that are sabotaging your latest and most promising initiatives. They thrive in the stagnant waters below the 1.0 ROA. They have no place in community banking.
We left off last week with Profit Pirates Within Your Community Bank – Part 1. This week we’re moving to the next 5 Pirates we’ve encountered over the years.
#6 – They lead “the meeting after the meeting”
This is the employee that smiles, nods in agreement, and even makes a few positive comments while you’re looking. However, when you’re not looking this employee’s way, she is shaking her head in disapproval and rolling her eyes for her followers to see. And watch out… once the meeting is over, she then conducts the “parking lot meeting” or the “meeting after the meeting”. This is where she tells her team or followers how they will proceed, regardless of any agreements or decisions made in the original meeting. This Pirate is running a subculture within your bank.
#7 – They never have enough time for change
Any new initiative is met by the same words, “I don’t have time”. If a person truly doesn’t have time and is not a pirate, he’s just disorganized. Another topic for another time. This pirate is letting you know that he has decided the initiative is not worth his time and he has no plan to implement it. This person loves Parkinson’s Law of expanding his work to fill the time available for completion. This is what status quo protectors do. No time for change. No time for deposit acquisition, a reason to call program, or anything else that might actually contribute to the bottom line.
#8 – They express false concern
False concern is nothing more than an excuse. What the pirate is trying to do is undo the initiatives your bank is implementing. Anytime an employee begins a sentence with “I’m concerned”, be on guard. A pirate may be in your midst. This pirate is passive aggressive and wants to be seen as caring for the good of your bank. In reality, he believes your bank is his ship and he is out to protect it from crazy ideas like helping customers and supporting the vision of the bank.
These are a few of the false concerns we hear on a weekly basis.
- I’m concerned that I get incentive for something I feel is part of my job – translation: I don’t want you to track and see that I’m not really performing, I am not going to participate, and I don’t like your incentive program.
- I’m concerned we are being asked to call our customers – translation: I don’t like people, I can’t sell, I’m in the wrong job, but I like the salary and I prefer you not know this.
- I’m concerned customers will not like us pushing stuff on them – translation: I really don’t care about the customers. I just want to be left alone to do more of what I really like… playing candy crush, texting friends, and blaming management for my life.
#9 – They serve your customers poorly
An employee can smile, he can greet customers politely, he can show up on time, and do many other positive things. However, if he is not cross-selling the right products, to the right customers, at the right time, then he is not serving your customers. Product pitchers and order-takers are a big reason many banks live in the pit below the 1.0 ROA. You’ll never spot this Pirate unless you track results. Many pirates know how to make you feel like they’re serving customers well, but when they’re tracked, there’s no hiding.
#10 – They say the mythical “They”
Do you know who “They” are? They sure know a lot. We’re asked to suspend reasonable belief that “they” are the majority. People love saying they believe this, they want this, they disagree with that. “They” is often substituted with “Everyone”. “Everyone” thinks this. It’s a classic and tired out tactic of the Profit Pirate but it’s still amazing how many people defer decisions and delay the initiatives of the bank to pacify “they”. When you hear this word, simply ask the next question. “Who are they?” “Who is everyone?” Unless you get specific names, then walk away. The reality is that they is them or him or her. They may be two or three but usually just the one and always less than 5% of the entire group. Enough about them, let’s move on.
Pirate flags are flying proudly
It’s up to you to recognize Profit Pirate activity. As you can see, it’s pretty easy to spot. However, don’t be fooled into thinking you can allow the pirates to stay on your ship by containing them. At some point you’ll get a sword or a hook in your back unless you give in to their demands by allowing your ship to sail into the waters of mediocrity. Pirates love the status quo. Take a stand against them by setting bank-wide non-negotiables and standards of excellence, setting expectations, and tracking sales. These basic things are just a few of the tools that will help you easily identify the pirates. Once they’re spotted, get them off of your ship.
If you need help in this fight, let us know. We’re experts in spotting the pirates and in providing the tools necessary to make them walk the plank.
