Merger of Equals: NORTH – South Pole Bank

Given all of the activity lately, it is bound to be an interesting 2016!  Thank you for your support throughout the year.   Have a safe and happy holiday season.

KSB Holiday Humor 2015

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What is 360-Degree Feedback? Why is it important?

In human resources or industrial/organizational psychology, 360-degree feedback, also known as multi-rater feedback, multisource feedback, or multisource assessment, is feedback that comes from all around an employee. “360” refers to the 360 degrees in a circle, with an individual figuratively in the center of the circle. Feedback is provided by subordinates, peers, and supervisors but can also be extended to external sources such as customers and suppliers or other interested stakeholders with a unique working relationship and involvement with that person. It also includes a self-assessment and, in some cases, feedback may be contrasted with “upward feedback,” where managers are given feedback by their direct reports, or a “traditional performance appraisal,” where the employees are most often reviewed only by their managers.

The premise behind 360-degree feedback is that a person contributes to an organization’s success in complex ways and that this is best observed through the perspectives of the various people interacting with that person, rather than through only one person’s eyes (typically the employee’s manager).

Although 360-degree feedback offers a powerful tool for gaining insight into strengths and weaknesses of the feedback recipient, the real return on investment comes from its ability to bring about positive changes in someone’s behavior.

It is recommended to use 360-degree feedback primarily for development purposes.  The results from 360-degree feedback are often used by the person receiving the feedback to plan training and development.  This feedback facilitates an environment that encourages self- development, which leads to job satisfaction. This minimizes turnover and the costs associated with replacing employees.

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Retaining Top Employees – Ask good questions … then listen!

The banking industry is going through a period of significant change right now.  The last 12 months have seen increased consolidation and noticeable movement of bankers from one bank to another (a number of times in groups).  I attend a number of events every January where I see many bankers from numerous banks, and the #1 comment this year has been something along the lines of, “Wow, there sure are a lot of people moving around out there.”

This is true, and I don’t anticipate any let up in 2015 – not in people movement nor consolidation.  While there are positive aspects of this, it also creates turmoil, angst and uncertainty among your employees.

So, while this “movement” is generally good for those in my business, as leaders it is cause to step back and be sure that you are taking care of your people.  We are in a cycle where growth is king, and that puts a lot of stress on the organization — line, credit, operations…everyone.  It is not uncommon for bankers to joke with me about finding a job outside of banking because it is “just not fun anymore.”  Another comment I get more than you would think is, “I just don’t enjoy coming to work here anymore.”

My point is this:  You have to grow and you have to compete.  Everyone understands that.  But, as leaders, what are you doing to differentiate yourselves INTERNALLY, not just to the customer? Why do good people want to work there and stay there?  Not just financially, but otherwise.  I sometimes fear that, as an industry, we are giving up positive corporate culture for the sake of growth.  Your good people ARE being recruited… I guarantee that.  So, as you read the article below, perhaps it sparks an idea that will help you keep someone who you might be losing, and you just don’t know it.

Read article here.

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North Pole Adopts Bank of the Future Strategy

Thank you for your support throughout the year. Have a safe and happy holiday season.

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Behavior-Based Interviewing: A View from the Other Side

Behavior-based interviewing is founded on solid research in the behavioral sciences, and its effectiveness has been validated repeatedly in a wide variety of corporate environments.  The author of the article referenced below encourages those being interviewed to prepare for interviews by identifying specific situations from their work experience that highlight the attributes and behaviors that the company is looking for (based on the candidate’s research about the company and position).  Sounds like good preparation for a behavior-based interview!

See article here.

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Quantifying Achievements on your Resume

As an executive recruiter in the financial services industry, I review many resumes.  I wholeheartedly agree with this author’s approach to quantifying achievements.

Take a look.

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Leadership Lessons On and Off The Course

This blog post was inspired by the recent U.S. Open golf championship.  Analogies abound from the sports world to the corporate world, and I thought this one was worth sharing.  This article highlights Steve Williams, caddie to the winners of 14 major golf championships.  Click on the link below for some lessons in leadership from Steve Williams.

Read article here.

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The Positive Aspects of Job Hoppers

The article linked below shares an interesting perspective on candidates who have changed jobs frequently.  This perspective has some merit in our industry, especially given the staff reduction and consolidation we have seen in banking the past several years.  I often see a pattern with people who are at a particular bank for a number of years and then make a move.  Many times, the first move does not work out (culture, expectations, decision made too quickly), and the person will move one or two more times before settling into an optimal situation.  As with anything, qualify this view with common sense and good interviewing, but don’t be closed-minded to candidates based solely on the job changes.

Job Hoppers Article.

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Should I Stay or Should I Go?

If you are interested in some new ideas about this age old question – keep reading.  Steve Tappin poses some interesting questions to ask yourself if you are considering a move to a new organization.  He encourages readers to avoid the trap of making this decision primarily based on compensation and to look at company, role, leadership, experience and development and career path.

Read article here.

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Hiring People Smarter Than You

I have always been a fan of Jack Welch’s business books.  Here is his POV on hiring.

Hiring people smarter than you.

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