In the talks I give about trust in companies, I nearly always get asked for examples of companies that do it well. And I almost never have a good answer. I can identify plenty of very trustworthy, and trusting, individuals; but I have a much harder time pointing out trust-based organizations.
What do I mean by a trust-based organization? I mean an organization that actively encourages trustworthy and trusting behavior in its employees and with its various stakeholders.
Why are there many personal examples; but so few corporate?
Unfortunately, the reason for that is very simple. Fear. Very few corporate organizations in the United States these days are willing to walk the talk, to put their money where their mouth is. I’m not talking about CSR initiatives: I’m talking about entire organizations that, as an organization, believe in:
- People who live according to the trust equation, who focus on always being credible, reliable, intimacy-safe, and with low self-orientation;
- Interactions that are based on respect and listening before giving advice;
- Approaching problems by being client-focused, collaborative, long-term oriented, and transparent.
I had the privilege and the pleasure of spending most of a day with about a quarter of the bank’s employees at an annual sales event and pizza / rewards night last week. And it was a sight to see.
This, my friends, is what a trust-based organization looks like. Let me give you some verbal snapshots, some big, some little, no particular order:
- It’s a blue jeans western-themed event; my host, EVP John Edwards, encourages me to wear my best blues, and matches me;
- The strategic plan is drenched in trust principles: long-term, customer-experience-based, direct communication, shared cultural values;
- The annual numbers and the new year’s goals are passed out in local offices: this event is for celebration—of people, of success, and of principles (oh yeah, bonus checks get discreetly handed out too);
- The event features 8 video profiles of 8 employees chosen as best representing 8 key values of the firm: including customer focus, long-term values, listening, caring and acting in customers’ best interests;
- For four years, the leadership team has been pounding home a simple message: it is about customer experience, we believe in trust, it is about people, behaviors start with attitudes. All content in the event is anchored in these themes. They really mean their catch-phrase slogan: You Matter More.
- (It’s worth mentioning the Bank involved another great change agent a few years ago, the making-miracles-in-the-trenches bank consulting firm of St. Meyer & Hubbard; Bangor SB is a feather in their cap)
- EVP Edwards says, "Our CEO Jim Conlon repeatedly reminds our associates and our clients that: "The only reason we exist is that the people, businesses and organizations in our markets have chosen to do business with us. If you do the right things for the right reasons, good outcomes will ensue." Hear that? He talks of outcomes as results of principled behavior–not as goals per se.
- These are definitely Mainers, but of a special type: not afraid to emote, and not afraid to directly confront issues. I heard a story about the courage it took to say ‘no’ to a motivated and profitable borrower;
- I heard about a borrower who walked away from a loan deposit because he changed his mind about the project; the bank, with no need to do so, refunded his deposit.
- Want to know what long-term and community-focused means? At Bangor SB, it means “we invest in these communities because we want our children to have good jobs in this state—it’s personal.”
- The quote that opens and closes the strategic plan: “Customer experience is the reason we are here, it is everything.”
- Edwards says, "We have learned that defining the customer experience is an organic exercise – our culture and personality is embedded within our own colleagues and we can best learn from each other. We must constantly strive to get better as there are always ways to improve.
- You want numbers? The bank is beating its competitors on key metrics—market share, loan losses, growth in assets.
These are people who are passionate, engaged, profitable, and making a difference in their lives and those of their communities. If I had to boil it down to one thing, it is this: the consistent application of a core set of trust principles to all the bank’s affairs.
The fascinating question it raises is: why
can’t won’t other companies do this?