News Flash—Markets Don’t Dictate Premium Pricing [VIDEO]
Every time I meet a new bank CEO, I hear the same thing I’ve heard from thousands of other bank CEOs before. They say, “Roxanne, it’s different here.” Here, we have to...
I believe the culture of your organization is your golden goose.
In this episode, I’m going to share with you how to protect your bank from the carnage that happens by bringing in executives from the outside who don’t get your culture.
There are a few challenges to getting your next executive team ready.
It’s a HUGE risk, both that they won’t work out or WORSE, that they will stay, but destroy your culture in the process. It seems like most banks have at least one of these three issues.
Today, I’m going to give you a four-step solution that will guarantee that your organization never finds itself without fully prepared executives (and a strong bench).
Step 1: The 3:1 Formula for Executive Replacement
Unlike so many approaches to succession planning where a successor to the throne is listed, and then people sit and wait for their turn, you need to have at least three people selected for each position. Each future executive should have a working development plan to gain the skills and an executive’s “way of being.”
Step 2: Farm; Don’t Hunt
In contrast to the “we’ll find a headhunter” approach, realize that growing your own is always a better alternative. But “growing” doesn’t happen without an extreme education and development plan that you stick to long-term.
Step 3: Focus on Thinking Skills.
Beyond teaching future leaders the skills they need, what makes an executive an executive and not a manager is their “critical thinking skills.”
Future leaders need the ability to sort through options quickly—see the forest for the trees—and pull out what doesn’t matter so that a fast decision can be made.
A recent study showed that CEOs identified their biggest problem was not having enough talent to move into the C-suite. From talking with hundreds of bank executives each month, it’s an extreme issue in banking that could cost hundreds of banks their existence.
Step 4: Coach ‘em Up
Unlike the “sit and wait” approach, getting that executive-in-waiting an executive coach or executive education is imperative.
This goes far beyond the Graduate School of Banking, where people learn how banking works. They need an education on how to systematically and reliably make more money with less risk.
So, four steps:
By having your executive development and succession plan in the works, you can assure that your bank will be in business and healthy through the next generation. Join me next time where I’ll show you how to build more accountability in your executive team.
Every time I meet a new bank CEO, I hear the same thing I’ve heard from thousands of other bank CEOs before. They say, “Roxanne, it’s different here.” Here, we have to...
Have you ever rolled out of bed on a Monday morning, fired up and ready to take on the week, only to be met with a flood of excuses? You’re pumped, you’re ready to go,...
So, I’ve had a mentor for about 30 years now. He’s one of the wealthiest people in the country, and when he came here, he had just fifty bucks in his pocket. He once...
So, are we as an industry overly regulated? Absolutely. But here’s the thing: when I sit down with my CEOs on Fridays—many of whom are in the top five percent of...
Are interest rates going up or down? Short-term or long-term? What? You don’t know for sure? Well, that’s actually a good sign. It means you’re thinking because...
Ready to transform your team? Click here to watch our free masterclass to discover proven strategies for tackling low performers, improving communication, and building...
Ready to unlock the secrets of high-performance cultures? Click here to access exclusive tools and insights, including Next Action Templates and the National Study of...
Merry Christmas to you, your team, and your family. At a time like this, we should stop and reflect on what this holiday is all about. It's all about family, and we...
Ready to build a high-performance culture? Click here to watch our exclusive masterclass and discover proven strategies for driving excellence in your organization....
Have you ever noticed it's a whole lot easier to get top performance from somebody who has more capabilities to be a top performer? So here's the challenge that I've...