Why Is It So Important to Hold On to Low Cost Deposits [VIDEO]
Low-cost deposits are the ultimate margin advantage. Discover how top 5% performers attract them consistently—and why most banks fail to compete.
I’m not really into the paranormal, but I do believe businesses have their own kind of “ghosts.”
Let me tell you a story. A few years ago, I was working with a company that supported the banking industry in a tech capacity. I won’t go into more details than that, but I was helping them with their strategic plan. I remember walking into the CEO’s office and saying, “I need to talk to you.”
I told him, “I’m really concerned. You’ve got a big HR problem on your hands. The level of sexual jokes and references going on between the team is honestly beyond anything I’ve ever seen. I’m not a prude, but this is on another level. Something’s off here. What’s going on? Where did this come from?”
He paused for a second, then said, “Hang on, let me tell you a story.”
And then he shared this: “When I bought this company, it was owned by a guy who was having an affair with his secretary. They’d go to the back of the office, into a little room, and there was a red light outside the door. You can’t make this stuff up. That red light was their signal to the rest of the team: don’t come in here now.”
He went on, “And no matter what I do since I bought this place, I can’t seem to make the sexual jokes go away. It became so normalized that even when new people come in, the ghost of it still lingers.”
And I said, “Okay, that’s it. We need an exorcism. This has to stop.” And I know many of you get what I’m saying.
You might need your own exorcism. Maybe it’s for low performers who just coast, get away with everything, and still get the same bonus, so why bother working hard? That might be your ghost.
Or maybe it’s the culture of gossiping behind executives’ backs when things don’t go their way. It doesn’t fix anything—it just makes people feel worse, and slowly erodes the fabric of your culture. All these “normal” things in your organization may not actually be the culture you want to create.
As an executive, it’s your job to define the culture you want. And to do that, you’re going to have to get rid of the ghosts. You’ll also need to put systems in place to improve the culture—systems that tie everyone to the values and behaviors you want to see in the organization.
Now, it’s important to do this the right way, in the right order, and with the right steps. Because if you try to make changes and don’t get it right the first time, every new initiative you try will just be met with, “This too shall pass.” People will resist. And you know what I’m talking about if you’ve been around for more than a decade.
So, understand this: you create the culture in your organization. That means you’ve got to grow a backbone, decide what you stand for, and start building systems that transform your culture.
And yes, I said systems. It’s not a quick fix or a one-time change. It’s an ongoing process that keeps everyone aligned with the values and behaviors you want to see. And it’s about making sure people who aren’t aligned understand: “That’s not how we do things around here.”
So, enjoy growing that backbone, and stick with me over the next few weeks. I’ve got more strategic ideas to help you really land these changes. You shouldn’t have to live with these ghosts.
To your continued success,
Roxanne Emmerich
Please watch the video above and share it with your exec team and board.
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