In 2008, the Great Recession devastated the world financial markets as well as the banking industry causing millions of people to lose their life savings, their jobs and their homes. Between 2006 and 2014, almost 10 million homeowners lost their homes to foreclosure in the U.S. Like many small banks, one community bank in western Wisconsin fell into bankruptcy. It is said to be the longest period of economic decline since the Great Depression of the 1930s. Following this period, in 2011 a new CEO was hired to turn this 130+ year old company around. He spent the first five years fixing issues, primarily focusing on architecture and routines. The next thing that he needed to address was the culture. While observing the culture with what was being created, he realized there was an absence of engagement and trust.
The program improved communication and collaboration among departments. And most importantly, it established a culture of innovation within the bank that had not existed prior. The staff is now actively engaged. As trust has continued to grow, the impact in the culture not only helped to build trust in the bank culture but trust within the community. A pipeline of candidates have now shown up at their door, not only to do business with them, but wanting to become employees as well.
Using Talent Insights and the 8 Factors of Engagement to develop the trust for a truly transformative foundation, this program helped the bank employees to build their culture that has allowed room for innovation, continuous engagement, and growth. As this culture has been reinforced by choices and behaviors, along with overall scores in areas such as purpose, accountability and more, trust scores have gone up significantly.