ABA Banking Journal - September 2014 - (Page 21)

PASS THE ASPIRIN THE BANKER-TO-BANKER EXCHANGE Can you find remedies in books? An old saying holds that books are the footprints of the wise, not wisdom itself. But when business wisdom is in short supply, sometimes bankers can glean helpful ideas by reading relevant books. Here's what bankers say they have been reading this summer. You can find other recent books reviewed by bankers at www.ababj.com/books. Share your own reading list with Steve Cocheo at scocheo@sbpub.com Remedy 1: Leaders Eat Last Dorothy Savarese, president and CEO, The Cape Cod Five Cents Savings Bank, $2.5 billion-assets, Orleans, Mass. I had the privilege of hearing Scott Sinek, author of Leaders Eat Last, speak about his book at an ABA conference and have since read it. It is an inspiring and powerful book about culture within organizations. The book captures a great deal of the existing culture we have here at Cape Cod Five and our aspirations for its further development. What makes it even more interesting is that it provides the anthropological and physiological reasons why the approach of creating a more caring culture is effective. I have since shared the book with my senior officers and board. Many of us are reading it a second time to extract even more learning. Remedy 2: Privacy Means Profit Sue Soileau Brignac, president and CEO, Washington State Bank, $157.7 million-assets, Washington, La. I've been reading Privacy Means Profit, by John Sileo. This is a mustread for anyone with a social security number-and any business leader who doesn't want the negative publicity, customer flight, legal battles, and stock depreciation resulting from a data breach. Key lessons have concerned the clear understanding of root causes of corporate data breaches; effectively training employees on the fundamental principle that all privacy is personal; and motivating employees to protect valuable company information. Also, Sileo points out the three enemies of privacy: apathy, ignorance, and inaction. This book defines and maps out an essential strategy for business privacy success. Remedy 3: The Advantage Spence Mullis, president and CEO, Morris Bank, $457.4 million-assets, Dublin, Ga. I read The Advantage: Why Organizational Health Trumps Ever ything Else in Business, by Patrick Lencioni. It is very insightful, defining the single greatest advantage any bank-or any company-can achieve: organizational health. In a commodity-based industry like ours, we search for ways to differentiate ourselves. We all have the same products and technologies, and an abundance of smart folks. The most important strategic pivot a bank leader can make to improve financial performance involves an all-out focus on culture. This book helps in developing skills related to healthy conflict, trust, accountability, results, and desired behaviors. Take notes and share them with your team. Headache: Finding leaders outside your bank We asked bankers if they'd used an executive search firm to help fill key positions. Remedy 1: Mind the financial details Larry Myers, president and CEO, First Savings Bank, $699.7 million-assets, Clarksville, Ind. We have used an executive search firm twice in the past year. The first rule about working with a search firm is to provide your list of exclusions. If you know someone in your market or have been talking with a candidate, you must provide the search firm the names of those people at the beginning of the process. Otherwise, a typical contract with a search firm will require the bank to pay the recruiter a fee even if she had nothing to do with finding and hiring the candidate. If you and your staff can approach a candidate without the assistance of the search firm, put him on the exclusion list. The second rule about working with a search firm is always require a claw-back of a portion of the recruiter's fee if the candidate terminates his employment within three to six months of hiring. The final rule: Work with search firms located in your market. We believe these recruiters are better connected to the performers in the area and have a good understanding of the personality needed to be successful in the community. Remedy 2: Don't rule out referrals Rudy Schupp, president and CEO, 1st United Bank, $1.7 billion-assets, West Palm Beach, Fla. It is rare that we use true search firms when looking to hire, as we prefer to find our more senior hires through people we know and trust. Having said this, however, we do use some recruiting firms from time to time in select markets to introduce us to experienced commercial lenders, for instance. But honestly, our success ratio is far higher with referrals versus executive search firms and recruiting firms. SEPTEMBER 2014 | ABA BANKING JOURNAL | 21 http://www.ababj.com/books

Table of Contents for the Digital Edition of ABA Banking Journal - September 2014

Chairman's View
Editor's Column
The Economy
Bank Notes
Picture This
Sales of insurance pay off
Pass the Aspirin
Payment trends: Threat or opportunity?
Working together to protect against identity theft
Tech Topics
Compliance Inbox
Around the ABA
First Person

ABA Banking Journal - September 2014

http://www.nxtbook.com/naylor/BAKS/BAKS0515
http://www.nxtbook.com/naylor/BAKS/BAKS0415
http://www.nxtbook.com/naylor/BAKS/BAKS0315
http://www.nxtbook.com/naylor/BAKS2/BAKS1014
http://www.nxtbook.com/naylor/BAKS2/BAKS0914
http://www.nxtbook.com/naylor/BAKS2/BAKS0814
http://www.nxtbook.com/naylor/BAKS2/BAKS0714
http://www.nxtbook.com/naylor/BAKS2/BAKS0614
http://www.nxtbook.com/naylor/BAKS2/BAKS0514
http://www.nxtbook.com/naylor/BAKS2/BAKS0414
http://www.nxtbook.com/naylor/BAKS2/BAKS0314
http://www.nxtbook.com/naylor/BAKS2/BAKS0214
http://www.nxtbook.com/naylor/BAKS2/BAKS0114
http://www.nxtbook.com/naylor/BAKS2/BAKS1213
http://www.nxtbook.com/naylor/BAKS2/BAKS1113
http://www.nxtbook.com/naylor/BAKS2/BAKS1013
http://www.nxtbook.com/naylor/BAKS2/BAKS0913
http://www.nxtbook.com/naylor/BAKS2/BAKS0813
http://www.nxtbook.com/naylor/BAKS2/BAKS0713
http://www.nxtbook.com/naylor/BAKS2/BAKS0613
http://www.nxtbook.com/naylor/BAKS2/BAKS0513
http://www.nxtbook.com/naylor/BAKS2/BAKS0413
http://www.nxtbook.com/naylor/BAKS2/BAKS0313
http://www.nxtbook.com/naylor/BAKS2/BAKS0213
http://www.nxtbook.com/naylor/BAKS2/BAKS0113
http://www.nxtbook.com/naylor/BAKS2/BAKS1212
http://www.nxtbook.com/naylor/BAKS2/BAKS1112
http://www.nxtbook.com/naylor/BAKS2/BAKS1012
http://www.nxtbook.com/naylor/BAKS2/BAKS0912
http://www.nxtbook.com/naylor/BAKS2/BAKS0712
http://www.nxtbook.com/naylor/BAKS2/BAKS0612
http://www.nxtbook.com/naylor/BAKS2/BAKS0512
http://www.nxtbook.com/naylor/BAKS2/BAKS0412
http://www.nxtbook.com/naylor/BAKS2/BAKS0312
http://www.nxtbook.com/naylor/BAKS2/BAKS0212
http://www.nxtbook.com/naylor/BAKS2/BAKS0112
http://www.nxtbook.com/naylor/BAKS2/BAKS1211
http://www.nxtbook.com/naylor/BAKS2/BAKS1111
http://www.nxtbook.com/naylor/BAKS2/BAKS1011
http://www.nxtbook.com/naylor/BAKS2/BAKS0911
http://www.nxtbook.com/naylor/BAKS2/BAKS0811
http://www.nxtbook.com/naylor/BAKS2/BAKS0711
http://www.nxtbook.com/naylor/BAKS2/BAKS0611
http://www.nxtbook.com/naylor/BAKS2/BAKS0511
http://www.nxtbook.com/naylor/BAKS2/BAKS0411
http://www.nxtbook.com/naylor/BAKS2/BAKS0311
http://www.nxtbook.com/naylor/BAKS2/BAKS0211
http://www.nxtbook.com/naylor/BAKS2/BAKS0111
http://www.nxtbook.com/naylor/BAKS2/BAKS1210
http://www.nxtbook.com/naylor/BAKS2/BAKS1110
http://www.nxtbook.com/naylor/BAKS2/BAKS1010
http://www.nxtbook.com/naylor/BAKS2/BAKS0910
http://www.nxtbook.com/naylor/BAKS2/BAKS0810
http://www.nxtbookMEDIA.com