Independent Banker - June 2022 - 55

as we can so they can get an idea of the many things they
can do, " she says.
Job hoppers
Generation Z is the generation most likely to be part of the
Great Resignation. One Bankrate survey suggests that as
many as 77% of 18- to 24-year-olds are in the market for
a new job. It's an understandable move for the generation
that was most likely to lose their jobs-typically entry level
or in the service industry-when the COVID-19 pandemic
hit. Combine that with stories of worsening customer
behavior in retail establishments, and the family bank can
be a tempting alternative.
F. Austin Jones, president, CFO and chief trust officer
at $450 million-asset Grinnell State Bank in Grinnell,
Iowa, recently welcomed his 17-year-old grandniece,
Bella, as a part-time teller. She asked to join the bank after
frustrating experiences and harsh treatment working at
national coffee shop and donut shop chains.
" I'm extremely impressed by her. She's very
hardworking and friendly, " says Jones, whose grandfather,
father and brother have all led the family bank. " She's
been very impressed by how employees and customers are
always appreciative of how they are treated. "
While college is in Bella's future, it remains to be seen if
a banking career is. " It's not something that we've pushed, "
says Jones. Both he and his brother have two of their three
30- and 40-something children working at the bank. " The
next generation is always welcome here, but we don't push
it aggressively. They must show interest, engagement
and a willingness. "
Both community bankers and family business experts
agree that family members, including Gen Z, need to earn
their place at the bank.
Gen Z family members also need to be prepared to
be held to a high standard. Many family-owned banks
require family members to gain outside experience for
several years, often securing a promotion, before the bank
will hire them. They must apply for an open position and
are often supervised by a non-family member.
It's not just good for family dynamics; it also helps
family members prove their worth to coworkers. Jones
saw this firsthand during the first six months of his
nephew's tenure as a loan officer. Employees saw the
new hire sitting around his dad's office, creating the
perception that he wasn't doing much when he was, in
fact, actively listening, learning and taking notes, Jones
recalls. The family decided to have the young banker
report to the senior credit officer, a non-family member,
instead of his dad, who is the bank president.
" When you're part of the family business, all eyes
are on you, and you can't get away with anything, " says
Jones, whose grandniece reports to a direct supervisor
who isn't a family member. " You need to work harder,
faster, stronger and better. "
Harrell notes that while his son still has a lot to learn
about banking, that doesn't mean he isn't ready for
responsibility. He includes Max in long-term strategic
planning and invites his input.
" We older bankers have to realize that the younger
generation wants more opportunities and responsibility, "
says Harrell. " If they show acumen, we're selling
ourselves short if we're not providing that opportunity
for them. "
Kelly Pike is a writer in Virginia.
THE VALUE OF A FAMILY COUNCIL
Not everyone is cut out for a community banking
career, but that doesn't mean non-employee
family members can't play an important role in
keeping a family-owned bank independent.
Family councils are one way to keep family
members engaged in the bank without a full-time
commitment. Some families elect members who
then meet quarterly. Others host retreats where a
few hours are dedicated to talking business.
" [Our] family ownership council tries to
introduce ways to connect our values with
some of the younger shareholders and future
shareholders, " says Maggie Groteluschen of The
First National Bank in Sioux Falls in Sioux Falls,
S.D. " We want the bank to be something that
seems tangible and meaningful. "
First National used a consultant to help create a
family ownership council, including guidelines for
family members who work from the bank. While
COVID has prevented the community bank from
hosting a family retreat, Groteluschen is hopeful
that one can be held in the not-too-distant future.
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