GET A CHECK UP FROM THE NECK UP

Tim Beimal 5/8/24 Tim Beimal 5/8/24

Reviewing a Bank's Talent Allocation and Investment Needs

In the dynamic and competitive landscape of the banking industry, talent allocation plays a pivotal role in driving organizational success, innovation, and sustainable growth.

In the dynamic and competitive landscape of the banking industry, talent allocation plays a pivotal role in driving organizational success, innovation, and sustainable growth. A strategic review of a bank's talent distribution, skill sets, and resource allocation is essential for identifying strengths, gaps, and opportunities for investment in human capital. In this blog post, we will delve into the significance of reviewing a bank's talent allocation and explore the types of investments needed to nurture a high-performing workforce.

Understanding Talent Allocation

1. Skill Distribution:

Assessment: Analyzing the distribution of skills across different departments and levels to ensure alignment with strategic objectives and operational needs.

2. Leadership Pipeline:

Evaluation: Reviewing the leadership pipeline to identify high-potential talents, succession candidates, and areas for leadership development and promotion.

3. Specialized Expertise:

Identification: Recognizing specialized expertise in areas such as risk management, compliance, technology, customer experience, and financial analysis crucial for operational excellence.

4. Diversity and Inclusion:

Inclusivity: Evaluating diversity initiatives, equity in talent allocation, and creating an inclusive work environment that fosters innovation and creativity.

Types of Investments Needed

1. Leadership Development Programs:

Investment: Implementing structured leadership development programs focusing on grooming future leaders, enhancing decision-making capabilities, and fostering innovation.

2. Training and Skill Enhancement:

Investment: Providing continuous training in emerging technologies, regulatory changes, customer service excellence, and industry best practices to upskill employees.

3. Talent Acquisition and Retention:

Investment: Investing in recruitment strategies, employer branding, talent retention initiatives, and competitive compensation to attract and retain top talent.

4. Technology and Infrastructure:

Investment: Upgrading technological infrastructure, digital banking platforms, automation tools, and data analytics capabilities to drive operational efficiency and customer-centric solutions.

5. Employee Well-Being and Engagement:

Investment: Prioritizing employee well-being, mental health initiatives, work-life balance programs, and fostering a culture of recognition and engagement.

6. Succession Planning and Talent Mobility:

Investment: Developing robust succession plans, talent mobility programs, and career progression pathways to ensure a sustainable talent pipeline and organizational resilience.

A strategic review of a bank's talent allocation provides insights into optimizing resources, nurturing talent, and aligning human capital with business goals. By investing in leadership development, skill enhancement, talent acquisition, technology, employee well-being, and succession planning, banks can cultivate a workforce that is agile, innovative, and capable of navigating the complexities of the banking industry.

Remember, talent is the most valuable asset of any organization, and strategic investments in human capital are paramount to achieving long-term success, competitive advantage, and sustainable growth in the ever-evolving banking landscape.

Tim Beimal 5/8/24 Tim Beimal 5/8/24

Cost Analysis of Filling Bank Positions Internally vs. Externally

In the ever-evolving landscape of the banking industry, one critical decision that financial institutions must grapple with is how to fill vacant positions within their organizations.

In the ever-evolving landscape of the banking industry, one critical decision that financial institutions must grapple with is how to fill vacant positions within their organizations. The common dilemma often revolves around whether to promote talent from within (internal recruitment) or hire external candidates to meet staffing needs. This decision is not merely about finding the right candidate but also about the financial implications associated with each recruitment strategy. Let's delve into the cost comparison of filling bank positions internally versus externally.

Internal Recruitment Costs

1. Training and Development:

Cost: While internal candidates may already possess institutional knowledge and familiarity with processes, ongoing training, and skill development programs can incur costs.

2. Promotion and Compensation:

Cost: Promoting an internal employee may require a salary adjustment or benefits upgrade, affecting overall compensation costs.

3. Time and Resources:

Cost: Allocating resources for internal job postings, assessments, and interviews can consume HR and managerial time.

4. Employee Morale:

Cost: If internal promotions are not handled transparently or fairly, it may impact morale and potentially lead to retention issues.

External Recruitment Costs

1. Recruitment Agencies and Advertising:

Cost: Engaging recruitment agencies, job boards, and advertising platforms incurs direct monetary expenses.

2. Screening and Interviewing:

Cost: Conducting extensive screenings, background checks, and interviews can be resource-intensive and time-consuming.

3. Onboarding and Training:

Cost: New hires may require onboarding and training, adding to initial investment costs.

4. Ramp-Up Time:

Cost: External hires may have a longer ramp-up time to reach full productivity, impacting operational efficiency.

Cost Comparison and Considerations

1. Direct Financial Costs:

Analysis: While internal recruitment may involve lower direct costs, external recruitment may have higher upfront expenses due to agency fees and advertising.

2. Indirect Costs:

Analysis: Factors like productivity loss during transition, cultural alignment, and potential turnover rates need to be considered for a holistic cost analysis.

3. Long-Term Investment vs. Immediate Needs:

Analysis: Internal recruitment focuses on nurturing talent and long-term growth, while external recruitment may address immediate skills gaps.

In conclusion, the cost analysis of filling bank positions internally versus externally is a multifaceted decision that requires balancing short-term financial considerations with long-term strategic goals. While internal recruitment may appear cost-effective initially, external recruitment could bring fresh perspectives and specialized skills to the organization. Ultimately, a comprehensive assessment of the direct and indirect costs, along with a strategic alignment with organizational objectives, should guide banks in making informed decisions regarding their recruitment strategies.

Remember, investing in the right talent, regardless of the recruitment source, is an investment in the future success and sustainability of the bank.

Billy Zeinert 6/7/23 Billy Zeinert 6/7/23

Add Customers By Getting Credit for What You're Already Doing.

25% of respondents indicated that they would switch their primary checking account to an institution that provides helpful, personalized budgeting tools. This is a significant finding and one that should not be ignored.

Community banks know that customer satisfaction is the key to success. You strive to provide exceptional service and products that meet the needs of your customers. But did you know just how much your service matters?

“25% of respondents would switch to a bank that provides helpful, personalized budgeting tools. I don’t know a community bank who isn’t doing this every day. Why not get credit for it?”

— Bill Zeinert

As the banking industry becomes increasingly competitive, it is important for community banks to understand the unique needs of their customers in order to differentiate themselves from larger institutions. To help community banks better understand the needs and preferences of their customers, we have created a primary research project that will measure the unique needs of community banks.

This research project is designed to provide community banks with valuable insights into the needs and preferences of their customers, allowing them to tailor their products and services to meet those needs and remain competitive in the marketplace. By understanding the specific needs of their customers, community banks can build stronger relationships with their customers and maintain a loyal customer base.

As an example, according to the first quarter survey, 25% of respondents indicated that they would switch their primary checking account to an institution that provides helpful, personalized budgeting tools. This is a significant finding and one that should not be ignored.

So, what can community banks do to meet this growing demand for personalized budgeting tools? Here are a few ideas:

Offer digital budgeting tools

In today's digital age, customers expect to have access to online and mobile banking services. Offering budgeting tools that are easily accessible through these channels can help you attract and retain customers. These tools could include budgeting apps that allow customers to track their spending and set financial goals.

Provide financial education

Many customers may not know how to manage their finances effectively. Providing financial education through workshops, webinars, or online resources can help customers learn how to budget and save money. This will not only benefit customers but also strengthen their trust in your bank.

Personalize communication

Personalized communication is key to building strong relationships with customers. Use customer data to understand their financial needs and preferences, and offer tailored recommendations and advice. This can help customers feel more connected to your bank and more likely to use your personalized budgeting tools.

Develop partnerships

Developing partnerships with financial technology companies can also help you offer personalized budgeting tools to your customers. Such partnerships can provide access to state-of-the-art budgeting tools that can be integrated into your existing online and mobile banking platforms.

In conclusion, the demand for personalized budgeting tools continues to grow, and community banks that are able to provide such tools will be in a better position to attract and retain customers. By offering digital budgeting tools, providing financial education, personalizing communication, and developing partnerships with fintech companies, community banks can meet this growing demand and continue to thrive in the competitive banking industry.

Tim Beimal 6/20/22 Tim Beimal 6/20/22

Is Your Organization Ready for Emotional Intelligence Training?

Emotional Intelligence (EQ) training is a tool that has boosted countless businesses around the world. Fortune 500 companies like 3M, Toyota, Merrill Lynch, Walmart and Apple are just a few of the many organizations who saw increased profits, better leadership skills, and stronger relationships formed as a result of EQ training.

The great thing about EQ training is that it works on one person just as well as it does on a group of 1,000 people. No matter the size of your organization, you can find success for your future.

Employee performance, conflict resolution, stress management and strategy improvements are all benefits that come from EQ training. At Neck Up, we help companies realize these benefits by recognizing and respecting emotional cues as data to inform the overall decision making process. We have access to real-life case studies, data and white papers that prove the value of EQ training over and over again.

If you’d like to get a small taste of EQ concepts, try taking an assessment for yourself to quantify and measure your current capabilities. This will show you where your strengths are and where you can improve. Once you know where you’re at, you can grow your career and help boost your organization in a truly meaningful way.

For more information or to find an assessment tool, contact us today. We can’t wait to meet you and we are excited to help you take the next step as a leader!

Neck Up Leadership brings together three nationally recognized leadership curriculums into one single source to help you get further faster on your leadership journey. Learn more at neckupleaders.com.

Tim Beimal 9/18/19 Tim Beimal 9/18/19

Creativity

Have you ever heard someone say, “I’m just not a creative person”? Perhaps you’ve even said it yourself. While the statement is common, we’ve come to find that people often mistake creativity and artistry and using the wrong word can cause us to sell ourselves short.

Creativity is defined as the use of imagination or original ideas. Artistry is defined as a creative skill or ability. We admit, the words are similar, but they are not perfect synonyms.

Based on its definition, imagination and original ideas are the keys to creativity. Everyone has an imagination, and everyone can come up with original ideas. We often sell ourselves short in the creativity department because we compare our imagination to the many brilliant minds of famous inventors and leaders who have affected the course of history. Very few of us would compare ourselves to the amazingly creative mind of the late Steve Jobs, but that doesn’t mean we don’t have the capability to imagine a new and better solution for the task at hand—it just takes a little practice.

Artistry, meanwhile, is based on skill and ability. Some folks are incredible painters and sculptors. Many of us have a hard time drawing a stick figure of ourselves. While we can improve our artistic abilities with practice, artistry has more to do with natural skill or ability.

So, when we say we’re “not creative”, we are probably misusing the word. We are all creative—but it might be more fitting to say we’re “not artistic”.

At Neck Up, we believe that everyone is a creative person. We are not all creative in the same ways, but each of us has an imagination that is unlike any other. Tapping into that imaginative ability can be a little tricky at first, but it can be accessed easily with a little bit of practice.

Tom Monahan’s book “The Do-It-Yourself Lobotomy” is a fantastic resource that can help you unlock your imagination. The steps in this book will make it simpler for you to transition into a creative thinking process, and Monahan’s style of writing will empower you to make his concepts work for you immediately.

We also enjoy drawing on our real-world experiences and the continual challenges we face to remain meaningfully creative for our clients on a daily basis. If you’d like to hear some ideas or share your success story, please reach out to us. We’d love to hear from you!

Tim Beimal 9/3/19 Tim Beimal 9/3/19

Think you're good at multi-tasking? Think again.

We’ve been trained for many years to believe that multi-tasking is a valuable acquired skill. In some circles, the concept has been raised nearly to the level of something sacred. Those who seem to be able to channel this mystical power are admired to a fault.

Our desire to do more faster has driven us to extremes in the world of mechanical and automated processes. It’s only natural that we look to better ourselves as operators, but new research tells us that we’ve fooled ourselves with the entire concept of multi-tasking.

Multi-tasking was first thought to be a great key to exponentially improved efficiency, but that’s not the case. The human brain is designed for sequential processing. This means that we are meant to complete tasks and then switch to the next one. Multi-tasking pushes the idea that parallel processing—or trying to do several open projects at the same time—leads to improved efficiency. Unfortunately, this just isn’t true. Try solving two math problems simultaneously—your brain won’t be able to do it. We are adept at switching back and forth very quickly, but only after a degree of completion is reached within each individual task.

Bestselling author Dave Crenshaw has some amazing insight on the topic.

“Switchtasking is attempting to do multiple attention-requiring tasks at the same time,” explains Crenshaw. “Each switch in attention incurs switching cost, which includes a loss of time, decrease in performance, and an increase in stress levels. When most people say they are ‘multitasking,’ they are most often referring to switchtasking.

“Background tasking is performing a task while something mindless or mundane occurs in the background,” continues Crenshaw. “Examples include: delegating tasks to employees while you work on more valuable activities, putting a machine to work on a large job while you answer email, and exercising while you listen to music. Background tasking can improve productivity overall.

“Multitasking is neither a good thing nor a bad thing…it simply does not exist,” concludes Crenshaw. “The question is, are you background tasking, which may improve productivity, or are you switchtasking, which always harms productivity.”

At the end of the day, juggling tasks not only harms productivity, it can also harm relationships. Increased errors and missed details can cause a divide between you and your team. Productivity drops but we press on, foolishly thinking that we’re performing at our best when we’re isolating ourselves and hurting the ones we rely on most. In Crenshaw’s words, “Multitasking is worse than a lie.”

Tim Beimal 8/6/19 Tim Beimal 8/6/19

What’s Emotional Intelligence?

What is Emotional Intelligence (EQ)? Odds are, you’ve heard it talked about many times in the past. Depending on your experience, you may have even run across several different definitions for the phenomenon.

At Neck Up, we understand that there are many roads that lead to the definition of EQ. While several definitions are available, we describe EQ as recognizing and respecting the value of emotions in the decision-making process. We teach two important points that can help change how we interact with our emotions:

1. Recognize and label the emotions you’re having so you can understand their meaning.

2. Respect your emotions by acknowledging them, which will help you learn to better control them.

Mastering these two steps helps people take a huge leap forward in their leadership and relationships. Without EQ, we tend to react to things that happen. A reaction is nearly involuntary. Someone cuts us off on the highway and we get angry, so we holler and honk and shake our fist at them. Our emotions take over and completely dictate our actions.

When we use EQ to our advantage, we can respond to situations rather than reacting to them. When the bad driver cuts us off, EQ can help stop us from making a rash decision. We can feel the anger, but EQ helps us to remain calm. We understand that we are justified in feeling angry, but EQ helps us refrain from saying or doing something we regret, or that could create a more dangerous driving situation.

Emotional reactions have destroyed many leaders and damaged countless relationships. Informed responses have helped diffuse danger and maintain order in many crucial situations that could have ended very badly.

If you’d like to learn more about the power of EQ and how you can use it in your daily life, give us a holler. We’ve seen EQ work in our lives and watched it help our clients prosper many times over. Visit our website and we can point you to a few of our favorite emotional assessments to get you started!

Tim Beimal 6/20/19 Tim Beimal 6/20/19

Introduction to Leadership Training: Five Simple Steps

At Neck Up, people often ask us what we can offer through personal coaching. We have a simple approach that is built on nationally recognized leadership curriculums as well as years of hands-on experience across a wide range of industries.

Our personal coaching process is built on a five-step process that helps clients understand who they are, where they are, where they want to go, who they want to become, and how to get there. Here are our five steps:

1. Self-Awareness: We help clients understand their values, Emotional Intelligence level, and temperament. We have several tools to help improve and clarify these areas to bridge the gap between current reality and future dreams.

2. Personal Leadership: We build off client values while using their input and approach to create a unique decision-making design.

3. External Behaviors: This step helps move people into the spotlight where their leadership qualities can shine. Our methods within this step are backed by the world-renowned Kouzes and Posner Leadership Challenge.

4. Goals: Once clients understand where they are and where they want to go, we help complete the picture by applying tools to help them reach those specific goals.

5. Cadence and Calendars: Tracking goals and seeking their completion is a crucial step. We help clients stay on course while celebrating every victory along the way.

The need for quality leadership is always present, no matter what industry you may work in, and there’s nothing we enjoy more than seeing individuals grow while elevating their team, process, and business. If you’re ready to take the next step in your leadership journey, contact us today. We can’t wait to meet you!

Tim Beimal 4/3/19 Tim Beimal 4/3/19

The First (Emotionally Intelligent) American

The term “emotional intelligence” was coined in 1990 by psychology professors John D. Mayer of UNH and Peter Salovey of Yale. Rutgers psychologist Daniel Goleman later adapted it for use in business leadership. Emotional intelligence has grown in popularity ever since, but the ideas and practice it contains go much farther back in history. One of the greatest examples of the power of emotional intelligence can be traced back to “The First American” – none other than Benjamin Franklin.

The list of inventions, influence and accomplishments attributed to Benjamin Franklin is quite long. He is often remembered as the man who discovered the power of electricity, invented the lightning rod, authored countless political papers, served as a diplomat, and lived a great portion of his life as a civil activist.

The early years of Franklin’s life, however, are in stark contrast to the legacy by which he is remembered. While he possessed great intelligence and a desire to learn, Franklin’s social graces left a lot to be desired. His cocky, stubborn, opinionated behavior as a young man caused people to resent him and avoid him in many circles. He was known as a womanizer who enjoyed the company of several prostitutes and fathered a child outside of marriage, which was cause for condemnation and disdain in the puritan world in which Franklin was raised.

By the age of 20, Franklin finally realized that he needed to develop his character. He created a system of 13 virtues to help him accomplish this goal. Franklin listed the following virtues:

1. Temperance. Eat not to dullness; drink not to elevation.

2. Silence. Speak not but what may benefit others or yourself; avoid trifling conversation.

3. Order. Let all your things have their places; let each part of your business have its time.

4. Resolution. Resolve to perform what you ought; perform without fail what you resolve.

5. Frugality. Make no expense but to do good to others or yourself; i.e., waste nothing.

6. Industry. Lose no time; be always employ'd in something useful; cut off all unnecessary actions.

7. Sincerity. Use no hurtful deceit; think innocently and justly, and, if you speak, speak accordingly.

8. Justice. Wrong none by doing injuries, or omitting the benefits that are your duty.

9. Moderation. Avoid extremes; forbear resenting injuries so much as you think they deserve.

10. Cleanliness. Tolerate no uncleanliness in body, cloaths, or habitation.

11. Tranquillity. Be not disturbed at trifles, or at accidents common or unavoidable.

12. Chastity. Rarely use venery but for health or offspring, never to dullness, weakness, or the injury of your own or another's peace or reputation.

13. Humility. Imitate Jesus and Socrates.

Franklin focused intently on these virtues, dedicating entire months to bettering himself by focusing on one virtue at a time. Franklin freely admitted that he often didn’t live up to the virtues that he was trying to live out, but he never gave up.

History often remembers Franklin as a public figure. As his career in business and politics expanded across the American colonies and around the world, Franklin’s endless efforts at self-improvement sometimes went unnoticed. While there are many things we can admire about Franklin’s contributions to the world, perhaps the greatest is the one that underpins all of the outward-facing successes—emotional intelligence, long before it could ever be identified as a buzzworthy term.

You and I may never be as intelligent or talented as Benjamin Franklin—but his life’s story illustrates to us that if we work to attain the skills emotional intelligence, we will have gained the tools that can take us to heights that pure intelligence never reaches. If we learn to master our emotional cues, we can conquer much more than we ever imagined.

Tim Beimal 2/28/19 Tim Beimal 2/28/19

Corporate Values

Great concepts sometimes become so common that their true message gets lost. This often happens with corporate values. Many companies have spent tens of thousands of dollars in consulting fees, research, and committee meetings as they worked to create the best mission, vision, and values statement. Despite the investment, few things are as universally ignored as those placards on the wall that seem to say the same thing as every other one at every other company for which we’ve ever worked.

The best way to bring corporate values back into meaningful focus is for individuals to take time and really think about their personal core values. Have you done this lately? Looking inside can be uncomfortable at first, but the reward far outweighs a few awkward moments every now and then. Once you truly know what motivates you and guides your decision-making process, you can better identify with your company’s culture.

It’s best to know your core values before you sign on with a company in the first place. Many times, people struggle or feel unhappy at their jobs because their personal values are quite different from the ones their employer upholds. This may not seem probable but remember the story of the Princess and the Pea—all it took was one small bump to keep the princess from being comfortable. Core values sometimes work the same way—one small difference can really throw off our productivity and cause us to become really unhappy over a longer period of time.

The true power of core values will grow over time as individuals embrace their guiding principles and then live them out at work instead of having someone else’s trite ideas imposed on them every time they walk through the main entrance.