POWAY, Calif.–America’s attention will turn to romance and even love today, and while thoughts will be of that “special someone,” should love also apply to that special job? And can members really love a financial institution?
The concept of loving work is discussed more often inside credit unions than nearly every other field or industry in large part due to the social mission nature of the work. But even inside credit unions “love” of work can be an unusual and even uncomfortable discussion. And outside credit unions, in the cold, industrialized marketplace and Barbarians at the Gate culture where the bottom line is the bottom line, “love” remains restricted to Hallmark cards. Indeed, forget love, it’s “hate” that’s long been the adjective of choice when it comes to one’s job, with “love” appearing only when the worker drones talk of loving to hate their jobs.
But numerous credit union audiences over the past few years have heard more and more of an emerging theory that they should love their work, as its not just about personal fulfillment; it’s about the success of any business or enterprise.
Cultivate Love
Steve Farber, president of Extreme Leadership in Poway, Calif., told a meeting of the CUNA HR & Organizational Development Council that an “extreme leader” does four things: cultivate love, generates energy, inspires audacity and provides proof.
“We’re not accustomed to using this word,” acknowledged Farber. “It can make HR people squirm from time to time. But this idea that love and work are different experiences and should never cross is on one level a tragedy and, on another level, completely insane. It’s at the foundation of any successful business.”
Farber, who is the author of several best-selling books, said everyone should make it a habit to ask themselves this question as often as possible. Some days, he admitted, that “love” question can be a bit of a stretch, but “the more difficult it is to ask this question, the more important it is to answer this question. It’s designed to help you inspire yourself.”
The full story on Farber’s comments can be found here.
The Oracle
The famed Oracle of Omaha, Warren Buffet, when asked how he decides which companies to invest in, responded, “I look into their eyes and try to figure out whether they love the money or if they love the business. If they don’t love the business, I can’t put my money into it. Then my job is to make sure that I don’t do anything that kills that love of the business.”
Bad First Date?
One failing in the “relationship” business, may be moving too fast. Speaking to credit unions in San Antonio, Bryn Conway, principal with BC Consulting in Myersville, Md., offered some insights into why so few new members turn into the “soulmates” they were envisioned to be.
“Let’s think of it like this: We work at this every day and we’re so excited when a (customer) joins and thinks about all the products and services we can sell them and thinks we are going to be their financial soulmate for life,” Conway told the audience. “But it doesn’t work out that way, does it? They sign up, and then we never see them again. Even when they go through our onboarding program, they still have just that one product they signed up for.”
Where so many companies fail, suggested Conway, is in “overdressing” for that first date with the new consumer.
“Is your perception of the first date their perception of the first date? I would argue that…we assume when a member joins, they love us, they are ready to commit, and are in it for the long haul. Our member’s perception is this is the first date—this is a trial run. They want to see if there is any chemistry and aren’t ready to fully commit. That’s why they open just that one account. So, it’s the experience that you create that sets the tone. A good date doesn’t just show up and say, ‘Whattaya wanna do?’ The goal of every first date is the second date. Plan and measure. It’s everyone’s job.”
Moving Too Fast
Conway warned credit unions of the dangers of talking about the new car and house and new life before ever getting the relationship on solid footing.
“What I don’t think we do is communicate that during the onboarding process. Instead, we talk products and services,” she said. “We have a checklist of four or five products to sell. Do we talk about our mission and values? Chemistry in relationships comes from shared beliefs, shared values. Stop shoving a (product or service) in their face and instead talk about your values and how they can help write the next chapter in your story.”
Conway also offered a final reminder: “Remember what made you fall in love in the first place.”
Conway’s full comments can be found here.
Love & Hate
Conway’s observations around products and services were echoed in remarks given to a meeting hosted by CU Direct in Grapevine, Texas by Nicholas J. Webb, the author of “What Customers Crave, The Innovation Playbook,” and a futurist who has also served as CEO of several medical device companies and who has a number of inventions to his credit.
“When you think about this disruption, it’s really about understanding your customers and understanding them in different ways,” he said. “You can’t look at them from the perspective of demography, such as Millennials or Baby Boomers. It’s about where they are on the journey. It’s about what people hate and love. When you understand your members from perspectives of hate and love you will gain the ability to deliver amazing experiences.”
Webb’s full comments can be found here.
People 'Want to be Loved'
Similarly Sasha Strauss, who leads the Los Angeles-based brand management firm Innovation Protocol and who teaches at UC-Irvine, USC and UCLA, told a group of CU marketers in Palm Desert, Calif., that all people “want to be engaged; they want to feel loved.
This isn’t a new concept. Businesses have known this forever. It’s good business if people like you. Business didn’t figure this out first; they learned it from the political parties. If we want people to be activated to vote, we have to give them something that has an emotional trigger to get them engaged. And who did they learn from? The non-profits. They’ve been asking for funding from the very beginning. They figured out if you can get a human emotionally involved, they will donate and participate and volunteer.”
For more on Strauss’ observations, go here.
Loving the Work
But what makes employees happy? What about love? There are numerous studies showing it’s not salary and benefits. Although important, the paycheck and the insurance coverage take a back seat to intangibles when it comes to career or job happiness. Often that means a culture of “higher purpose” and “ethical responsibility,” according to John Mackey, the co-CEO of Whole Foods, who told financial institutions meeting in Chicago there are some key tactics to making employees happy, passionate and inspired.
“People want to feel that their work makes a difference in the world, although it doesn’t have to be grandiose,” Mackey told the meeting. “Great purpose makes for great companies. Employees want to see how that connects to adding value. I think most businesses do a very poor job of explaining how their work fits into the larger scheme of things. Employees don’t see it, so they’re not engaged.”
According to Mackey, there’s a second and “equally important” point that must be considered.
“People want to feel like someone cares about them. The average worker does not feel like anyone cares about them. I say that ‘love’ is not in the corporate closet,” he observed. “We always use war or Sports or Darwinian metaphors; it’s about killing and winning and what you must do to survive. And yet we know that caring is the single most important thing people want to experience in the workplace. So if you want low turnover, high engagement, good service for customers, you have to care about your employees. They have to feel loved.”
Jumping Out of Bed
Gary Vaynerchuk, who grew his family’s wine business into a very successful online business and who founded both VaynerMedia and VaynerX, told CO-OP’s THINK meeting, “If you’re going to live and breathe your business and personal brand, you have to love what you do. This is what will set you apart from the rest and make you jump out of bed each morning.”