T H E C U LT U R E I S S U E
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WINTER 2017
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A B U S I N E S S R E S O U R C E F R O M S T E R L I N G N AT I O N A L B A N K
Discover the Value of Disruptive Leadership Are Women on the Rise?
They Are at Sterling!
Strategically Shape Your Business by Improving
corporate Rolling V
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D OW N LOA D
How Updated Overtime Laws Affect You On December 1, 2016, a newly enacted federal law increased the minimum wage required for overtime compensation. Affecting 4.2 million workers, it boosted earnings for those with annual salaries below its $47,476 annual threshold.
What does that mean for you?
BOOSTING MORALE
from the Outside In The trend in office spaces, like those of tech giants Google and Facebook, is to cultivate a positive vibe—a reflection of the company’s culture through office decor and atmosphere. Not only does it convey your business’s personality to clients but it also reinforces company values to employees.
Create the Vibe
Watch It Grow
The first step in creating the right vibe is making your office look like the type of place that would fit the people you want to work there. At the same time, two qualities companies desire employees to have are enthusiasm and motivation. An easy way to encourage these is by bringing more greenery into your workspaces.
A recent study from the American Psychological Association compared two office styles—one plant-free, the other plantfriendly—and found that the latter saw productivity increase by 15%. Employees enjoyed that space more, reporting higher levels of concentration.
For employees who earn less than $913 per week, don’t supervise two or more employees, and don’t have hiring and firing capabilities, your company will have to: ÎÎBoost pay. Wages must be increased above the new threshold ÎÎSet boundaries. Limit the amount of
hours employees work
ÎÎCompensate for overtime. Pay time-
and-a-half for hours beyond a 40-hour workweek.
To determine your best course of action, visit the Department of Labor online for a detailed breakdown of the law, assess current workloads, and evaluate available funds for raises, overtime, or new hires. The above is for informational purposes only and does not constitute legal advice.
Film Tax Credits: Your Next Big Role? Recent legislation has increased New York’s refundable film production tax credit from 30% to 40%, making the Hudson Valley an even more ideal spot for filmmakers and television studios to produce their next hit. You can profit from this expected pilgrimage by renting your office as a backdrop for filming. In some instances, daily location rental fees can equal a mortgage payment, with the length of the rental determining whether or not federal taxes need to be paid. ÎÎ GET LISTED. Contact location scouts to get your property listed in a reputable guide. One helpful resource: hudsonvalleyfilmcommission.org.
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ÎÎ ASK QUESTIONS. Once your space is an option, ask for details. What’s the nature of the project and its timeline? Also, make sure they have insurance and are registered.
ÎÎ ESTABLISH FEES. You can choose either an all-inclusive or itemized payment structure to get the greatest financial benefit from your involvement.
Connect with Customers Through Workplace Diversity
Diversity, and the unique perspectives it brings, can help unlock potential and propel your business forward—both internally and externally. When you hire employees with different backgrounds, ethnicities, gender, and skillsets, you’re gaining fresh perspectives and new voices that will foster the transformation of ideas while also challenging the status quo. “Talent has no race, no religion, no sexual orientation, no age,” says Wendy Clark, CEO of advertising agency DDB Worldwide North America. Clark believes that creating a diverse company culture—where employees can come into work every day as their unique selves—can position companies to be more competitive in the marketplace. After all, most businesses have a diverse customer base, made up of people who buy the same product but who likely desire varied features and/or experiences. To better understand customer wants or expectations, hire individuals from different cultures and environments. Gather employee insights and experiences to define audience behavior. Such tactics can help you assess demand and make sure your business stays in sync with customers.
Hiring Tip: Look to technology when trying to diversify your company. Online hiring services can evaluate successors from within the company while removing any trace of favoritism or bias. Headhunter firms can provide lists of outside hires who fit your desired qualifications, while also being more inclusive.
DITCH THE STATUS QUO
with Disruptive Leadership In an increasingly competitive marketplace, many businesses are rejecting complacency to adopt a more disruptive approach. Instead of merely reacting to change, disruptive companies gain advantage by creating positive change through fearless innovation and agility. Learn how your company can shake up a stagnant market by adopting these stand-out qualities exhibited by top disruptive leaders. THINKING CREATIVELY Disruptive leaders intuitively apply innovative thinking to solve problems and manage others. They seek to discover breakthroughs, rather than relying on the old adage, “If it ain’t broke, don’t fix it.” PLANNING ADAPTIVELY Though all good leaders should be proactive in planning for the future, a disruptive leader must also be agile and open to change. These leaders actually embrace surprises and view them as opportunity for growth. ADOPTING CANDOR AS POLICY Disruptive leaders don’t coddle their teams in an effort to keep the waters calm. Their perspective: a little rough water might shake things up enough to effect much-needed change. STAYING VISIBLE Teams needs more than a figurehead to thrive through the challenges of change. Accordingly, disruptive leaders can be found at the center of the action, personally guiding the process. PUSHING BOUNDARIES Regardless of how things used to be done, disruptive leaders question everything. They also seem to intuitively know which norms can be broken for better outcomes.
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FROM THE CEO
T
Jack L. Kopnisky
President & CEO Sterling National Bank
hank you for reading through our most recent issue of Connect. We hope it offered you inspiration and practical ideas for building your business through the wise use of technology. This time, we’re taking a look at culture—and strategies for cultivating yours. Just as we see shifts in the broader marketplace, workplace culture is continuing to evolve. The key question: how can your business adapt in order to build a culture of success that moves your business forward? We tackle this head-on in our feature article (page 16). There, we ask important questions, offer useful tips, and share real case studies that can help you take a good, hard look at your own business. Such awareness can help you define your strategies for establishing a robust internal culture and identify strengths that you can take to market. We also seek to show how your business’s various functions relate to company culture. Interested in Operations, R&D, or Production? See pages 6-10. Involved in Sales & Marketing? Take a look at page 15. Or, if Finance and Accounting is your specialty, visit page 21. There are also snapshots of how HR plays a vital role on page 23. At Sterling, our objective is always to deliver on our promise of extraordinary service. We trust that the ideas, examples, and practical tips found in this issue will do just that—helping you to meet or surpass your business’s goals. Sincerely,
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EXTRAORDINARY
Women of Sterling Culture strengthens connections and empowers associates personally and professionally. In 2016, Sterling National Bank launched Extraordinary Women of Sterling to increase support for their future workforce. Connect talked with Suzanne Copeland, founder and 2016 Chair of this initiative. Q: WHAT IS THE EXTRAORDINARY WOMEN OF STERLING PROGRAM? COPELAND: Designed for female employees at Sterling, the program provides personal and professional development, training, and internal networking opportunities. We meet monthly to discuss relevant business topics that rotate quarterly. Participants engage in panel discussions, participate in break-out sessions, and hear presentations from outside speakers. Our sessions recently focused on executive presence—related to how you act, speak, write, and look, career advancement, knowing your industry, and taking care of yourself. Q: WHAT’S THE BENEFIT OF THESE AND SIMILAR EMPLOYEE EMPOWERMENT PROGRAMS? COPELAND: Whenever you can bring positive, personal, and professional development into your organization, it improves employee engagement. It improves relationships within the company. This initiative is about learning leadership, influence, and how to be the most effective employee you can be at work. More than 160 Sterling women have signed up for the program. Participation is open to any interested employees.
CONTENT T H E C U LT U R E I S S U E
16
DEFINE YOUR CORPORATE CULTURE— Strategically Shaping Your Business Game
POWERFULLY 15 PRESENTING YOUR BUSINESS— In Writing and In Person
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LEVERAGE THE STRENGTHS OF EMPLOYEE MINDSETS
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BOOK REVIEW:
THE NEW 10 BUSINESS SPEAK
Energize Culture and Mobilize Strategy through Leverage: The CEO’s Guide to Corporate Culture
VALUE OF 3THE DISRUPTIVE LEADERSHIP
Executive Editor Michael V. Greisler Creative Director J. Kevin Tugman Designer Caitlin Rozell Design Leader Victoria R. Carlson Managing Editor Rob Toal Contributing Writers Jordan Dickenson, Anne Songy, Rob Toal, Laura Jane Walker, Erin Wooddell Photographer Andrew French
OUTSIDE THE LUNCH 20 BOX—FRESH IDEAS TO PROMOTE LEARNING AND CULTURE
NURTURING 23 MENTAL WELLNESS TO DRIVE SUCCESS
PRODUCED BY LIFT1428 FOR STERLING NATIONAL BANK
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The workplace environment makes up 24% of job satisfaction. That’s more than pay and incentives, advancement opportunities, work/life balance, and many other factors.
2020 VISION—
The Future of Your Office Space Updating older offices can be intimidating, especially when it seems like every “modern” office is an expansive warehouse with rows of identical workstations and desktop computers. Not only can that layout break the bank, but it could also be outdated in as little as five years. When considering an office refresh, follow our tips to future-proof your office and save money at the same time. The office of 2020 will be:
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CUSTOMIZABLE—As with employees, no two desks or workstations will be the same. What’s more, we could see fewer employees spending eight hours in the same chair, which means less reliance on assigned desks. Just like a favorite coffee shop—where you start at a table by the window then move to a chair in the corner—offices will have multiple accommodations. IN YOUR OFFICE: Consider giving new hires a stipend to buy their own furniture, or let them choose from what’s on hand.
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COZY—Another problem with open, hangar-style offices is that they don’t afford privacy, which can take a psychological toll on your employees. To combat this, the newest offices in Silicon Valley are loaded with conference rooms and small meeting areas. IN YOUR OFFICE: Invest in a few comfy chairs and some mobile whiteboards. Create one or two “hubs” where employees can work alone or together.
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TECH-READY—With increasingly mobile employees, their technology needs to be mobile as well. In five years, we’ll see significantly fewer desktop computers, as well as fewer filing cabinets, as companies shift toward Cloud storage. IN YOUR OFFICE: If you’re looking to upgrade computers, opt for company laptops instead of desktops. Steer clear of bulky office phones when a cell phone will do the trick. A few simple updates can help reflect your organization’s commitment to progress. It could also make a positive impact on your employees’ perception of your company— inspiring them to succeed and enhancing your company culture. Sterling National Bank can support your financial needs as you innovate and grow. Contact your relationship manager today at 855.274.2800.
REFRESHING SPACES Get inspired by new twists on office space updates: > Method—The manufacturer of biodegradable household cleaners has an office space as sleek and clean as their products, emulating product design from the inside out. > Etsy—The online marketplace for handmade goods allows new employees to choose from a variety of different workstations, providing them with a small stipend to spend on Etsy for decorations.
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Learning vs. Approval—studies show that people with a growth mindset are driven by a passion for learning rather than seeking approval for achievements.
Leverage the Strengths
of Employee Mindsets Every one of your employees has a unique set of talents, skills, and shortcomings. Each is different with no two workers approaching work in quite the same way. As an employer, this universal truth can be tough to embrace. It’s natural, when giving employees the opportunity to work for your company, to expect that they approach business with enthusiasm equal to your own. When that doesn’t happen, it can be frustrating. Before making drastic employment decisions, find out why employees behave the way they do by considering whether they have a fixed mindset or one that’s focused on growth.
What’s In a Mindset? GROWTH-MINDSET EMPLOYEES:
FIXED-MINDSET EMPLOYEES:
>> eagerly perform tasks >> are interested in learning >> remain positive through challenges >> will work above and beyond expectations >> constantly seek to improve their abilities
>> do the work that’s expected >> don’t welcome change >> aren’t interested in learning new things >> don’t want to do more than expected
FUEL INSPIRATION
Promoting a Growth-Mindset Within Creative Development Teams ÎÎ IMPLEMENT POSITIVE AFFIRMATIONS. Fixed-mindset employees who want to create may see setbacks as failures. By positively noting ways they did succeed and pushing them to try again, you’re instilling the belief that it’s OK not to be perfect. ÎÎ FOCUS ON THE JOURNEY. Find ways to encourage new ideas during the process to help your team live in the present. This will teach them that the journey can be just as educational and insightful as the end product.
How to Maximize Potential? Naturally, every company has employees that fall into both categories. To be successful, it’s important that business leaders determine where specific mindset employees work and whether or not those positions fit. By mapping this out and recognizing the strengths of each of the mindsets, they can then shuffle employees, roles, or departments accordingly. For example, if your creative or product development teams are made up of fixed-mindset employees, it’s less likely that they’ll welcome critiques in order to produce cutting-edge and competitive work time and again. In positions that require high levels of standardization and structure, however, such employees can flourish. On the other hand, when placing growth-mindset employees, it’s best to avoid positions that involve tedium and monotony, as these characteristics can make them feel stifled. Instead, place them in roles where adaption and learning are crucial—and watch their engagement soar. Do you have the funding necessary to invest in your team? Contact your relationship manager or Client Services at 855.274.2800 to learn more.
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The Sky’s the Limit
for Women Entrepreneurs
While diversity in traditional and tech industries is shifting gradually, there’s been a dramatic increase in the number of women entrepreneurs.
$18.5 billion
$9.2 billion
the amount women-owned firms paid their employees in 2012; up $2.6 billion (16.3%) in 5 years
the amount women-owned firms paid their employees in 2012; up $937.5 million (11.4%) in 5 years
IN NEW JERSEY IN NEW YORK STATE More than 725,000 women-owned businesses—up 22% from 2007
$105.2
More than 252,000 women-owned businesses— up 18% from 2007
$49.5
BILLION
revenue generated by women-owned businesses
BILLION revenue generated by women-owned businesses
52%
23.6% of boardpersons
ARE WOMEN
of management, professional, and related positions are held by women
A BALANCE OF MEN AND WOMEN CAN LEAD TO BETTER BUSINESS RESULTS— one study shows companies in the top 20% of financial performance have nearly 30% female leaders.
TOP 5 FIELDS with the highest percentage of women on professional boards
Consumer Business
Life Sciences & Healthcare
Financial Services
Energy & Resources
Tech, Media, & Communication
New York City ranked as the No. 1 global city for attracting and supporting high-potential women entrepreneurs. Toronto, Paris, and Sydney also ranked high as cities that support women-friendly policies which make it easier to keep running a business after having a child.
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9.1 million—the number of women-owned businesses in the U.S. in 2014.
Women on the Rise? Despite having the same levels of education, working hours, and drive as their male colleagues, many women still feel they work in a man’s world. Why is this? And, more importantly, what can you do about it in your workplace? The reality is that many industries don’t reflect as diverse of an employee population as they believe they do—even when it comes to women. The tech industry reflects this male-dominated situation all too well—one report shows women make up just a bit more than one quarter of that workforce. The STEM industries aren’t too different, with environmental and social barriers keeping women from inclusion. Take an honest look at your business. Is your workforce one of diversity and inclusion—especially when it comes to women?
If not, here are four ways you can adjust across the board: ÎÎ Consider benefits and incentives that accommodate all associates.
What policies benefit all workers? Provide benefits that all employees would appreciate—including greater flexibility and ability to achieve work-life balance—if you want to attract and retain great associates, especially women.
ÎÎ Don’t overlook the subtleties—like informal systems or communications
—that exist. Create an inclusive, no-fear culture that promotes everyone feeling welcome, even in a male-dominated industry. Demonstrate your company’s commitment to these positive values through leadership-driven initiatives.
Using ‘People Analytics’ to Your Advantage How engaged are your employees? It’s a common question. But it can be hard to gauge, especially with traditional performance reviews. With the advent of “people analytics” platforms, engagement can be more easily measured. Companies like Adobe are using platforms that assess employee satisfaction and productivity with frequent, short surveys. Experts behind these culture-based programs say that responding to the data—and making immediate changes—is crucial. Birchbox, for example, surveys employees regarding internal engagement quarterly and gives longer questionnaires semi-annually— adjusting its strategies accordingly. In fact, it recently changed internal communications based on benchmarks assessed through the feedback—a crucial piece of the puzzle for building cultural confidence in a growing company.
BALANCING CULTURE ÎÎ Be diligent about inclusion at all levels. Don’t just take a top-down
approach to recruiting. Build a gender-diverse staff. That means promoting balanced perspectives in recruiting and hiring practices, with gender-diverse search teams and interview committees.
When building culture within, consider the pressures each gender faces and how they spend their time. Women spend:
ÎÎ Create mentorship opportunities, formal and informal, that encourage
employees to develop valuable leadership skills and provide positive reinforcement. This will not only retain employees but help identify future leaders.
Ready to take your business to the next level? Sterling National Bank can help. Contact your relationship manager at 855.274.2800 to discover ways we can financially support your business.
6+ 3+
6 MORE HOURS PER WEEK IN HOUSEHOLD WORK THAN MEN
3 MORE HOURS PER WEEK IN CHILDCARE
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60 Seconds—the time you have to capture the audience’s attention when giving a speech.
The Effectiveness of American Business Speak Americans have a long history of influencing other cultures. Now, the American style of business speaking has become the preferred business language worldwide. How can this help you maximize effectiveness in presentations and in business? From sports and politics to movies and business, Americans are known for leaving a lasting impression. We’re often seen as bold, confident, or determined—possessing a strong spirit or a high degree of ingenuity. Now joining this list of influential American traits is the way that we speak. Gone are the days of presentations or meetings filled with flowery language and long, drawn-out explanations. The business world now expects straightforward, attention-grabbing information—a perfect fit with the American style of business speaking. As Americans, the details hidden within our business speak seem normal. We don’t necessarily notice anything special or different. Shorter sentences, simple language, and directness have been the norm for quite some time. Yet when we prepare a formal presentation or meet with new business contacts, it can be easy to revert to old habits or learned ways of presenting that aren’t in line with worldwide expectations. Professionals today don’t want heavy, glossed-over communication or pretense. They want speakers who cut through unnecessary words so that they can quickly understand the value up front. The next time you give a speech or conduct a business meeting, consider these elements of American business speak to communicate with maximum effectiveness: ÎÎBe Direct. Get to the point.
ÎÎSimplify Language. American politi-
ÎÎWatch Tone. Americans’ speaking tone
ÎÎRemember Visuals. As digital commu-
Practice using short sentences that highlight the significance of your statement. Your audience only cares about concise information and clear takeaways.
tends to remain flat, whereas other languages often rise and fall across syllables. As the American style continues to permeate the global business world, its intonation has become more accepted. Its steady, unaffected tone will help others focus on the content of what you’re saying.
cians have been simplifying language in speeches since the 1900s. Like them, you may be speaking to an audience of varied education and language abilities. Plan your communication accordingly.
nications grow, cultural expectations have shifted to expect immediacy and engaging graphics. Your presentations need to adapt accordingly. Bright colors, sharp resolution, and eye-catching imagery can make for powerful visuals that help deliver your points.
Sterling National Bank has business resources to help your growing business needs. Contact your relationship manager or call Client Services at 855.274.2800.
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S P OT LI G H T
ROLLING V
Moving Forward, Family First Maintaining a positive and effective corporate culture is essential for success in our always competitive, ever-changing financial market. For transportation company Rolling V, creating a successful corporate culture for employees relies on a time-tested system: family values. With business roots that trace back more than 50 years, Rolling V's President, Phil Vallone, and Vice President, Linda DeSabato, rely on a family-inspired corporate atmosphere to drive the company toward the future.
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ONWARD AND UPWARD
Earlier this year, Rolling V opened sister company VP Buses and completed a major acquisition of another regional transportation company, SuperTrans, through a partnership with Sterling National Bank. VP Buses services Whitestone as a private yellow school bus service for students in the area. Through the SuperTrans acquisition, VP Buses will also serve Horace Mann School and Riverdale County School in the Bronx. "There is not an opportunity we pursued that Sterling National Bank could not help us achieve," says Rolling V President Phil Vallone. "Sterling National Bank has always grown and changed for the better, just like our family and our company. They've helped Rolling V meet every one of our challenges."
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Based in the Catskills, Rolling V is a multi-channel transportation company that provides full-service school bus, and charter bus services for the area, as well as New York City. With outstanding customer service, community involvement, and numerous accolades, Rolling V is trusted for its commitment to safety and dependability. While the company’s major service is offering school bus transportation for students, Rolling V has ventured into other services, including motor coach charters, handicapped adult transportation and park-and-ride services. Before the creation of Rolling V, Vallone and DeSabato’s father, Eddie Vallone, began working in transportation in the 1940s, continuing his career until the 1970s when he sold his business, Pioneer Transportation. Vallone himself began working at 17 at a family-owned deli, starting his career in the bus business in 1979 with DeSabato and their brother, Eddie, with just 10 school buses. Since then, Vallone and DeSabato have been successful business partners, managing a team of more than 600 employees while still priding themselves in creating an organization with family values in mind. The company also acquired two other regional transportation companies, Gershowitz Transportation in 2006 and SuperTrans in 2015, doubling the Rolling V company size and increasing the business exponentially. Rolling V is a member of the New York School Bus Contractors Association and the American School Bus Council, and is now often recognized in the area for its outstanding safety records, including being ranked in the top 10% of carriers in New York by the New York State Department of Transportation. The company has also sponsored an interactive teen driver safety course called “Alive at 25,” which began in 2007 as a way to
honor two Livingston Manor teens killed in a car accident. The program continues to promote safe driving for teens and makes a difference in the community and within six school districts. “Many people don’t realize that putting their child on the school bus is the absolute safest way of transportation to and from school,” says Vallone. “The timeless yellow school bus is far and away the safest way for your kids to travel, and we back up our services with the highest level of safety and exemplary customer service.”
Keeping Doors Open for Maximum Growth When your company involves hundreds of people, finding a way to keep team members connected and motivated can be a challenge. For Rolling V, many of these employees are on the front lines of the business, interacting with clients directly while being responsible for the safety and transportation of adults and children. To help employees feel like family, Vallone insists on an open-door policy to hear any questions, concerns, and constructive criticism. Every member of the team is known on a first-name basis, and they are encouraged to speak up with any issues. If policies and procedures demand modification, the team meets and talks about it. Before any changes are made, a management consensus must be reached. Vallone and DeSabato also encourage employees to grow within the company structure. Opportunities are provided for employees who work hard and create the best services for clients, and these employees are supported as part of the Rolling V family. Many of the company’s managers—whom Vallone applauds as hardworking and dedicated—began their careers with the company as school bus monitors and drivers.
THE IMPORTANCE OF EARLY ADOPTION
While some companies shy away from the beta stages of new technology, Rolling V has never feared trying new techniques to better the business. In 2009, Rolling V was the first school bus company in the area to utilize GreenRoad, now the world's leading provider of comprehensive driving behavior measurement. GreenRoad uses in-vehicle feedback from drivers in real time, allowing companies such as Rolling V to know exactly how their drivers are performing. This service helps drivers improve almost immediately, leading to better outcomes and safer situations for children on their way to and from school. The technology has been known to reduce crashes in commercial fleets by up to 50 percent while also significantly reducing fuel cost. Since implementing GreenRoad, 42 of Rolling V's school bus drivers have been awarded the GreenRoad Fleet Elite memberships for excellence in driver safety. These awards are the highest honor bestowed by GreenRoad and recognize drivers with at least 500 driving hours and an annual driving score of five or less (based on a system of one to 50, 50 being the riskiest driver). In addition to the adoption of GreenRoad, Rolling V has also received a $60,000 grant from the National Clean Diesel Campaign to integrate vehicles with higher fuel efficiency into their fleet and retire vehicles not performing at environmentally friendly standards. This grant is supported by the federal Diesel Emissions Reduction Act and will assist Rolling V in meeting and exceeding National Highway Traffic Safety Administration emission standards. Rolling V was also the first company in Sullivan County to use a propane-powered school bus, which is supported by the United States Environmental Protection Agency as a cleaner fuel than gasoline. President Phil Vallone and Vice President Linda DeSabato have long believed in providing clients with the most efficient vehicles possible, and this grant allows them to further this mission and the company's commitment to innovation.
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“When you transport over 12,000 kids, every day is a learning moment. Our biggest asset is having good people, skills and communication, and hands-on experience.” —PHIL VALLONE, PRESIDENT OF ROLLING V
Not only are employees brought into the Rolling V family with open arms, but Vallone cites community involvement as essential to the business. Rolling V has sponsored little league teams, employee bowling leagues, and the local Rotary Club and Kiwanis. “We never forget how we got to where we are,” says Vallone. “Our philosophy is community service and has been that way for 20 years. Any company that relies on its community for survival has an obligation to give back when it can.” Rolling V also became the first bus corporation to join the National Oceanic and Atmospheric Administration (NOAA) as a Weather-Ready Nation Ambassador. This role represents the company’s dedication to its community’s safety and will promote better preparations for extreme weather conditions. As an ambassador, Rolling V works with federal, state, and local agencies as well as privately owned organizations to reduce issues related to climate and water conditions affecting the Catskills Region.
Trusting the Next Generation Just as Vallone and DeSabato learned tricks of the trade from their father, they have since passed on their business acumen to another generation of Rolling V
team members: their own children. Vallone and his wife, Donna, have been together more than 30 years, leaning on each other for support and encouragement. Now their son, Nicholas, and DeSabato’s daughter, Denise, have joined Rolling V. Denise serves as Chief Executive Officer of Supertrans/VP Buses. In fact, Denise was heavily involved in partnering VP Buses, another Rolling V initiative, with schools in the area. Nicholas, meanwhile, also serves as managerial assistant with Supertrans/VP Buses and helped the company acquire Shuttle Bus Plus, a transportation company headquartered in New York City. Clearly, Vallone and DeSabato welcome the next generation of the Rolling V family as the future of the company, encouraging new ideas and fresh ways to continue to improve services. “A lot of our company’s growth will depend on what the next generation and their management teams want to handle,” says Vallone. “The sky is the limit, and we are blessed to have our families involved in the company we have spent our lives building.” For more information about Rolling V, visit rollingv.com.
Sterling National Bank’s dedicated sales teams allow us to be responsive and adapt to your business needs. Contact your relationship manager or Clients Services at 855.274.2800 to learn about working with Sterling to grow your business. Visit SNB.com today. 14 | SNB.COM // CONNECT CULTURE WINTER 2017
91% of professionals check their email daily.
Make A Lasting Impression Through the Perfect Networking Email
Business networking offers a way to learn, expand resources, and make vital connections. Yet breaking the ice with someone new isn’t easy—especially when email has overtaken the phone as the primary channel for professional communication. There are few things more intimidating than pressing “send” on a cold networking email. Even after crafting the perfect subject line and pitch, there’s still the possibility that the message will never be read. Setting yourself apart in a flooded inbox can feel like a tall order, but it can be achieved by putting a personal touch on the all-too-often impersonal and unsolicited email pitch.
In order to leave a positive, lasting impression as you develop networking relationships, here are a few quick tips: > Conduct Due Diligence. Inform your message with research of your target and their company. By highlighting their expertise or knowing their business, you’ll establish a sense of familiarity.
> Get Creative. Skip the usual, expected introduction. Find a “hook” in your research or connect over common ground in order to make your greeting unique.
> Add Value. Instead of jumping into what this person can do for you, offer them something of value in order to spark a connection and foster further communication.
Harness the Power of Body Language
While it’s important to be articulate when speaking in a professional setting, it’s equally important to pay attention to what your body language is signaling to your audience. Crossing arms, licking lips, little-to-no eye contact—each is a form of nonverbal communication that can surface when you feel nervous, influencing how you and your company are viewed. To get your audience, coworkers, and employees onboard with you as an industry leader, own what you say by how you say it. Work through any reservations by harnessing positive body language moves in your everyday life. This can teach you to be present in the moment and help you gauge how you’re being received so that you can confidently represent yourself and your business.
3 Body Language Power Moves ÎÎ RADIATE CONFIDENCE. Stand up straight, articulate for message
clarity, take deep breaths, and engage with your audience.
ÎÎ SMILE. Studies show that smiling can trick your brain into positive
thoughts—an easy way to banish nervousness and self-doubt. It also helps your audience connect with you.
ÎÎ MIX UP YOUR GESTURES. We all have certain ticks when speaking.
Learn yours and find alternate ways to move and speak. This will ensure that your audience focuses on your message instead of your movements.
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corporate THE STRATEGIC GAME-CHANGER
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A strong corporate culture will help shape every aspect of your business. Yet most leaders fail to define one that is appropriate for their specific needs. This simple three-step process can help you identify your own unique culture while ensuring that it complements your business strategy and fits existing values and goals.
F
ar too many companies settle on a weak patchwork of loosely-related principles and ideas to help shape their corporate cultures. There are dozens of factors that influence culture, but defining yours doesn’t have to be complicated. Follow these steps to identify your culture and use it to drive strategy.
Step 1: Determine your focus. In this critical first step to defining culture, strive to identify the overarching focus of your values. Where does your business find the inspiration that shapes strategy? Is it in people, actions, or outcomes? A person-oriented culture puts the needs of its employees, end users, or the community first. Such a culture emphasizes responsibility to others and the greater good. Examples: Team, Customer, Community, Empathy
ÎÎPEOPLE:
In the actionfocused culture, significance lies in the methods used to perform the work. How employees approach a problem or solution takes precedence over everything else. Examples: Innovation, Agility, Learning, Ownership
ÎÎACTION:
Cultures that follow an outcome-based focus tend to be larger, older, and more traditional in structure. Titles and hierarchy matter, with performance usually outweighing people in importance. Examples: Profit, Productivity, Growth, Image
ÎÎOUTCOME:
Once a primary focus is identified, it becomes much easier to choose the specific elements that make up your unique culture—such as innovation, your team, or profits. Most cultures are actually comprised of several sub-elements, so don’t be afraid to combine complementary characteristics. For example, it’s okay to claim a culture that is both innovative and collaborative. Just be sure to stick to the most pervasive attributes that speak to your unique business.
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More than 90% of top executives report that culture is critical to success, while only 15% said their own corporate culture is where it needs to be.
At the core of design thinking is the act of putting the end user at the center of the equation and building your process around the customer journey.
Step 2: Align goals. The values and behaviors that are central to your unique culture must also be reflected by and aligned with your business strategy—with each playing off of and supporting the other through common goals. For example, a retail strategy might require an efficiency-focused culture in order to drive profits, whereas a tech start-up may need to focus on innovation and risk-taking for quick product expansion. While strategy drives the what, when, where, how, and who of your business, culture provides the environment in which those factors thrive. Strategy speaks to process, while culture tells us how values apply to that process. Does each value expressed in your culture drive behaviors that support every directive of your strategy? In the end, a culture that doesn’t share goals with your business strategy is doomed to fail.
Step 3: Equip for success. Leaders sometimes forget the most critical part of the culture-defining process: follow-up and support. Give your team the resources it needs to sustain its culture. ÎÎMake the culture universal within the company by using the same language in meetings, corporate literature, and employee communications. ÎÎInsist your team can clearly articulate the
culture, as well as exhibit the ability to weigh all actions, decisions, and behaviors against it.
ÎÎHire people with the right cultural fit
and implement programs to help current employees who are struggling.
ÎÎTrain your department heads to carry the
message throughout everything they do.
ANSWER THESE THREE QUESTIONS TO DETERMINE IF YOUR CULTURE WILL ENDURE THE CHALLENGES OF TIME:
> Is your culture at odds with your strategy? Apply the directives of your culture to each of the main elements of your business strategy to ensure they match. Make certain you aren’t asking your team, for example, to use cheaper, environmentally unsafe materials as a cost-saving measure if your culture is one of community responsibility.
> Can your team articulate the company’s culture? Everyone should be able to clearly state main points of your culture and identify the actions and decisions that support or diminish it. Rid your cultural description of any vague terms, giving employees plenty of examples of how it applies to their work.
> Have you equipped your team? A culture is useless without the resources and support to back it up. Don’t stop at defining the culture. Make sure your leaders have the right language, executive support, and resources to implement it.
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CASE STUDIES
Herman Miller: Ownership Culture Done Right While stock options and collaboration are not unusual concepts in business these days, Herman Miller perfected these ideas and emerged as the leader in ownership culture. Learn how this furniture company turned employees into “working stockholders” and positioned itself for success.
CASE STUDIES
How a Design-Driven Culture Saved Airbnb On its surface, Airbnb is a typical start-up fueled by algorithms and data. But go a little deeper and you’ll discover the accommodations marketer that revolutionized tourism saved itself by approaching a big problem in a new way. What they learned about design thinking can help middle-market businesses in any industry. In 2009, Airbnb nearly folded amid stalled sales, leaving owners wondering if their once-promising start-up was doomed. In the past, problems were approached from a technical perspective, adjusting code and re-writing programs. Airbnb soon realized, however, that the solution should be designed around the customer’s experience instead. A look at Airbnb’s people-centered approach illustrates the essential components of an empathetic, design-driven culture.
Seek First to Understand Airbnb executives quickly realized the answer to their sales problem wasn’t in their algorithms, but rather with the unappealing quality of the property photos. The founders met with each of the hosts, helped them take better photos, and watched as their sales doubled in the first week.
Empathize At the core of design thinking is the act of putting the end user at the center of the equation and building your process around the customer journey. Airbnb now requires all of its employees to book a property in order to fully understand the traveler and the host.
Know When to Adapt Airbnb had always used stars for their property ranking system, but a little design thinking got them to try hearts instead. Immediately, use of the ranking system increased exponentially.
Seize the Moment Companies typically apply design thinking when they want to quickly bring a product or service to market. So Airbnb didn’t wait to develop a complicated plan of action. Despite the fact that the solution was neither technical nor easily duplicated, they immediately flew to the host homes, identified the problem, and designed a solution.
When well-executed, a culture of ownership breeds higher productivity, lower turnover, better hires, and bigger profits. Top executives at Herman Miller know this first-hand and credit employee ownership for their own success. The furniture company, with a net income of $98.1 million, offers its employees discounted stock purchasing, companywide stock options, 401(k) stock contributions, and a generous profitsharing program, to name a few. In doing so, it nurtures a culture where the focus shifts away from budget and onto longterm improvements and economic value. In stark contrast to some of its competitors, employee-owners receive monthly updates on company performance and frequent reports on projected quarterly bonus payments. Additionally, employee -owners have a strong voice. In the 1980s, when lagging company sales threatened to shut the company down, employees designed the solution that turned it around. For the mid-sized business, a true ownership culture, like the one at Herman Miller, can fuel strategy by providing an environment where employees have a personal, financial stake in performance. Instead of an environment where rules guide individual behavior, employees in an ownership culture are influenced by values and the cumulative impact of their actions on the bottom line of the company. This owner mindset breeds intuitive selfregulation, cost-consciousness, and a firmer understanding of how personal performance affects overall company success. Let Sterling National Bank help your business strive to new goals with customized financial assistance and tailored solutions. Call your relationship manager or Client Services at 855.274.2800.
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Reap the rewards of a break—taking lunch, even if just going for a walk, helps spur creativity at work.
Think Outside the Lunch Box Mix up your company’s culture with these four different takes on team lunches that promote engagement—and fun. Lunch and learns not only get employees away from their desks but also foster company culture. Rethink your approach to capture the invaluable benefit these culture-building opportunities offer.
1
INTER-OFFICE MIX-UP. Skip the costly catered lunches. Form an “experience team” to organize simple, in-office lunches prepared by employees. Collaborate on different recipes. Choose quality foods. Then make sure you have a space that’s good for dining.
2
TRY NEW RESTAURANTS. “Lunch roulette,” developed by employees at Kickstarter, randomized monthly lunch outings to promote interdepartmental team building. One developer even wrote code to organize it, though that’s not necessary to have a good experience. Simply throw restaurant names in a hat or choose at random.
3
KARAOKE/DANCE OFF. Take a tip from LunchBeat, an informal movement that encourages an hour-long dance break in the middle of the day. Not that daring? Try a light-hearted karaoke competition or a twist on the lip sync battle.
4
OUTSIDE THE BOX. While company-related lessons educate employees, consider presenting non-traditional topics. Tap into workers’ passions or outside projects, inviting them to share what they do outside of work. This requires organization and buy-in from willing team members, but is well worth it.
Strengthen Culture Across the Table Any activity that gets employees interacting with different people promotes creativity, strengthens connections, and builds your company’s culture. ÎÎ CONNECT ACROSS DISCIPLINES. Interact with associates and colleagues on different teams. Learn what other departments are doing, and gain access to leaders who employees may not otherwise encounter on a regular basis. ÎÎ BUILD CAMARADERIE. Sharing a meal enables individuals to connect through free-flowing interactions. These informal conversations may lead to new friendships—or brainstorming and communication about new ideas and concepts. ÎÎ LEARN SOMETHING. Whether it’s a new dance move, a new restaurant or an employee they’ve never met, chances are any lunch-and-learn will expose associates to something new. Learning, especially when done outside the confines of the desk, invigorates people—keeping them engaged and bringing new ideas to life.
Great culture comes from great relationships. Learn how you can strengthen your business relationship with Sterling National Bank by calling 855.274.2800.
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Which Matters More?
Culture vs. Salary
Most managers think employees are motivated by salaries. The vast majority of workers, however, are driven by other factors. Today’s employees are looking to company culture—its values, community, and practices—to find significance in their lives and careers. THIS EMERGING WORKFORCE HAS THREE PRIORITIES: ÎÎ Flexibility—in scheduling and location that allows involvement in non-work activities. ÎÎ Development—online courses or
mentorships that promote advancement and personal growth. ÎÎ Goodness—company and employee
Create an Airtight Code of Ethics In finance and accounting, developing processes that will maintain the highest standards for internal and external compliance can be challenging—but not impossible. Consider these shared qualities from some of the most successful codes of ethics developed by public companies:
CLARITY Don’t rely on vague principles to guide your team. A strong program begins with a well-researched written code of ethics that states the exact behavior expected from every employee in each of their roles. Be sure to follow up with a comprehensive training program and testing.
CONSISTENCY A code of ethics should be the same throughout the company, with all departments and individuals being held to identical standards. Avoid multiple codes within the same company and insist that leadership refrain from even the slightest breach.
participation in socially responsible causes. ÎÎ Businesses that adapt will be better
able to attract and retain top talent— creating a winning culture that boosts productivity. INITIAL STEPS YOU CAN TAKE: > Imagine the workforce you desire to have. > Get input and feedback from employees. > Start small, building culture through them.
STAYING COMPETITIVE WITH SALARIES How you handle salary negotiation is critical in keeping or hiring top performers. Don’t risk losing them over relatively small differences in compensation. Consider: an extra $10,000 in annual salary translates to roughly $550 per month after taxes. That’s a new car payment, extra groceries, or a family vacation. Isn’t that worth the productivity you’ll gain?
When it comes to salaries: ÎÎ MAKE A COMPETITIVE OFFER.
POWER When defining your code of ethics, make sure to include the consequences for violation and give employees the power to report unethical behavior in a safe and anonymous way. There should be no fear of negative consequences for speaking up.
ÎÎ BE PREPARED TO NEGOTIATE UP. ÎÎ KNOW YOUR BEST OFFER UPFRONT. ÎÎ TREAT COUNTER-OFFERS SERIOUSLY. ÎÎ SAY “YES” MORE THAN “NO.”
INSPIRATION Invite staff members to share in the ethics vision by rewarding their commitment. Encourage open dialogue and give positive feedback for compliance and other actions that foster trust and credibility.
ÎÎ CLOSE QUICKLY AND GRACIOUSLY.
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BOOK REVIEW
“Anyone can copy your strategy, but no one can duplicate your culture!”
— JOHN R. CHILDRESS
Leverage— A Practical Handbook on Corporate Culture What is corporate culture? That’s the million-dollar question on the minds of business leaders everywhere. With his book, Leverage: The CEO’s Guide to Corporate Culture, culture expert John Childress seeks to separate fact from fiction. In his straightforward, easy-to-digest book, Leverage: The CEO's Guide to Corporate Culture, Childress breaks down the concept of corporate culture for business leaders, helping them better understand the impact culture can have on both business performance and attracting the right hires. As an author and student of corporate culture for the past 35 years, Childress explains how culture is far more than just an idea. He catalogs common types of corporate cultures, highlights leaders’ responsibility to construct a corporate culture, and details why and how a culture can shift over time. Unlike many writers who tackle this topic, Childress grounds high-level concepts with dozens of anecdotes about real companies. This engaging handbook will provide an excellent introduction—or refresher—for CEOs who want to energize their company cultures and mobilize their business strategies.
Throughout the book, Childress offers actionable tips for identifying and changing your corporate culture, such as: ÎÎTAKE YOUR CULTURE’S PULSE. If you never took the time to design
a corporate culture, then chances are it’s developed on its own. Take stock of your culture by asking questions like, “What’s our culture’s personality?” and “What are our company’s assumptions?” From there, identify strengths as well as areas for improvement.
ÎÎTAKE A LOOK AT YOUR SENIOR MANAGEMENT TEAM. Childress
believes culture is deeply rooted in behavior but that companies are hiring based on skill. If members of senior management aren’t behaving the way you think they should in order to fit the culture you want for your company, make changes.
ÎÎALIGN YOUR COMPANY. Your strategy is where you want to go and
your culture is how you get there. In order to succeed, you need a robust strategy paired with a high-performance culture.
Sterling National Bank has business resources to help your growing business needs. Contact your relationship manager or call Client Services at 855.274.2800.
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HR: Your Culture Gatekeeper Culture-building can seem like a top-down process, with leadership defining and leading its implementation. But it’s actually your human resources (HR) department that’s uniquely positioned to support its development. HR can create boundaries, support cultural initiatives, and encourage positive performance. Here’s how: ÎÎ ESTABLISHING BEST PRACTICES. Culture communicates strategy and values. HR can reinforce both. When leadership sets guidelines for flexible hours, for example, HR communicates the policy and ensures it gets carried out consistently.
ÎÎ PROVIDING SUPPORT. By knowing your company’s business landscape, HR can serve as a strategic guide—offering leaders a clear picture of risks and opportunities, and coaching teams to success.
ÎÎ DRIVE THE PROCESS. Culture can’t be left to chance. To foster accountability in cultural practices, HR can establish and guide hiring or benefits processes, as well as perform assessments that show leaders how initiatives are working.
GETTING STARTED Companies that promote positive culture are among the best performing, as happy employees are productive employees who impact your bottom line. For examples, look no further than culture leaders like Google, Facebook, or Zappos. Here’s a helpful tip: Build cultural guidelines that cater to 95% of your employees. It’d be natural to focus on activating the 5% of employees who won’t follow rules. But you’ll create a more positive culture by offering greater autonomy to the majority of employees who are motivated and compliant.
ACHIEVE SUCCESS
By Cultivating Mental Wellness From free gym memberships to a breakroom stocked with healthy snacks, many companies today are caring for employees by offering benefits that promote health and wellness. But while diet- and exercisefocused perks are commonplace, it turns out there’s another form of wellness that can greatly affect employee satisfaction and engagement: mental wellness. Defined as the ability to cope with stress, work efficiently, and make a positive impact, mental wellness can be influenced by many internal and external factors. High-stress environments, coworker attitudes, and a sense of loyalty can all contribute. In fact, Google recently discovered that the workplace functioned more efficiently when employees felt they could be vulnerable and trust their coworkers.
Cultivating Wellness Within To nurture positive mental health within your company, focus on external factors you can control: ÎÎ Work to develop relationships and encourage participation that puts teamwork above competition. ÎÎ Provide clear goals for teams and individuals in order to personally
connect them to the company’s mission.
ÎÎ Practice openness while also fostering accountability.
Not only can such efforts create positive morale, but they can also promote productivity. By providing your workers with an environment where they feel safe and engaged, you’ll enhance mental health and wellness, resulting in fewer absences and greater creativity.
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Sterling relationship managers are not merely responsive. They’re able to draw upon a unique breadth of tools and expertise, applying a thorough understanding of your business and marketplace, and serving as a valuable financial ally. We offer financing options ranging from traditional lending, lines of credit, and SBA loans to asset-based lending and factoring. Count on us to help you find the solutions that are right for you. For more information, please contact our Client Services professionals at 855-274-2800 or visit snb.com. Expect extraordinary.
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