From the Winter 2018/2019 issue of Inc. Magazine (Use the link to see the actual survey results.)

The oldest Millennials are now well into their 30s, and they’re increasingly running companies. Inc. and our sister publication, Fast Company, partnered with career-development site the Muse to survey 155 Millennial bosses to see how they manage, what they value, and how they plan to shape the future of business. The top priorities they cited are humanist: creating positive work cultures, forging strong relationships (in person, not through apps), and caring for the whole person, not just the worker. And, unlike some Boomers and Gen-Xers, they’re optimistic about those who will replace them. As Elena Valentine, co-founder and CEO of video company Skill Scout, predicts, “I have a hunch Gen Z is going to make an even bigger impact.”

Of course, the survey focused on CEOs in tech; no one seems to bother doing similar surveys on lower level millennial managers working outside of tech.

So I thought I’d share my own experience over the last 15 years with millennial managers and their workers at my small, local bank branch.

Over those years there have been roughly seven managers, all but one were promoted and are still with the bank.

Unlike large, urban branches, small branches like mine function differently. Tellers remember your name and chat; managers often handle transactions normally done by bankers.

Because I handle the banking, wires, etc., for my Russian business partner I had a lot of interactions with the managers, as well as the staff, and got to know them on a more personal level than you might expect.

The managers all ranged from their late twenties to early thirties.

They managed much the same as the CEOs in the survey. Same concerns and efforts with their peoples’ growth and well-being.

Our conversations often focused on the culture they strove to create and, for a few years, what it took to protect their people from the toxic culture and destructive behavior of a district manager (she created enough stress to put one pregnant manager on doctor-ordered bed rest) who was finally fired.

None of the managers were perfect, although the current one is as close as any manager gets, but they created great micro-cultures, in which their teams thrived.

Impressive, especially when you consider that the bank is Wells Fargo.

Image credit: Hiking Artist

“Corporation, n. an ingenious device for obtaining individual profit without individual responsibility.” — Ambrose Bierce, The Devil’s Dictionary, 1911

Bierce’s words ring truer today than any time since he first wrote them; as shown most recently by Wells Fargo CEO John G. Stumpf.

But Mr. Stumpf — whom the members of the House committee personally blamed for the persistent and widespread misdeeds — stuck to the same script he has used throughout the crisis. The problem, he explained, was an ethical lapse among the 5,300 employees, most of them low-level bankers and tellers, who had been fired for their actions since 2011.
But he again rejected lawmakers’ attempts to cast the scandal as a consequence of broader failings in Wells Fargo’s leadership and corporate culture.

A rejection that is the purest bull poop I’ve heard recently.

Having been a customer long before Norwest acquired it in 1998 (acquired, although it was called a merger) I can honestly say that Wells attitude towards customers hasn’t changed — they are a necessary evil with no other purpose than to enrich Wells coffers.

At that time, Wells was known for its cutting-edge technology and lousy customer relations, while Norwest was famous for its customer-centric culture. Analysts predicted that as the acquirer Norwest’s culture would be ascendant.

So much for those predictions.

In case you think I’m exaggerating, there are $10 billion  in recent fines to prove I’m not.

As Mr. Stumpf testified, a video screen on the hearing room’s wall displayed a scroll of more than a dozen fines Wells Fargo has paid in recent years, totaling more than $10 billion. The list included penalties for subprime loan abuses, discriminating against African-American and Hispanic mortgage borrowers, and foreclosure violations, among others.

Mr. Hensarling asked whether such fines are simply the “cost of doing business.”

Mr. Stumpf answered no, adding, “I don’t want our culture to be defined by these mistakes.”

Then how else should the culture for which Stumpf is responsible be defined?

Obviously, Stumpf doesn’t have the same sign on his desk as President Truman had on his, let alone buy into its meaning.

Wells Fargo — where the buck stops at the bottom.

Image credit: Wikimedia Commons

The way you treat your employees affects more than your retention rate.

It can have a major impact on your company’s trainsecurity.

Banks are an excellent example. They are notorious for the low pay,  haphazard training and opportunities and iffy managers that frontline employees, i.e., tellers, endure.

But it is the pay that is especially erroneous.

According to the Bureau of Labor Statistics, the median annual income for tellers in 2014 was $25,760, a salary that prosecutors say does not match the high-risk nature of their jobs.

Raising a family and paying bills on $25K a year is beyond difficult, which increases temptation, yet these are the people who have the most access and opportunity to rip off customers.

And many of them are doing just that.

Rich and elderly bank customers are particularly at risk, prosecutors say, when tellers and other retail-branch employees tap into accounts to wire funds without authorization, make fake debit cards to withdraw money from A.T.M.s and sell off personal information to other criminals. Accounts with high balances and those with direct deposits of government funds, like Social Security payments, are especially coveted.

If you haven’t already guessed, the banks don’t want to spend to fix the problems.

Despite their importance, tellers and many low-level bank employees are not subjected to rigorous background checks. (…)  Kevin Streff, managing partner at Secure Banking Solutions, a security consulting firm, said the sluggish controls came, in part, from banks’ outdated view that tellers handled only low-risk transactions. (…)  Despite the warnings, progress has been slow. “There is a reluctance to provide real oversight, rigor or even security training because it costs time and money,” Mr. Streff said.

What will banks do?

Reimburse you for money actually taken, but that does nothing if your personal information has been shared or sold.

Based on their actions, as opposed to their words, executive attitude in many banks, insurance companies and others in the financial services industry seems be one of keep costs low, bonuses high and caveat emptor for customers.

That attitude is deeply embedded in their cultural DNA, which means changing it isn’t going to be simple — or quick.

Which means you had better embed caveat emptor in your DNA.

Flickr credit: Daz

If I had spent the entire year scouring for business quotes to fit this title I probably wouldn’t find as perfect a selection as the ten offered up by Business Week in the Worst Predictions About 2008.

Here are my favorites, which do you like?

The Bad

“I’m not an economist, but I do believe that we’re growing.” —President George W. Bush, July 15, 2008 Nope. GDP shrank at a 0.5% annual rate in the July-September quarter. On Dec. 1, the National Bureau of Economic Research declared that a recession had begun in December 2007. (I thought that’s why presidents have advisers, so they didn’t have to be an expert in everything.)

The Worse

“A very powerful and durable rally is in the works. But it may need another couple of days to lift off. Hold the fort and keep the faith!” —Richard Band, editor, Profitable Investing Letter, Mar. 27, 2008 (This is not the guy you want editing your investment advice.)

“I think Bob Steel’s the one guy I trust to turn this bank around, which is why I’ve told you on weakness to buy Wachovia.” —Jim Cramer, CNBC commentator, Sept. 15, 2008 Two weeks later, Wachovia shares lost half their value from Sept. 15 to Dec. 29. nearly failed as depositors fled. CEO Steel eventually  agreed to a takeover by Wells Fargo. (Can you imagine who he distrusts?)

The Ugly

“I expect there will be some failures…. I don’t anticipate any serious problems of that sort among the large internationally active banks.” —Ben Bernanke, Federal Reserve Chairman, Feb. 28, 2008 In September, Washington Mutual became the largest financial institution in U.S. history to fail. Citigroup needed an even bigger rescue in November. (Come on. If you’re gonna head the Fed you need to prognosticate at least as well as you obfuscate!)

“In today’s regulatory environment, it’s virtually impossible to violate rules.” —Bernard Madoff, money manager, Oct. 20, 2007 On Dec. 11, Madoff was arrested for allegedly running a Ponzi scheme that may have cost investors $50 billion. (Unless your name is Bernie and you’ve been doing it for a decade.)

OK, your turn now. Click the link and choose your favorites or supply your own in comments.

Your comments—priceless

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