Would you put your money in a bank that was only open 9-9:30am Saturday mornings? What if the bank only accepted 6 clients? Would you bank where no interest is paid (like now) and the only loans available were from the other 5 members and terms were negotiated during the short Saturday session?
What if the funds were kept in a locked tin box (see photo) kept in the freezer of a refrigerator locked on the back porch?
So it was in the Bishop home growing home. Once we started to earn money, we needed someplace to put it. When we were 14 we could open an official bank account at the local FDIC backed bank on Main Street. The current participants would all gather around the table and my mother would “open” the bank. Deposits were made, withdraws taken and loans made. Even if you had no immediate transaction, you showed up to watch the action and count your worldly treasurer. This process clearly taught us the value of things, the importance of saving, risk management and negotiation skills.
Understanding and managing value and perceptions of fairness are an important part of the leader’s job. Statistics show that many people leave jobs due to feeling undervalued or underutilized. Having a clear and accurate estimation of the value we each create helps keep this equation in balance.
How are you helping your team understand their value? Are you helping them increase it daily?
John Bishop is a co-founder of Leadership is a Verb. He is a former executive at Sikorsky Aircraft and Boeing.
- Banking & Budgeting