Lessons from the Banking RC that WON'T be learnt (Management paradigm,…
Lessons from the Banking RC that WON'T be learnt
People don't cheat customers because they are unethical, they cheat them because they are paid to do so
Old paradigm - 'motivate' with money and fear
Extrinsic motivation replaces intrinsic motivation of serving others
Aberrant behaviour arises as people -
Do what they are paid to do
Fear they will lose their jobs if they don't do what they are paid to do
Money "moves', it doesn't motivate
Quarterly numbers - chasing outputs
Quarterly numbers - analyst demands
Q numbers - regulations
"My purpose is to make my customers wealthy"
"My purpose is to sell wealth products"
Happy customers and happy shareholders are NOT mutually exclusive
New paradigm - no they are not!
Old paradigm - yes they are