After writing about values for the past few weeks, it seems only appropriate
to pause to consider the new values-based direction that Barclays Bank is
taking.
The new CEO has apparently decided that 5 values should be at the centre of
the business. These are respect, integrity, service, excellence and stewardship
(RISES). (Now I have no idea whether Barclays is using this mnemonic or not,
but having come up with it I cannot help thinking it would be brilliant if they
are, because it would mean without any effort at all they could now claim their
logo is a phoenix and not an eagle!) But, jokes aside, the values themselves seem
reasonable.
In fact they are just the values you would expect from a bank. They seem so
obvious that you have to ask yourself how they managed to move so far away from
them in the first place. So encouraging though this is, there are aspects that
still give cause for concern.
First, is the extent to which the old values have been embedded? The more
deeply entrenched they are the more difficult they will be to replace.
Nor does decreeing new values mean they will be automatically adopted. You
only have to think back to the Deep Horizon disaster when safety was ostensibly
BP’s number one priority. (Remember that?) Granted, the CEO’s edict that
employees “should adopt the new values or quit the bank” does suggest a serious
intent. But how realistic is that?
If you have any experience of introducing cultural change you know that you
have to have to change mindsets and that you cannot do that by edict. People
only change when they want to change, so the issue then becomes how ready are
the employees to change? This raises another concern – what about the other
banks? At present Barclays appears to be the only bank committing itself to
such changes. So if this isn’t just propaganda, you have to ask how long they can
act in isolation? Banks operate in a very competitive market and, if the others
don’t follow suit, Barclays may not be able to compete.
This brings you back full circle to the extent to which old values are
embedded. And a report that employees are more concerned about their bonuses
than the new values does not auger too well in that regard. Clearly, as he
readily admits, the CEO faces a massive challenge to engage employees. This must surely make him open to new ideas, don’t you think?
So what new ideas would you offer him? Would they include a new employee
ownership scheme that makes all the employees owners of the business
and that creates a line-of-sight and sense of belonging and offers the ultimate
in shared values? What better way is there of creating RISES and preventing a fall.