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Congratulations to the June BankWork$ Graduates!

The June BankWork$ class has now graduated! WBA was proud to partner with Employ Milwaukee to bring this nationwide program to Wisconsin. BankWork$ is a free, eight-week training program to prepare participants in primarily underserved neighborhoods for retail banking careers.

This graduating class of seven students included Asjura Cole, Nakecia Dean, Alpha Jalloh, Lynn Kuester, Tionne Riley, Anthony Smith II, and Josiah Young. WBA’s Daryll Lund attended the ceremony and congratulated the graduates on their achievement. Immediately after the graduation ceremony, a hiring event for students was held. More information on the course can be found here.

Over the eight weeks, these students learned the hard and soft skills necessary for entry-level retail and operations positions. The program began in 2019 with the goal of training 400 students for positions in the banking industry over the next three years.

Thank you to the following banks for sponsoring this program:

Associated Bank, Green Bay
Bank Five Nine, Oconomowoc
The Equitable Bank, Wauwatosa
First Federal Bank of Wisconsin, Waukesha
First Midwest Bank, Milwaukee
Johnson Financial Group
Spring Bank, Brookfield
Waterstone Bank, Milwaukee
Wells Fargo

By, Alex Paniagua

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Looking For a Good Director Candidate? This Organization Can Help, Says Wisconsin Bank CEO

Joe Fazio was looking for an organization that connects companies with potential board of director candidates a year ago when he learned about the Private Directors Association. He noticed the association had chapters in a variety of places around the U.S., but not in Wisconsin. So he asked why. 

“They said nobody has volunteered to do that yet,” said Fazio, who is chairman and chief executive officer of West Bend-based Commerce State Bank. 

Next thing he knew, Fazio was president of the Wisconsin Chapter, which launched in June of 2020 and has been growing ever since. In its first year it has attracted 159 members and six sponsors. So far, two banks doing business in Wisconsin are sponsors of the state chapter of PDA – Old National Bank and Town Bank. Inge Plautz, of Old National, is the vice president of the state chapter. 

“It’s gone really well, and there’s a significant interest in it,” Fazio said. 

Chicago-based PDA, founded in 2014 with 20 people, now has about 2,000 members nationwide and 18 chapters. Fazio called it the “go-to source” for private directors and boards. 

In addition to helping to connect diverse director candidates with companies seeking them, PDA offers educational resources for companies with boards. It also holds social gatherings, which, during the pandemic, have been mostly online. 

For example, this month (May) the Wisconsin chapter is hosting a  virtual wine tasting event featuring products from the Grgich Hills Estate Winery of Napa Valley, Calif. 

There are a couple of reasons PDA should appeal to banks, Fazio said. 

“We’re all required to have boards. So how do you get outside your circle of influence, and particularly, when you try to diversify your board,” Fazio said. “How do I go find that person?” 

Most bank boards in Wisconsin consist mainly of white males, he said. PDA can help introduce females and people of color who are fully qualified to serve on bank boards. 

“There are very talented diverse candidates who are very capable of being on boards of directors,” Fazio said. “And it drives me nuts when people say, ‘Yeah, I just can’t find a good diverse candidate.’” 

A second reason PDA could help banks is because banks serve businesses, he said. PDA could link a bank’s business customers with director candidates. 

“We want businesses to do well. So do they have a board, or do they need to set up a board?” Fazio said. “Particularly, like ESOP companies, they have to have a board of directors. So again, where do we find good directors?’” 

PDA resources also help potential directors prepare for the position and to stand out among candidates. 

“For instance, there is training on how to write to resume for a board seat, because it’s different from a traditional resume. Or how to interview for a board position. It’s different from a traditional interview. So that’s really valuable,” Fazio said. 

He said there are two main elements to PDA. 

“It’s really board education, and helping build a board, start a board, make it more efficient and effective,” Fazio said. “And then the other is to help the individual become more competitive and then connect those dots for those opportunities.” 

Fazio said he expects the Wisconsin chapter of PDA to have six to nine events each year. 

“Some will be webinars, and some in person,” he said. 

The cost to join is $350 a year.  

“As a member of the Wisconsin chapter, you really have access to all the events, all the people, all the expertise throughout the country in all the chapters,” Fazio said. 

A full list of PDA’s services can be found on its website. 

Paul Gores is a journalist who covered business news for the Milwaukee Journal Sentinel for 20 years. Have a story idea? Contact him at paul.gores57@gmail.com.

By, Alex Paniagua

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Managing Burnout at the Bank

At some point, everyone faces the burdens of stress. Whether it’s caused by an increased workload or personal struggles, the potential for stress to become habitual poses risks of its own. This stress can become part of a pattern, and this is when burnout begins.  

Tellers, mortgage loan officers, CFOs, personal bankers, and every position in between have all likely dealt with burnout at some point in their career. Catching it early and mitigating its impact is ideal, but knowing how to treat it as it occurs and understanding the complexity of it can be equally as important.  

“I think too many people have this idea that the solution to burnout is variety,” said Rachel Sheerin, CPBA. “When we think about burnout at its core, burnout happens when joy begins to leave your work. It used to be that burnout happened as a result of doing too much of one thing, but that was in a different kind of world. When joy leaves your work, it becomes easier for joy to leave your life. And that is the real danger of it.” 

Managing Burnout Before It Happens 

The most impactful time to manage burnout is as soon as the symptoms begin to show. Just a few of the common signs noted were irritability, frustration, and anxiety, but Candy Allard, AVP/HR specialist at Badger Bank, Fort Atkinson, noted that signs might be less obvious, like calling in sick more frequently or being a bit more quiet than usual. 

“Always encourage employees to ask for help,” said Allard. “Make sure you’re paying attention and see if there are any noteworthy signs that an employee is acting a little abnormal. Most of them aren’t going to immediately tell you what they’re going through. Many of them choose to just work through it.” 

For those who decide to ignore their stress, HR and executive leadership are in positions to be observant and help employees facing these challenges. Kelly Heroux, president of Peshtigo National Bank, stated that a key indicator someone might be dealing with this stress is that they’re making reactive decisions rather than taking a proactive approach. As a result, these individuals will begin to lose focus on their long-term goals.  

“Aside from employees outwardly telling us, what I’ve noticed is short-term thinking rather than long-term vision,” said Heroux. “This past year has been all about thinking of the day-to-day, and now we are reaching that point where we have to reprogram our thought process and get back to thinking of that long term.” 

Heroux added that those in leadership positions play major roles in this type of rethinking, and one of the best ways they can assure overall success is by staying honest and inviting open communication. An article published in The Wall Street Journal cited a study conducted by Harvard Medical School faculty that found 96% of senior leaders claimed to have dealt with burnout at some point in their career. Few of the CEOs, however, ever admitted to anyone that they were facing this level of stress.  

“Everyone can talk about failure after the fact, but no one does until failure is in the rearview mirror,” Sheerin said. “They feel comfortable because they’ve already worked through it. We need to address our failures while we’re going through them because success doesn’t work like the American Dream. Part of progressive executive leadership today is about identifying when you’ve burned out and sharing stories about it.”  

When someone at the top acts as though everything is fine, Sheerin noted that this trickles down and that discussing the negatives while working toward the positives comes with benefits. Sharing these challenges and explaining how to best handle the situation only reminds staff that everyone is in the scenario together, everyone is human, and everyone is striving for the best possible outcome.  

“I’m sure I speak for every bank when I say we have a very open-door policy,” said Heroux. “I think communication is key and it’s important to make yourself available when someone needs to talk about these concerns and to be honest when they do. If our employees are comfortable enough to discuss it, that’s a major portion of the solution right there.”  

Identifying the Source of Burnout  

In an ideal world, the elements of stress could be spotted and resolved before they ever begin to have an actual effect. In the real world, however, dealing with burnout means finding the source of your stress.    

“You can really see personalities change from [burnout], and I’ve noticed that it tends to be those that have kids at home,” said Allard. “They’re going back and forth with whether they’re in person or virtual and if something gets shut down then it becomes a matter of this class being virtual while their other kids are in school, and it’s tough to watch the parents go through this challenge of being teachers and workers and so much more.” 

Allard noted that although she sees many parents experiencing burnout, high levels of stress affect everyone for a variety of reasons. Because of this, some of the biggest stressors might not be coming from work at all, but from the unpaid jobs that are being done outside of the office.  

“Unpaid work is something we don’t talk about nearly as much, and I think it’s one of the easier ways to burnout,” said Sheerin. “You love your family, and your kids, and your significant other, and you want what’s best for them, so you’re always willing to go that extra mile.” 

One of the biggest misconceptions surrounding burnout is that you can only experience the symptoms by taking part in monotonous routines. Sheerin noted that it’s much more complex and nuanced than many believe and that people can burn out from just about anything. Heroux added that with all the tasks we take on as workers, she isn’t surprised that sources of stress are coming from more unexpected places.  

“There are a lot of distractions in everyone’s life,” said Heroux. “I don’t think we pay enough attention to how much those distractions take away from our well-being and our focus. It’s important to determine what those distractions are on an individual level, because there’s a good chance that will bring you a great amount of calm. Life can be a lot when you let it happen all at one time.”  

For Sheerin, burnout can happen in the simplest of ways, but it can have lasting effects. Since stress is often likened to difficult, constant, or tedious work that an individual is not interested in doing, I asked whether it might be possible to burn out while working on something someone truly enjoys. 

“I think that’s the only way you can burn out,” Sheerin stated. “If you're not passionate about what you’re doing, you can’t burn out. No one has ever gotten too stressed from passively working their way through life. People in these positions are either passionate about their work, their job, their team, or something that leads to an eventual burning out.”  

Other Tips to Tackle Stress 

There is no single correct way to beat burnout. The important part is that you understand when it’s happening and identify the source of it. Treating it properly will vary between individuals and could require something as small as an afternoon off or something larger like the reconsideration of a project.  

“We try to be flexible in our scheduling, which is what you have to do when school becomes virtual and parents suddenly can’t work in the same capacity that they’ve been doing,” said Allard. “This kind of flexibility is going to be crucial as we look at our work moving forward.” 

Along with checking in with employees, Allard has found success in encouraging mental health by advertising an Employee Assistance Program (EAP) to staff. This voluntary, work-based program offers resources such as short-term counseling, free and confidential assessments, and follow-up services for employees facing work-related or personal problems. Reminding employees of similar resources can be an enormous benefit when considering the uncertainty of the pandemic people continue to navigate. 

“Burnout has been around for a very long time,” said Heroux, “but this past year has accelerated the cause and heightened the effects.”  

With so many factors outside of any one person’s control, Heroux finds it helpful to step back from the world for a bit and self-assess. Her method of managing stress includes unplugging from social media, limiting distractions, and determining a good length of time to recharge. This could be an hour, an afternoon, or a full day, and truly depends on the source of burnout. If nothing else, Heroux joins the minority of leaders who find relief in simply talking about their stress. 

“When you’re in the thick of a job, it can be impossible to see outside of what you’re doing,” said Sheerin. “I think the fact that more people, especially those in executive leadership positions, are willing to talk about this issue is a sign that we’re moving in the right direction.” 

Sheerin will be presenting "Burning at Both Ends – Healing and Managing Burnout in Your Work/Life" at WBA's Empowering Women in Banking virtual series, click here to register.

Disclaimer: This content refers to burnout in a broad sense and is not intended to substitute medical advice. For serious health concerns, please seek the advice of a qualified medical professional. 

By, Alex Paniagua

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Executive Letter: Our Diverse Voices in Banking

By Rose Oswald Poels

With 2021 nearly a quarter of the way done, WBA staff look forward to continuing the momentum of our many projects, programs, and overall efforts. This includes our mission to help banks at all stages of their diversity efforts, one which our Diversity, Equity, and Inclusion (DEI) Advisory Group discussed during our first official meeting last week.

I’d like to thank each member for accepting this new role to better understand how WBA can play a valuable role in helping banks as leaders in DEI efforts. To formally announce the group, I would like to also thank all participants for making this first meeting a success: Charter Bank CHRO Patty Chambers, State Bank of Cross Plains Market President Steve Eager, BMO Harris Bank Director Economic Equity Advisory Group Raquel Filmanowicz, Old National Bank VP of Community Relations Andrea Finck, Cumberland Federal Bank President Shay Horton, U.S. Bank Senior Vice President Nina Johnson, Partners Bank of Wisconsin Vice President Adam Knoll, The Bank of New Glarus Marketing Coordinator Daniel Rivera, Associated Bank SVP Community Affairs/CRA Officer Chandra Rodgers, and WBA staff Lori Kalscheuer and Cassie Krause.

As we further explore our agenda throughout 2021, we recognize that many banks are at various stages of developing their plans surrounding DEI. Our goal is to provide resources for all banks, from those with a robust strategy in place to those looking to begin their efforts through governance, communications, education, partnerships with associate members, and talent attraction.

We also understand that DEI takes a variety of forms. Because of this, we find it important to showcase the many voices that are in our industry serving their communities. Our new “Diverse Voices in Banking” series aims to do exactly this by celebrating and getting to know bankers across Wisconsin from a variety of backgrounds. I am honored to have already spoken with several individuals who have shared their stories, and I look forward to exploring the many other unique perspectives within our industry.

Throughout the remainder of this year and beyond, I am excited to further develop the conversation on this topic through new content by WBA detailing the great work of our many members, expanding on professional development and economic empowerment for all, and continuing to amplify the unique voices present at our banks. Thank you all for being leaders in this growth and always being advocates for everyone we serve in our banks and our constantly evolving communities.

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Cryptocurrency and Community Banks

Bitcoin is currently worth $56,261.30 per share. By the time this article is released, it is more than likely – if not practically guaranteed – to be different than the worth listed. This way of pseudo-anonymously transferring a decentralized digital currency is, for some, the way of the future. Others may find it appealing as a potential long-term investment or store of value. However, many policymakers, economists and regulators, have raised serious concerns about Bitcoin and other cryptocurrencies ranging from its legality to its sizable carbon footprint and energy use. Regardless of which side of this debate someone may be on, banks play a different role entirely.  

As people continue to ask what the future of cryptocurrency will actually be, WBA spoke with Brian Laverdure, vice president of payments and technology policy at the Independent Community Bankers of America (ICBA), on the regulatory policies, challenges, and how banking and payment systems should interact with bitcoin and other cryptocurrencies. 

Bitcoin is worth what the market believes it’s worth. This characteristic hinders its ability to function as an effective means of payment and is enough to make someone question why banks would want anything to do with this market. 

“With these wild swings in valuation and new peaks followed by precipitous declines, it’s reasonable to ask why a company that has its cost structure in U.S. dollars would want to accept payment in bitcoin that could just have a steep decline in value in a matter of hours if not minutes,” Laverdure said. 

As policymakers work to develop effective frameworks to manage risks to the financial system and protect consumers while still supporting innovation with blockchain or digital assets, it will be important for the agencies to harmonize any ensuing regulations to ensure strong, clear, and consistent oversight of cryptocurrency service providers.  

Nevertheless, as public interest in Bitcoin builds, some consumers may look to their financial institutions to help safeguard their digital assets.” 

In July of 2020, the Office of the Comptroller of the Currency (OCC) released an interpretive letter that established banks can offer custody wallet services for cryptocurrency. With this guidance, OCC-regulated banks might decide to pursue new banking services such as secure storage of a digital wallet’s cryptographic keys – a string of data that allows a holder to transfer cryptocurrency. If a holder loses one of its keys or it’s stolen, it’s not recoverable. The three bitcoins worth nearly $200,000 that your friend discovered on a flash drive in the Denny’s parking lot – they’re gone. Forever. 

“It’s still too early to determine the full effect on the banking industry,” Laverdure said. “To date, only a small number of banks are directly engaging in cryptocurrency activities.” 

ICBA has noticed a small uptick following the release of the OCC’s interpretive letter. These have been a handful of national banks announcing services to customers that have expressed an interest in these services. Smaller community banks getting involved in cryptocurrency tell a different story. 

“Some community banks have positioned themselves as early adopters,” said Laverdure. “We’re seeing some new, pioneering cryptocurrency products and services like bitcoin reward programs.” Most community banks are still in the early stages of learning about the technology: How does it work? What are the mechanics? And what are the risks and potential opportunities with cryptocurrencies? “Ultimately, I think it’s just going to take more time before we start to see community banks pursue cryptocurrency products and services.” 

Although the need for banks to invest resources in cryptocurrency is uncertain and dependent on what each bank is witnessing in their communities, it is inarguably a growing trend. A recent survey found that about 1 in 10 Americans own some form of cryptocurrency. 

“It’s very individualistic,” said Laverdure. “Still, it’s important for all community banks to be aware  of technological innovation and the best way to stay on top of it is to learn about it.”  

There are several ways that community banks can be involved with cryptocurrency without actually accepting it. The first, Laverdure suggested, is to simply stay up to date. 

“Awareness is key. Community banks should make an effort to stay aware of new technologies that are impacting financial services, whether that’s cryptocurrency or artificial intelligence, or machine learning, or so many different things."  

He noted it is important to understand the risks, the rewards, and most importantly, the need for it in your community. ICBA’s informational guide on the risks, benefits, and developments of cryptocurrency reminds banks that they should “monitor accounts for cryptocurrency activity” and “engage [their] risk and compliance officers to establish a process to track and assess crypto asset activities and associated risks.” Whether or not your bank is actively participating in crypto exchanges, there’s a good chance your customers might be. Staying aware, and often having a plan, can ensure that banks continue to help their customers by remaining flexible and discussing potential strategies for the various directions the future of cryptocurrency may head.  

“As new payments technology becomes available and accepted, community banks will need to consider the impact of virtual currencies on their institutions and customers,” said Laverdure. “New technologies can present new risks, so it is essential for community banks to have processes and procedures in place to manage the risks associated with virtual currencies.”

By, Alex Paniagua

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Congratulations To the BankWork$ Class Graduates!

Another BankWork$ class has now graduated! WBA was proud to partner with Employ Milwaukee to bring this nationwide program to Wisconsin. BankWork$ is a free, eight-week training program to prepare participants in primarily underserved neighborhoods for retail banking careers.

This graduating class of four students included Tyree Anderson, Pia Moore, Petra Theurich, and Boonna Vue. Immediately after the graduation ceremony, a hiring event for students was held. Thank you to the following financial institutions for sponsoring this program:

  • Associated Bank
  • Bank Five Nine
  • The Equitable Bank
  • First Federal Bank of Wisconsin
  • First Midwest Bank
  • Spring Bank
  • Waterstone Bank
  • Wells Fargo

By, Alex Paniagua

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You Need a Vacation

Travel plans didn’t just take a back seat during the chaotic ride of 2020 – for many, they were left on the side of the road.  

Restrictions and limitations remain in place, but PTO hasn’t disappeared in the same way travel capability has. As a result, using vacation time has taken on a new meaning without taking a trip abroad or getting the whole family together for the holidays. With people having worked their way through the pandemic, a new concern is whether 2021 will continue this trend of people abandoning their vacation time in favor of more hours spent at their desks and home offices.  

The Year Vacations Stopped 

Taking time off was never banned by any means. The initial global shutdown combined with the unprecedented amount of people working remotely in the spring simply had many asking a very rational question: ‘Why would I take time off from working at home just to spend more time at home?’ Gwen Schnitzler, assistant vice president, human resources director at Forward Bank, Marshfield, saw a fair amount of this throughout the year. 

“Last year we definitely saw a decrease in PTO usage,” she said. “Some people may have planned trips they had to cancel because they couldn’t travel or didn’t feel comfortable doing so. Some questioned why they would take time off if there’s nowhere to go. There were a lot of factors contributing to this decrease.”  

A lack of places to go was only the starting point for this trend. For other employees, uncertainty in the future and health concerns played a larger role in their willingness to take time off than anything else. 

“With so many unknown factors related to COVID, we had a lot of employees holding on to their PTO,” said Ann Knutson, senior vice president, human resources director of Bank Five Nine, Oconomowoc. “People weren’t sure how this was all going to unfold. Even with FFCRA, people were reluctant to use all of their paid time off.” 

With so much uncertainty and a hold put on travel, it made sense that banks began reconsidering how to accommodate for this evolving scenario. Molly Bauer, Bank of Wisconsin Dells vice president, human resources officer, noted that properly responding to this created necessary reassurance for the individuals preparing for any unpredictable occurrence. They ultimately decided to do what they noticed other banks were doing. 

“We increased our carryover amounts for 2021,” said Bauer. “Then, time not used by the end of June goes into our ‘extended leave bank’ which can be used for illness-related events.”  

Each bank took its own approach to the situation based off the needs of its employees. Forward Bank realized early on that even if 2021 did provide a glimpse of hope, many of their employees might very well continue viewing the situation with caution. The fear was that the additional time off would simply go unused.  

“Under normal circumstances, employees can already carry over a week,” said Schnitzler. “We thought about extending that, but then understood how in a way we were almost prolonging the problem.” 

Instead, Forward Bank offered employees the option to cash out up to two weeks of PTO. The option was announced in the summertime, which allowed everyone to fully think about what they wanted to do and plan for it. For those who opted to use this choice, the payment was made on the Friday after Thanksgiving.  

“It gave the people who didn’t think they’d use that PTO a way to cash out instead,” Schnitzler added. “We timed it around the holidays so if employees wanted to put that toward holiday-related expenses they could.” 

She noted that the idea was well-received, even by those who decided not to take advantage of it. People were just happy to have that element of choice during a year that vacations allowed for anything but.  

A Good Time to Take Time Off 

Although these changes helped to make life easier, there hasn’t been much of an argument to carry this concept over into the new fiscal year. For some, this is a matter of life finally beginning to return to normal. For others, there is a concern that employees are not taking the time off they deserve. Many employees point to the recent growth in work spurred by essential tasks such as PPP as reason for sticking around. 

“Things got really busy, really quick,” said Schnitzler. “Of course, we still accommodated for when people wanted to take time off. But with mortgages, PPP loans, and the knowledge that even if time was to be taken off there weren’t a lot of options for recreation, the majority of people decided they would just keep working.” 

This became especially difficult for employees still working remotely. Now that their home had doubled as their office, taking time off simply meant spending more time in the place that they work. Schnitzler added that especially now with workloads leveling out a bit, it’s good to view spending time not working as an important part of the work itself, regardless of where or how you end up using that PTO.  Whether you’re simply recharging or looking to spend more quality time with your family, taking that time away from work is crucial for your health and well-being.  

“If you’re at a point where you feel like you have so much going on and can’t possibly take time away, that is exactly the time to use some vacation,” said Knutson. “This prevents burnout and encourages creativity. When people are away from work, they’re able to think about how they might take a new approach to their work style. They can think about developing new workflows. And it helps you keep in mind that life isn’t just about work.” 

Encouraging employees to take time off comes with several benefits. It can help them gain perspective, recalibrate, and have a positive effect on mental and physical health.  

“The past year speaks a lot about our workforce and the fact that so many people are willing to keep powering through, especially last year when things were so crazy,” Schnitzler said. “Seeing that dedication in this industry is amazing.” 

But at the end of the day, she noted that dedication doesn’t mean giving up the PTO you’ve earned. Allowing yourself some extended time to relax is part of the reward for hard work, not the antithesis of it. 

“It’s really as simple as this,” she added. “We don’t give people vacation time with the expectation that they’re not going to use it.”  

Returning to the Office 

Taking the opportunity to clear the mind outside of the day-to-day responsibilities of work is a necessary part of self-care, but prioritizing this time off doesn’t change the fact that the spread of COVID is still an issue. Making sure guidelines are set in place upon return to the office gives workers the time off they deserve while preventing any further spread. This might look different at each bank, and it doesn’t have to require any extraordinary planning. 

“We’ve just been following CDC and local health department guidelines,” Knutson said. “We are not scientists, we are not doctors, we are not medical professionals, and we don’t want to pretend like we are. I think that’s important because we don’t want to step outside of our expertise. We have to be able to rely on the experts.” 

Knutson noted that when you follow the professional advice that’s out there, you have the experts to lean on. And though planning is crucial, it’s equally as important to not overreach when it comes to people’s lives. Managing risk does not mean asking workers to quarantine after returning from seeing their in-laws in Illinois, and having a plan can be as simple as asking employees to be honest with where they’ve been and if they believe they’ve been exposed to the virus. 

“The banking industry is one that likes to make quick decisions once we have as many facts as we possibly can,” she continued. “This way we can make a more accurate decision upfront and won’t have to change our position at a later date.”  

Another concern is whether employers might discourage people from enjoying themselves by placing harsh restrictions on their ability to work once they come back. If allowing a few days of remote work isn’t an option, setting allotted time aside for employees to quarantine if necessary when returning from a trip is one way to incentivize vacation and stay safe in the process.  

“[Bank of Wisconsin Dells] has set up a bank of the equivalent of 10 days of paid time for anything that we require you to be out for, such as travel quarantine or extra days for illness,” said Bauer. “This is in addition to our PTO plan and the FFCRA time.”  

With all these factors considered, it is still uncertain whether people will end last year’s trend of skipping out on vacation time. While there are still plenty of things to remain cautious of, there is also reason to be optimistic that bankers are re-evaluating the importance of their time off.  

“We don’t know what the future is going to look like,” admitted Schnitzler, “but we’ve seen employees begin to feel more comfortable with traveling again. The virus is still out there, but there are a lot more precautions in place and I think people are really becoming more comfortable.” 

As Knutson sees it, employees are preparing for some much-needed time out of the office, whether it be for travel plans or to simply unwind.   

“I’m finding and hearing that more people are planning on taking PTO for vacation purposes,” she said. “It seems that so many people are beginning to look past the current situation and realizing that they just need some time to relax after such a long, difficult, and unexpected year.” 

By, Alex Paniagua

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Q&A on DEI: Continuing the Conversation

In coordination with FHLBank Chicago, WBA recently hosted “A Conversation on Racial Equity” which featured Dr. Ibram X. Kendi. The event addressed a wide range of important topics related to DEI from creating a more equitable society to being an antiracist, and concluded with a bankers panel to gather insight from leaders in the industry. 

Conversations on diversity, equity, and inclusion continue to be a critical part of providing leadership throughout the banking community. In the second part of our Q&A on DEI series, WBA spoke with Certified Diversity Professional and Founder of The People Company Deborah Biddle to determine the steps that come after DEI objectives have been introduced. When your statement is perfected, your plan is in place, and all your employees are on board, then what? How do you continue the conversation?

Q: Beyond establishing DEI objectives, how do you keep the conversation on diversity, equity, and inclusion going?

Biddle: “When I’m working with an organization, we aim toward setting up a plan of action. The conversation starts at the top, so if you’re in a position of leadership then it’s important to have that language be apparent. With every communication that goes out to the organization, there should be at least one sentence that has to do with DEI. If it’s virtual, then there should be some mention of the goal and how the work is related to diversity, equity, and inclusion. 

“It starts with making sure that DEI is part of the mission and the vision of the company. Somewhere there should be language related to DEI. Then it’s important to make sure that language is visible everywhere it can be, from social media to websites. Beyond that, keep in mind that everyone can be a leader when it comes to this work, especially when they are constantly and actively talking about it. Those fundamental values come from the top, but from there it’s part of a strategy and a communication plan that the entire organization is looking at. It’s the organization that has to really articulate at every level why this is important for everyone to understand, and then people can be better held accountable through the work that they do. Continuing this conversation is a team effort. Part of your plan should be to engrain the ideals, beliefs, and principles with everyone you do business with, partner with, or work directly with every day.”

Q: You noted how important it is to hold people accountable. Why is it so important to avoid just going through the motions of a plan that’s been set in place?

“If you’re just going through the motions, then you’re not serious about it. That will be evident, not only to your employees but to your clients and community as well. I think that’s the situation a lot of organizations realized they were in this past spring and summer, where they talked a good game but when it came down to where the rubber meets the road, they fell short. Making a statement and a plan doesn’t do much of anything until you act upon it.”

Q: How do we continue celebrating our differences while strengthening our commonalities? 

Deborah laughs affably. “You know, I myself have probably said plenty about ‘celebrating differences and strengthening our commonalities,’ but I don’t know if that’s the language I would use today. What we want to do is just be honest. Biologically, we already know that we’re all 99.9% the same, so there’s this invisible piece of us that tells us we’re different. In many ways of course we are, but I think we have to get past letting the differences divide us and talk about what’s most important. So, if I’m in a business, the thing that has brought us together is whatever the going concern is for that organization. Then we need to look at what everyone brings to the table, and ask ‘how can we use your strengths to help us all get to our goal?’ 

“We have to appreciate that we all are unique, and we all have values that are worthy of honesty and respect. And of course, the other, more business-oriented half of my brain would say 'we’re trying to provide a service here, and that’s why I hired you in the first place. I hired you so we can all put our heads together and be the best we can be, no matter where we come from.’ That success is a process that requires us to treat each other with respect, dignity, and value beyond what everyone brings to the table.”

Q: I appreciate the clarification on the language; I think your explanation puts that success into a better perspective. On that subject, how might a company fall short of continuing their objectives, and how can they constantly assure success?

“I think right now a lot of companies are in a hurry to put out statements and explain why they’re champions of diversity and how anti-racist they are. You saw it with a lot of places pushing forward their support for Black Lives Matter, LGBTQ, and more, and that’s been an absolutely incredible step in this process. But it needs to go beyond saying, and it has to have that element of doing. We must be able to back up that support. A good step for a lot of organizations would be to simply have their employees really reflect and acknowledge where they are today. Not everyone is at the same level, but we can create a realistic plan to help everyone get to that level in a realistic amount of time. If you’re an organization of hundreds of people, you’re not going to move as fast as an organization of 50 people. 

“Another thing that seems to happen is companies start to put out these aggressive hiring goals and think they’re going to become diverse overnight when they’ve never done it before. Look at that honestly and ask, ‘What does diversity mean here?’ Because it might not be that you suddenly have 20% African American and Latino employees in your workforce tomorrow. Diversity might mean that you’re giving everyone an honest chance at the job and that you’re open to hiring a range of people from previously incarcerated individuals looking for a second chance at work to veterans. Really look at where you are and set realistic goals. 

“It's also time to face the fact that many organizations have barriers when it comes to equity, and then best identify what those are. I think that’s the hard part – some of the work that companies will skip over in their efforts to be diverse and inclusive. Of course, those efforts are admirable, but you can’t skip the step of going through the hard work and having those difficult conversations about where you’re at today. Make sure everyone in your organization reaches that same level that you’re stating to the world. If you’re an organization that has a diversity statement saying, ‘We welcome everyone,’ but everyone in a position of leadership is white, male, and over the age of 55, then clearly you’re not as diverse as you claim to be in your statement. That’s just the reality of it. I don’t doubt that those are all really great people, but it might just be that they have the blinders on to what’s really going on in their own organization.”

It seems that honesty, willingness, and a realistic approach are the critical elements to assure that a company is successful with these objectives.

“Exactly. You can say you’re open to everybody; you can have a great mission statement and say you’ll talk to everyone, but the proof is in who’s working there and who you’ve elevated. These are the questions we must be willing to ask: Who has a career path? What is your succession plan? Are you asking for everything but the kitchen sink when you’re hiring? Do the candidates have to be like the people already there? And it’s more often the case that we’re simply not aware that we hold those biases and have those expectations. But if we take a good and honest look at our organization, especially if we’re in an area where we could hire for diversity and haven’t, then that shows there’s room to improve your practices. 

“It’s worth noting that it’s not the same for every single company. If you’re out in rural Montana I wouldn’t expect you to have the most diverse workforce, but if you’re in Milwaukee, it’s hard to explain your way around that. I talk to people all the time who say, ‘We’re a great organization; we welcome everyone here.’ But they’re putting procedures in place that are inherent barriers for the diversity, equity, and inclusion they claim that they want. If you want to have continued success through your objectives, recognize those barriers, and work toward bringing them down. You continue the conversation by having it be part of everything you do.”

Interested in learning more about topics like this? Deborah will be speaking at WBA’s Bank Executives Conference on Feb. 3. 

By, Alex Paniagua

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“A Conversation on Racial Equity” Banker Panel Recap: Navigating the Waters

On Wednesday, Dec. 9, WBA hosted “A Conversation on Racial Equity” with Dr. Ibram X. Kendi to discuss DEI at banks and beyond. Following the event, WBA’s Rose Oswald Poels hosted a banker panel moderated by ABA Senior VP, Diversity, Equity, and Inclusion Naomi Mercer to continue the conversation with bankers.  

The panel’s contributors included Chase Executive Director and Market Director – Consumer Banking Al Araque, Bay Bank President and CEO Jeff Bowman, ABA Executive VP of Strategic Initiatives John Holdsclaw IV, U.S. Bank Consumer and Business Banking Leader Nina Johnson, and Park Bank VP – Branch Banking Suzanne Johnson. The group discussed tokenism, bridging the wage gap, first steps for DEI objectives, and ongoing steps to be taken, among several other topics. 

Throughout the conversation, the group offered a variety of tips and advice on how banks can begin using their resources to make an impact. To start, they suggested the best way to make sure DEI objectives are met and maintained is to elect someone who is willing to take on that responsibility but to also understand that it’s a team-based effort. It's important for your leadership team to allow you to move forward with these initiatives and embrace the autonomy to step outside your job description when these roles come up. 

Developing an awareness during the hiring process is another factor the group recommended. It’s up to the organization to work together to take a step back, see where they’re sourcing candidates from, and understand the process they’re involved in. Beyond the hiring process, be willing to support and sponsor the underrepresented individuals as they rise through the ranks. They further agreed to always be mindful and always be intentional with every relationship formed at your bank. Assuring some level of sustainability from a relationship standpoint allows banks to prosper in their current environment and beyond. As Holdsclaw stated, “Diversity is a reality, but inclusion is a choice." 

Make sure your products are available for everyone and find a way to grade yourself on whether you’re reaching objectives such as these. Are you making mortgage loans available to people of all income levels? Are you lending to small businesses? Create an equitable process for reviewing and considering applications and put the necessary attention into areas that have been underserved. 

Finally, each participant unanimously agreed that it’s important to realize where you’re at, where you’d like to be, and not to rush while getting there. Bowman offered a useful analogy – consider the speed of your approach in terms of viewing your bank as a boat. Community banks are the speedboats; their smaller size allows them to make quick turns when they need to shift gears. Larger banks are the battleships; they have a bigger crew and more equipment, but their operations and communication span the entirety of the vessel. Therefore, it takes more time for those turns to be made. Once you recognize the mobility of your craft, you can truly be prepared to navigate the waters. After that, just don’t stop improving. 

“It’s not always the bank product,” said Bowman. “It's your time.” 

If you’re interested in viewing the event, the recording will be available until Dec. 23. Please email wbaeducation@wisbank.com to learn more. 

By, Alex Paniagua

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WBA Releases 2019-2020 Advocacy Report

Every two years, WBA is proud to document the advocacy efforts accomplished on behalf of its membership. WBA’s priority through advocacy is to ensure there are no legislative, regulatory, or judicial obstacles barring you from serving your customers to the best of your abilities. This year’s advocacy report is now available and features several victories for the Wisconsin banking community. 

Capitol Days, an annual event that allows bankers to meet with state legislators or their staff, continued to develop a dialogue on the issues that are critical to bankers, their customers, and the economy. 2019 saw this event take place in the office of Wisconsin State Senate Majority Leader Scott Fitzgerald, while the 2020 edition took a virtual approach. 

Other conversational efforts included Rose Oswald Poels as a speaker for the introduction of a bill to combat elder financial abuse, as well as a meeting between WBA’s Agricultural Bankers Section, FSA Farm Loan Chief Tom Brandt, and Administrator for DATCP’s Division of Agricultural Development Krista Knigge about the issues that Wisconsin’s ag bankers continue to face. 

In addition, WBA files comment letters with government agencies soliciting input from the public on proposed regulatory updates and policy guidance. Recent letters have been submitted to the OCC, FDIC, Council on Environmental Equality, FRB, and HUD, to name a few.  

Many opportunities allow WBA to be a third-party advocate in judicial hearings. In the past two years, the WBA-supported omnibus bill was passed, an amicus brief was filed for the Koss Corporation v. Park Bank case that resulted in Park Bank’s favor, and both the CARES Act and the SAFE Banking Act and Corporate Transparency Act were passed by the House. 

WBA has also helped to raise funds and save money for banks and their customers. A total of $222,000 was raised for Wisbankpac and the Alliance of Bankers Conduit, and nearly $250 million in taxes were saved by small businesses that could have been applied to the forgivable portion of PPP loans through Wisconsin Act 185.  

To read more on the 2019-2020 victories and the work that WBA does on behalf of its membership, download the advocacy report here. To find out how you can engage in advocacy efforts for your bank, contact msemmann@wisbank.com.

By, Alex Paniagua

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