A great example of our values in action happened when corporations received a tax break from the federal government in 2018. OlyFed used those funds to increase our lowest entry wage to $15 per hour, and pay grades were expanded to allow for greater wage progression. Leadership also used this opportunity to increase profit sharing for all employees to benefit everyone in an equitable manner.
That care and concern for employees are reflected in the company’s commitment to pay for 100% of every employee’s healthcare insurance and to provide paid vacation, sick, wellness, volunteer, holiday, and birthday time. Not to mention OlyFed provides an incentive program for all employees along with a generous retirement plan. It doesn’t stop there, we also have an employee mortgage loan program, incentive wellness programs, and an annual logo wear allowance.
However, with great rewards, comes great responsibilities, which is why we’re selective and take our time in hiring genuine and authentic people who are driven to make a meaningful difference in the lives of our customers. Each quarter we hold an all-company celebration to honor and recognize the accomplishments of our teammates and our Association. We hear amazing stories about our colleagues learning sign language to communicate with our hearing-impaired customers, taking paperwork to homebound seniors, preventing fraud by alerting customers to the scams being attempted on their identities. The list of incredible customer service stories could go on for pages.
Each week we hear how much this support is appreciated with feedback from our customers. Just recently, we heard from a customer who’s been banking with OlyFed for 56 years and they shared “We’ve found no reason to bank elsewhere. Professional service and friendliness greet us every time. We have our investments, business, and day-to-day banking with OlyFed.” In addition, another customer said “I moved to Idaho seven years ago and have kept you as my bank because I always like the way you treat me. You’ve made banking with you all these years stress-free.”
The key to this high level of service is culture and as the great management consultant Peter Drucker once said, “Culture eats strategy for breakfast.” This is why we’re so intentional and invest so much in creating an environment that changes lives in positive and tangible ways. From our Better Fedder training and professional development programs to our morning huddles and weekly radio address updates from senior management; we’re about transparency and open communication so ideas, solutions, and opportunities flow freely. That’s what Banking that’s Mutual means to me.
I think it’s always important to remember the little things make up the big things and trust, passion and fun are at the heart of a successful team. This is what an organization looks like when you put values above the bottom line.