Literally taking a page out of Amazon’s culture’s book, you can find the 14 leadership principals of Amazon HERE in a three-page pdf that you can circulate and discuss at your next management offsite. This short overview is a great roadmap for banks to hone their own cultural points and highlights such points as “Having a Backbone,” “Frugality,” and our favorite, “Having a Bias for Action.” The leadership principals are a well-balanced foundation that has emphasis on the customer, on leading from the front and innovation.
We are not sure how much of the Company’s success you can attribute to their culture, but we suspect a fair amount. Amazon increased sales 27% last year and net income by 300%. Over the last ten years, it has produced a 36% annual total return on its equity or three times that of their index.
The Company has a lust for growth, and in addition to dominating retail and completely disrupting the category, Amazon gave us such innovation as their cloud hosting service, the Echo, and Prime shipping. Despite being a new entrant in many categories like payments, music, and video it now occupies the top spots in many. Amazon is the best example in corporate America of what culture, a long-term strategy and execution can produce.
Your bank may not want to adopt all or any of these principals, but discussing each will help your team hone who they really are and what it is your bank wants to stand for.
Submitted by Chris Nichols on March 13, 2017