Well, welcome. We have a special guest today that we are very excited to welcome to the Coursera program, Kim Moyers, who is a President of First United Bank is here to share with us her experiences and how she's involved in a number of different functions within First United, but one of which is kind of an area of sales. Well, I don't know if we call it. Sales is- We like to refer to it as relationship building. So, to help us into with our students that are joining us, let's first begin with First United. Can you tell us a bit about your company and its great success story. Absolutely. Well, First United has been an independent institution since 1900, and we operate as a community bank. Now, our asset size puts us as what some individuals may call and a twinner in that. We are a large community bank or small regional. We service West Virginia, Maryland, and even into Pennsylvania, but we do so from a more regional geographic perspective. So, for First United we, again, keeping to the center of being a community bank of course we offer our full line of services. So that includes your traditional retail banking services, mortgage, commercial, and wealth management, and for those that are a little unfamiliar with the wealth management side, it really truly is all about money management, and that's really at the heart of what we do, but we do so from a very community-oriented focus. So, help me. Banks. How typically your banks measured when you want to talk about the size of a bank? They are measured in regards to their asset size. Okay. So, that is taking into consideration all their loans, deposits, and money under management in regards to our wealth management area. So, as I mentioned, as an institution, we're just over $1.3 billion in assets. Our wealth management is just over 850 million. So, it soon will be equivalent to that asset size of the bank. Wow, and roughly about how many employees do you have? Three hundred and forty. Okay, and you are a retail business proposition where we're having our interview here and one of your branch locations located in Morgantown about how many branches do you have? Well, in North Central West Virginia, we have four offices and we're about to open a fifth, and you are right. There is a retail aspect to our business. However, there's also a business to business aspect of our business as well. Our sales individuals are not confined to the traditional retail offices. Specifically, our retail managers, while they may ever see the growth and development of a specific location, they're really more of a business development officer out on the street meeting with our clients in whichever location is more convenient to them. Sometimes that is here in one of our locations. Sometimes it's in their place of business or one of our local coffee shops. So, now our mortgage specialists and our commercial lenders and our wealth advisors, same thing. They are not confined to four walls. We understand that as a community bank we serve multiple generations and we need to do so from multiple delivery channels. So, that's not just technology versus face to face. That's a blended contribution of both. Great. So you, your responsibilities, you were a president of First United. Yes. I am market President for our North Central West Virginia region. Terrific. That is wonderful. Kind of give us a quick snapshot of your career and how you got to this position. Right. Well, when you think of the position I hold today, my path to get here started off in a somewhat unusual light upon graduation from WVU's Business and Economics school, I worked for a spinal implant company. I really liked what I was doing there. I was cross-trained from multiple aspects, including marketing of course, but ultimately I got a relocation ultimatum and I was not interested in moving where the company was headed. So, that is what led me to the transition to First United. I know that there's a perception out there that banks just hop around from one place to another, but I can tell you, especially at community banks like ours, that's really not as common. Now, have we hired individuals from other institutions? Absolutely, but we also have long tenure. So, once we find the talent that we like, we really engage and develop them to make sure that this is a place that they want to continue to work, myself included. So, I started with the bank just over 12 years ago. So, coming up in September I'll celebrate my 13th anniversary, and I started in our corporate marketing department. I worked there for a few years. Again, working kind of as a liaison between the marketing department and all of our lines of business, and found a niche and was asked to transition over to our retail banking area, specifically to open and run the facility that you're sitting in today. So, having managed this facility for several years, I've been transitioned to become a commercial lender and then have moved on now into my role as market president which as market president it's my responsibility to lead the integration of all of our lines of business that I've talked about today, and to make sure that we do so from a perspective that we have the correct strategies and plans in place to not only meet our corporate financial expectations but exceed the short and long term expectations of our clients. Terrific, and I know First United is such a well regarded company and it's been so successful. From your perspective, what do you attribute that success from? What's been driving your growth? Right. Sometimes I feel that when you look, of course it's a multifaceted perspective, but if I could wrap it up in one word that would be passion. We genuinely have a passion for helping others, and helping others from all aspects in their life. Sometimes that means it goes beyond the financial elements. So, and our associates embody that. Our culture here at First United is very family-oriented. We've, I can wholeheartedly state that we live by our employee value proposition and we make sure that all of our associates, regardless of their position, have the opportunity to truly have a life-work integration. Now, I said integration not balanced because in my experience finding the perfect balance is very very difficult to achieve. But if you can achieve a balance integration then I feel that it's success on all fronts both personally and professionally, and that is that passion and that thirst for knowledge. Of course, we work in a very complex industry and it's constantly evolving and so we have to make sure that we continue to evolve so we can add the value that our clients are looking for. That again gets routed back to our associates. They truly are community-focused, they live here, they work here, they volunteer here, and they support the organizations within our local communities that we serve. So, when you take a blended approach, so to speak, and you blend the ever-changing, ever-evolving technology with the passion that our associates embody, it is a very successful combination. So, some people might not normally think of a financial institution such as First United as having a sales function, or thinking of sales as part of your core values propositions that you deliver to consumers, and I'll bet of course that's not really true. So, tell us a bit about how sales is defined within a financial institution and particularly yours. Okay. Sales for us is as much about quality as it is quantity. As I mentioned earlier, we really are in the business of engaging relationships. From that perspective, our goal is to educate and advise in everything that we do. But we can only do that if we've taken this proper sales protocol so to speak, to properly identify their needs, discover their interests and determine, no matter who we're working with whether it's an everyday individual, or a business, what makes them tick? What is most important to them? How did they get to where they are? What are their goals? What are they going to need down the line to help them get there? What if any obstacles are in the way and how can we be a part of that? So, as you mentioned it from that perspective that is essentially sales and I know from having worked with the college, that a lot of the trainings that you were doing in the business competitions and sales competitions that you have entered, embody that. I've witnessed it firsthand. So, it's really- gone for us are the days of hard sales. Gone are the days where you can sit behind a desk and people just walk in. You have to be progressive, you have to have initiative and that is really the true root of your core sales strategies. But doing so in a very trusting non-aggressive manner. So, at the end of the day what's successful for us and the sales approach that we use is that very relaxed conversation. At the end of the day all we're asking is for conversation to see where it might go, discover what we can about the individuals we're meeting with and what their goals are, and at the end of the day find a fit. If there's a fit for our products and services for their needs, then it's a win-win for everybody. Sometimes we're not the best fit but at the end of the day we are still advising them and instructing them where they can go to find the fit for what they're looking for. So one of the big things that we focus on in this course is the recruitment and the development of sales people and also can you tell us a bit about how you approach recruiting people for your bank. Sure. Well, as as most companies, we do have a corporate human resource department that leads our recruitment efforts as far as posting the positions. But beyond that, each individual hiring managers deeply in-rooted in the process itself. So, throughout the process, we do have specific position assessments. We utilize personality assessments such as DISC. Because at the end of the day as I mentioned, the quality of the individual, their interests and what their hopes and dreams are have to match the goals of the company. So, for example we mentioned on how much we are in-rooted in our community, when we sit down to talk to a candidate, we need to know that that's a general core value for themselves, otherwise it's not going to be a fit for us or for them. So, of course we have the standard assessments but really our best success is in employees. We have built very strong solid teams. They're integrated as I mentioned. Gone are the days where we are solely siloed as we've been. So, we need to know the individuals can be cross-functional and who better to round out your team than your existing team members. So, we get a lot of talent leads in from our own employee base, and having that conversational style approach. We mentioned a little bit about how we approach sales to customers, well we take that same approach in our recruiting elements and how we interview our candidates and we do multiple levels of interviews. That's great. So, actually you've kind of touched on this but maybe we can try to summarize everything, taking the point of view of let's say an applicant, someone who's applied for a position here, walk us through what they might experience through that evaluation process. What would happen after they send that information in? Right. So, they've officially applied, and so the first touch point is going to be within our corporate HR department. Our recruiting officer will vet the candidates and conduct an interview. At the point of time where that initial screening process has been completed, that's when they reach out to the Hiring Manager to solicit actual dates to interview, and we do interview here onsite. We're not taking them to a corporate office. We take them to where the need is. So, in this case the individuals I would be recruiting for are going to be here in North Central West Virginia. Not saying they have to be from here, but we're going to interview here. We're not going to take them over to Martin's burger, Hagerstown or Frederick to interview with us. So, that would be the first step then we schedule the interview and in between times depending on the position, that's when one of those position specific assessments may be applied. For example, I most recently hired a new Retail Manager to oversee one of our offices here in North Central West Virginia. The assessment that they took was a pretty lengthy survey, and a personal assessments that did a couple of things: one it told us about their natural tendencies and abilities strengths and identified some areas of opportunities that may be typical of this type of personality, it told us how well their personality and style of approach will match against the financial performance that we're looking for in our sales culture, and it also gave us a better understanding of what their core behaviors and traits are. So, this is really important. I want to reinforce to all the students, you've just heard someone talk about all the points that we were talking about here in our recruitment efforts. I noticed you talk about personal interviews. You also look at surveys and other testing measurement types of tools that you're using and the net point is that they've had a lot of data points that they create about a particular candidate, so that they're making decisions based on a lot of data and not just your gut feel after one person talks to an individual, that's really terrific. As an employer the benefit of that is that data is not just used in the recruitment process, we have that information to carry forward. So, in the event that the individual is hired, we then utilize in our coaching and mentoring of that individual as we move forward. So you've just brought up the next question which has to do with training and development. So, obviously the job just begins once that person is selected for that position and all. Tell us about how you approach the training and the development of your employees. Okay. We take both a formalized and informal approach to our training. So, corporately we do have an annual development plan that is created and approved by our executive management team. That plan focuses on any identified gaps and needs identification, as well as future needs. So again, we're in an organization and in an industry that continues to evolve and we need to make sure that we're lining up the training aspects that compliment that. We also use a blended approach. Some we do internal as classroom setting, some is online, some of it we provide resources for self development, but I think one of the most interesting aspects that we've adopted over the last few years is our approach to individualize development plans. Now, I know in most companies if an employer came to you and said I want to talk to you about your development plan, there can typically be a negative connotation with this. But this is absolutely 100% positive and it's also employee lead and driven. So, when we sit down to talk with each and every associate regardless of your position all the way up to our senior management, has their own individual development plan. It is focused around strengths as well as areas of contribution and areas of interest for development. So, as we look at developing those plans, we incorporate both short-term plans and objectives as well as longer term plans based on career growth, and then we supply the training that helps that individual accomplish that. Some of it is going to be as I mentioned self-initiated, some of it can be accommodated through our corporate trainings and some of it we do look to external resources. We do a lot of trainings through the American Bankers Association, and similar associations to help really help our associates become proficient in their roles as well as guide them to the role that they want to have. So, I think you said this but I just want to draw this out. So, you actually have a document or some statement that sort of as a plan for each employee in their development? Yes, and that plan is not solely focused on job performance either. Granted there's several aspects of that. Some of the plan really has to do with what you would refer to as more of a core value and soft skill. So, for example leadership. Leadership is very important to us and we want strong leadership through each and every level of our organization. So, while there may be components in an individualized plan that are specific to sales, are specific to job function, some of it is going to be those soft skills that we can further help enhance and round out. That's really excellent and obviously, it's a well thought through and something you work very hard at, but I think the results show for themselves. So the other thing that I've been just thinking about training and all, who would be the person responsible for an individual employee? Is it their direct report? Is that the one who develops a plan? It's a combination. Like I mentioned, some of it is specific to their direct report, some of it is themselves taking the self initiative because, we can guide you, we can provide the resources, but an individual has to have the want and the will to develop and learn as well. The other aspect that we have, again, is our associates. The way that this is structured, it allows our associates to not only be learners, but teachers and through that process, it also helps us create both informal and more formalized mentorship opportunities within the company as well. So, I'm going to put you on the spot with a gasp of it more than anything. But then let's say a new employee and in their first year that they're here, about what percent of their time do you think they're spending on training and development? In their first year? Yeah, in their first year. At least 35-40 percent. Wow, that's remarkable. It's a continuation, I mean granted the amount of time and the percentage of time will decrease as time goes on, but that aspect of continued evolution, continuing knowledge, and having a thirst for learning, so to speak, it never ends and that's the approach that we take. So one of the big takeaways that you can look at is when you're going to make a commitment to training and development and in particular, when you're accounting for that amount of time with a person, that's a real managerial challenge. That just doesn't happen naturally or organically, you have to plan for that type of activity and all. So Kim, the other thing that we talk about here in this course is evaluation and performance measurement. Can you tell us a bit about how you all approach that? Sure. So, our approach to evaluations are a two-fold. Of course, we just talked about the extensive training aspects. So the touch bases and observations and assessments are going to be more frequent during a training period than they are ongoing. But ongoing again, we continue to focus as much on quality as we do quantity. So, to relate it back to a specific sales performance, we know that there's going to be production numbers, there's going to be number of outside sales calls, the activity components in the job. Those are very important, but what's even more important is the quality of information, the quality of conversations that's happening within that. So, for us to measure and monitor, we've adopted what we referred to as our coaching process. So, you get past that initial training phase, and minimally at least four times a year or more, you are having a formalized sit down conversation, coaching session with your direct supervisor. We also do what we refer to is touch bases. So, those are those in-between times that we're meeting on a regular reoccurring basis all year long and coaching our individuals based on observation, based on results, based on improvements as they've gone through the various trainings, and then that continues for us. Excuse me. So, also, when it comes to our formalize evaluation is no surprise, but clearly, I'd say we talk a lot, but we do coach our individuals on a reoccurring regular basis. So, when you get to that formalize a annual review, there are no surprises. Now, that review is broken down into two major components. Sixty percent of your overall scoring as an associate does specifically relate back to core job function. But the other 40 percent are all these core values and traits that we've talked about, leadership, time management, your ability to work within a team, your commitment, and volunteerism in the community. Those are all aspects that we evaluate each and every employee on, and it counts for 40 percent of their overall weighing. So again, it's quality over quantity. While quantity is important, when you break it down into its core metrics, we're looking at 60 percent being true job performance, 40 percent being these other skill sets and behaviors that we expect to be each associated to embody. So, I would think too. So if we talk about compensation of employees and all. Is there a certain part of an employee's compensation, is some of it incentive-based or tied to some type of performance? Depending on the position, there are some incentive plan. So for those that are truly our front-line, so to speak, those individuals that we've mentioned that are out and about from a more sales driven perspective, there are incentive plans in place for the above and beyond. Everybody has a base salary with the way that we're structured, but we do have those additional compensations for results that are above and beyond. But we also take into consideration again, with some of those additional bonus structures there's core values and traits. So again, it's quality over quantity for us. So, while the quantity is important, the manner which is achieved is even more important. Interesting. So once again, notice here that when we talk about really all aspects of employee management, but things like compensation and all really has to tie directly to your evaluation program, that's what fuels your ability to make decisions on compensation and if incentive compensation is part of that. Right. Absolutely, and that's completely driven and related back to our balance sheet, our net income, and our net profits because strategically, our plans are in place and we know what we need each associate within the organization to be able to achieve for the company to hit his financial performance metrics. So if the company succeeds, you succeed and also on top of that, we do have opportunities where if we have, for example, one associate that has really gone above and beyond, and has really accelerated and it has been very, very successful and contributed to the company from a multifaceted perspective, we take that into consideration as well. So, Kim, tell me about ethics and the importance of ethics in your institution. Okay. Well, ethics of course for us is is definitely a staple. In financial services, you absolutely must have honesty, integrity, impartiality, and confidentiality. There is no room for non-adherence. To take that a step further, we have a formalized code of business conduct and ethics, that each associate must review and be trained on, on an annualized basis. Plus there are additional trainings and compliance measurements throughout the year. That include information about adhering to insider trading policies, the ability, again confidentiality. That even extends to having to make sure and evaluate that casual conversation doesn't come up because we're all can be at that cook out and someone wants to bring up a certain conversation. So there are certain times where as a banker, you have to be able to say, "I'm sorry. I'm not knotted, not privileged to be able to speak about that right now." That's a reoccurring, ongoing training for us. So it's very formalized, it's one of the first things our associated see. It is a part of our employee handbook, and it's something that we continue to adhere on, and it continues to change and evolve as regulations change and evolve as well. So ethics is an absolute must for us, and we have formalized structures and policies in place to adhere to it. I would think too. One of the things that we talk about in sales, is that often part of the selling process is making promises or making kinds of commitments to people and all. I would think that would be a very tricky thing to do in financial management and money matters. I mean, one can't necessarily guarantee performance. Right. That's where the honesty and integrity comes into play. You have to be transparent. So, I always tell any prospective new client that we are here to help them and understand their needs and goals as much as possible and try to provide solutions for them. But there may be times where that solution is not going to be something that we can facilitate. Again, though it's our goal to educate and advise them on how to take care of it, but you're absolutely right. The ethical aspects of that including the opportunity that as we all know, friends and family own businesses, and that's where you've got to segregate your relationship from personal to professional, and keep that wall in between this two. Not that you can't do business with friends and family, but it's very, very important to separate. For example, even though I may bank a business that is owned by somebody that is friends of our family or my husband, I am absolutely not permitted to speak anything about what you're doing with that business to anybody, no matter how close the two principal owners maybe. This has been so helpful because we talk about ethics often in a very generic fashion, and what you're hearing is what it really means in a practical day to day transaction type of world of what goes on so real. Right. Down to the point where when I go home of an evening, I can't even tell my husband that I ran into that mutual friend because it would break confidentiality. Because inevitably, if you make the comment, "I saw John today." Then the answer is "Oh really? Where did you see him at?" I can't answer that because it's breaking confidentiality. So, it's best to just not bring it up at all. Wow! That's really interesting and a very important dimension to what you all do and your success and so forth. Kim, thank you. Thanks for sharing your considerable experience and giving us a nice snapshot of First United and how they approach their operations and, in particular, in managing the sales function and all. Thanks. My pleasure.
