Issue link: https://nebusinessmedia.uberflip.com/i/1495967
Key Philosophies of the 2023 Business Leaders of the Year and Hall of Fame Inductees The following key philosophies are strategies that Bay State Savings Bank is proud to operate under and could be universally applied at any company or organization to foster better outcomes: Build a strong team and company culture. The team we've built at Bay State Savings Bank is truly the best of the best, and I look forward to seeing where we'll all be, together as we move forward into the future. Have a strong mission. Bay State's mission is to exceed the expectations of our customers, community, and stakeholders while helping them achieve their financial goals through outstanding personalized service. Reaffirm values through action and decision making. Bay State Savings Bank's has six core values that help guide us to achieving our mission to be the Community Bank of C.H.O.I.C.E; We are Committed, Honest, Open, Innovative, Collaborative, and Effective. Exceed expectations by having a clear vision. Bay State aims to advance towards our vision by consistently providing exceptional products, services, and customer interactions aligned with innovation and economic efficiency. Aim to be sustainable. Bay State defines "sustainable" as the ability to continually meet the needs of current customers and future generations, without sacrificing either by continuously identifying, developing, and strengthening the skills, abilities, processes, and resources necessary to thrive and compete in our industry. Preserve customer satisfaction above all, even while scaling. Bay State Savings Bank's strategy is to grow, organically while continuously delivering superior value to our customers, communities, and stakeholders. Identify and anticipate challenges. It is important for Bay State Savings Bank to continuously look at both bank- specific and industry-wide obstacles and critical challenges to confront them in an effective strategic manner. Develop a diverse workforce. At Bay State we seek to foster an inclusive and representative culture that creates a sense of belonging and empowerment for our entire workforce. Unwaveringly support the communities you do business in. Bay State is proud to maintain a long history of community support in the form of donations, volunteering, and service on community Boards and Committees. Our values have consistently remained focused on our unwavering commitment to support our communities and a show of goodwill for our fellow neighbors. Maintain prudent risk identification, measurement, and management processes. Companies that avoid all risks tend to remain stagnant and cannot adequately service the needs of their customers, while those that take excessive risks tend to run into significant difficulties. Bay State Savings Bank views risk management generally as the tools, techniques, and processes required to optimize short-term business needs and long-term success. Worcester Business Journal Hall of Fame Peter Alden President & CEO, Bay State Savings Bank