Issue link: https://nebusinessmedia.uberflip.com/i/1518149
"Best Ideas & Key Philosophies" from 2023 Business Leaders of the Year Worcester Business Journal Hall of Fame Peter Alden, President & CEO, Bay State Savings Bank 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 Business Leader of the Year (Large Nonprofit) David Connell, President & CEO, YMCA of Central Massachusetts 1. People-Centric Culture: Prioritize employees' needs and motivations to significantly enhance productivity, engagement, and retention. Create an environment that fosters growth, learning, and purpose for businesses and maximizes the potential of your workforce. 2. Core Values: Make your core values your guidepost! At the YMCA, caring, honesty, respect, and responsibility form the foundation of ethical behavior and positive interactions. Caring involves compassion and altruism; honesty emphasizes transparency and truthfulness; respect entails valuing others and oneself equally; responsibility requires accountability and integrity. 3. Leadership: Lead with conviction – guiding, motivating, and inspiring others to pursue a common goal. This incorporates vision, empathy, and decisiveness to lead and empower teams effectively. Embrace multicultural leadership by identifying, engaging, developing, promoting, and retaining multicultural staff and volunteers. Create a pipeline of diverse leaders at all levels, ensuring that leadership reflects the diverse communities served. 4. Growth Mindset: Espouse a growth mindset and work to ensure that abilities and intelligence are developed through dedication and hard work. It encourages resilience, learning from failures, and viewing challenges as opportunities for growth. 5. Willingness to Form Partnerships and Collaborations: Bring all the voices to the table and include them. Be open to forming partnerships and collaborations essential for growth and innovation. This will model valuing teamwork, sharing resources, and leveraging the collective strengths to achieve common goals. 6. Inspire: Inspire people to deliver impact alongside you. Tell a story that can never be forgotten – where your passion and words compel people to invest in your cause. Inspire people to see the impact of their efforts and contributions. 7. Persistence and Resilience: Bounce back from failure, stay focused on objectives, and keep your eye on the prize. Two essential traits - persistence and resilience – are critical to the determination never to give up and the relentless pursuit of goals despite obstacles or setbacks. 8. Need to Know: When possible, resist the temptation to problem-solve immediately! Seek knowledge and understanding before making decisions or taking action. Emphasize the value of curiosity, critical thinking, and continuous learning to make informed choices and navigate complex situations effectively. 9. Enthusiasm: Use your enthusiasm to foster passion, energy, and a positive outlook that can inspire others and fuel personal growth. Approach tasks with excitement, optimism, and purpose to maximize engagement and productivity. 10. Strive for Success: Remember these ten words: If better is possible, good is no longer an option.