Barrett Values Nedbank Web Seminar
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www.valuescentre.co m 1 www.valuescentre.com Barrett Values Centre On-line Seminar: An Interview with Tom Boardman May 27, 2009
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Nedbank, one of South Africa's top banks, has increased revenues through managing their culture. See Web Seminar at www.valuescentre.comRead The Nedbank Turnaround Story http://www.valuescentre.com/docs/thenedbankturnaroundstory.pdf
Transcript of Barrett Values Nedbank Web Seminar
www.valuescentre.com 1www.valuescentre.com
Barrett Values Centre On-line Seminar: An Interview with Tom Boardman
May 27, 2009
www.valuescentre.com 2
Featured Speakers
Richard Barrett, FounderBarrett Values CentreUSA
Richard Barrett, FounderBarrett Values CentreUSA
Tom Boardman, CEONedbankSouth Africa
Tom Boardman, CEONedbankSouth Africa
www.valuescentre.com 3
The Economic Meltdown
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The Economic Meltdown
What we currently are experiencing is not a market shakeout or a technology shift.
It is the breakdown of an unsustainable economic paradigm that threatens the global sustainability of human society.
The problems of existence have become global while the systems and processes we have for dealing with them are national.
Richard Barrett
www.valuescentre.com 5
Values-Driven, Sustainable Systems
www.valuescentre.com 6
Nedbank and CTT
www.valuescentre.com 7
Nedbank Vision, Strategy, Priorities
Vision
To become the international long-term savings and investment provider of choice and the premier financial services provider in South Africa.
Strategy
To focus on leveraging our strongest businesses (South Africa and Long-Term Savings), to streamline the Group, and to drive value creation within, and between businesses.
Priorities
1. Maintain & strengthen capital position2. Streamline portfolio over time3. Leverage scale in long term savings & investment businesses4. Drive value creation in & between South African businesses5. Strengthen governance & risk management
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Old Mutual/Nedbank Group Values
From 2005 to 2008, staff satisfaction increased by 12 points to 71.5%.From 2005 to 2008, staff satisfaction increased by 12 points to 71.5%.
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The Leader’s Journey
Leadership and learning are indispensable to each other.
John F. Kennedy
Leaders don't force people to follow— they invite them on a journey.
Charles S. Lauer
Leadership is much more an art, a belief, a condition of the heart, than a set of things to do. The visible signs of artful leadership are expressed, ultimately, in its practice. Max DePree
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Nedbank Cultural Evolution
1. cost-consciousness2. profit 3. accountability 4. community
involvement 5. client-driven 6. process-driven7. bureaucracy (L)8. results orientation 9. client satisfaction10. silo mentality (L)
2005
1. cost-consciousness2. accountability 3. client-driven 4. client satisfaction 5. results orientation 6. performance driven7. profit8. bureaucracy (L)9. teamwork 10. community
involvement
2006
1. client-driven 2. accountability 3. client satisfaction 4. cost-consciousness5. community
involvement6. performance driven 7. profit8. achievement9. being the best 10. results orientation
2007
ENTROPY 25% ENTROPY 19% ENTROPY 17%
2008
1. accountability2. client-driven 3. client satisfaction 4. community
involvement 5. achievement6. cost-consciousness7. teamwork8. performance driven9. being the best 10. delivery
ENTROPY 14%
2009
1. accountability2. client-driven 3. client satisfaction 4. cost-consciousness5. community
involvement 6. achievement7. teamwork 8. employee recognition 9. being the best10. performance driven
ENTROPY 13%
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Nedbank Cultural Evolution
Results
• 6 point increase in common good and 10 point decrease in self-interest Shift toward full-spectrum
• 12 point decrease in cultural entropy
Revenues grew by 60%
2005 2009
CTS = 30-21-49Entropy = 13%
CTS = 24-17-59Entropy = 25%
4%
3%
6%
0%
0%
0%
0%
4%
11%
21%
21%
14%
12%
4%
0% 20% 40%
1
2
3
4
5
6
7
6%
6%
13%
0%
0%
0%
0%
6%
8%
21%
17%
11%
9%
4%
0% 20% 40%
1
2
3
4
5
6
7
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Nedbank Financial Progress
Share Price grew on average 9.0% (CAGR) per year from 2004 to 2008
77.8
100.0
133.5 136.0
95.5
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
2004 2005 2006 2007 2008
Share Price (closing)
Share price (closing)
14,027 15,809
18,948
22,428 22,077
-
5,000
10,000
15,000
20,000
25,000
2004 2005 2006 2007 2008
Revenue (operating Income)
Revenue (operating Income)
Revenue grew on average 14.4% (CAGR) per year from 2004 to 2008
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South Africa National Assessment
