Another day, another mountain of literature on boosting employee productivity and fostering workplace belonging. It’s almost as if we’re running out of ways to say the same thing. Building on yesterday’s discussion, my visit to TaiLong Bank unveiled an innovative practice that has proven effective—engaging employees’ parents.
TaiLong Bank operates with a decentralized structure, empowering branches and sub-branches with significant autonomy. Notably, over 80% of loan decisions are made at the sub-branch level.
TaiLong Bank’s business model and employee distribution underscore the importance of this strategy. Serving SMEs (small-and-micro-enterprises) demands meticulous investigation, unlike the broad strokes of big-data-driven models. This approach results in a workforce of over 10,000, with more than half being managers embedded in communities to nurture business relationships.
It’s fair to say that TaiLong’s success hinges on the expertise and commitment of its employees. Therefore, retaining and motivating them is crucial. Beyond standard benefits like snacks and insurance, TaiLong has implemented unique initiatives to engage employees’ parents:
- Employees can participate in an A-B deposit scheme, where a monthly deposit of ¥100 in the A account yields ¥300 for their parents in the B account.
- Employees receive a special holiday when their parents visit Shanghai, allowing them to spend quality time together in the city.
These initiatives may seem modest in monetary terms, especially compared to hedge funds offering substantial stock options. However, they resonate deeply with the staff. During my visit to TaiLong Bank’s Shanghai headquarters, I encountered numerous employees who spoke proudly of these measures, describing them as “emotionally comforting” and “parent-friendly.” This approach has significantly enhanced their families’ pride and recognition of their work.
This concept aligns with psychological theories suggesting that people manage multiple mental accounts, not just a single utility function. Employees likely perceive these parental benefits as a separate account from their salaries, imbuing them with additional psychological value. After all, securing your parents’ pride in your work is an achievement that’s worth its weight in gold—perhaps even more elusive than a salary hike, but undeniably priceless.