People and purpose

Open the door for me to create meaningful impact on the world.” That’s the feedback heard and being embraced at ASB, says Nicola Richardson, the Executive General Manager for People.

A paradigm shift is happening as different generations collide and people are learning how to work with and relate to each other, and how to adapt and reconnect in a post-Covid world. At the heart is shared value, a guiding purpose and a promise ASB is making to its people, says Richardson.

“Our purpose is to accelerate progress for all New Zealanders. We recently removed the word ‘financial’ as the role we play for New Zealand is much bigger than this. We also play a critical role in accelerating social and environmental progress. 

“We are leaning into these discussions with our board and are always asking ourselves where we can have the greatest impact as it relates to all three.”

Richardson says boards need to be clued into the paradigm shifts and thinking about different ways success is measured. A company may make decisions which will help to drive revenue, but what additional lens is being applied so there are other meaningful outcomes?

“It can’t be a standalone discussion,” says Richardson. “It must be integrated into discussions a board has with its management team.”

For the board and management team, it is a balancing act of delivering strong shareholder returns today while delivering on sustainable outcomes longer term. “We need to walk the talk and have a growth mindset, but we can’t lose sight of the fundamentals.”

She says the bank needs to be open to the fact that what worked in the past may not serve them well for the future. “We need to be able to test and learn. The pace of change is determined by how fast you can unlearn and relearn.”

As an employer of more than 6,000 people, the bank knows it has the power to make an impact, says Richardson. “When you think about us being a large employer in New Zealand with strong connections in many communities and families, it magnifies the opportunity we have to shift the dial in creating greater shared value.

“Our impact is dependent on how our people feel working for ASB and our people promise centres around belonging, trust and growth. It comes back to our people, how we build the muscles to be open to learning, to be okay with challenge and, most importantly, to be comfortable with being uncomfortable. This will make us adaptive and resilient and resourceful.”

Walking the talk includes focusing on belonging within the organisation (‘we see you’). The bank is building on its strong focus on diversity and inclusion, with eight groups across ASB championing its people to feel seen for who they are, not just the work they do, she says.

The latest initiative is a neurodiversity network group, providing support and connection, to help the bank learn how it can embrace and celebrate its differences. “This was a great example of our own people wanting to lean into something they are passionate about and lead the way,” Richardson says.

“When we talk about trust (‘we back you’) we consider it a two-way street. We trust you to do your best work and we provide you with the clarity, autonomy and tools to do that – and you trust us to provide you with the opportunity and also access to have a meaningful impact for our customers and communities.”

In the past year, “our people have spent more than 6,000 hours as volunteers in their communities, showing our purpose in action and taking this one step further to find opportunities for our people to get involved in our partnerships, such as project management roles in Youthline,” Richardson says.

ASB’s people also “went above and beyond” during the floods earlier this year, ensuring communities could still access essential banking services.

Richardson says the bank listens to its people and designs with their needs in mind. “Values and attitudes are evolving and we have to stay ahead of this. We know future talent is making employment decisions on matters of shared value, not just making money, so we must evolve.

“How we came about our people promise is we did just that. We conducted research globally and domestically and had input from more than 1,000 people who work with us today and who would consider us in the future, to be truly responsive to their needs.

“This is vital if we want to retain and attract the best talent and gives us confidence the more we can do to connect our people to our purpose, the greater chance of creating value for our people and customers. “The third pillar of our promise recognises that people have capabilities and interests beyond what their role may be and we are finding ways to play to their passions and help them grow (‘we lift you’),” she says.

“We have invested 9,659 days’ worth of training and development into our people in our past financial year, equipping them with the skills they need to future-proof themselves. We want to inspire them to be open to learning new things. We want them to be able to embrace and work with change, and not fear it. “In a nutshell, we want all our people to learn about and connect with our purpose, to be challenged by it, and ultimately, to feel a sense of shared value.”