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SFB071 Culture, Values, and Leadership with BECU CEO, Benson Porter

| July 18, 2017
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Episode Summary

The first loan at Boeing Employees Credit Union (BECU) was a $2.50 tool loan funded by its 18 members in order to help new employees of the Boeing organization acquire the tools they needed to do their job. That was 85 years ago. Today, BECU is the fourth largest credit union in the country, has over one million members, and 1,900 employees mostly based in Washington state. What’s helped them become so successful? A strong company culture and a clear set of values. I spoke with Benson Porter, the CEO of BECU, about the importance of culture and values in an organization, how it drives business results, and how BECU got its start.

What Was Covered

  • 04:53 - Benson’s background and the different companies he’s worked for
  • 06:18 - BECU (Boeing Employees Credit Union) by the numbers
  • 07:47 - The importance of culture and values at BECU
  • 08:37 - BECU’s growth since 2011
  • 09:54 - How best to observe and diagnose the culture of a new company you’re working for
  • 11:24 - Where I met Benson and how I found out about BECU and their outstanding company culture
  • 14:17 - The history of BECU
  • 15:57 - BECU’s five values and how they were birthed
  • 18:51 - The advantage of asking your employees for their feedback on what they believe the companies values are
  • 19:27 - Innovation - BECU’s other value
  • 21:30 - Evolving from a technological standpoint and standout product differences
  • 28:14 - Be your best self by working for a company whose culture is in alignment with your own values
  • 32:25 - Company culture can evolve and is not a “one and done”
  • 37:47 - Benson’s advice for executives and CEO’s and why people seeking financial services should consider BECU

Tweetables

"We really believe in the “hire for attitude, train for skill” type of mentality"

"We are probably the largest credit union whose never done a merger"

"A lot of times mergers fall apart because of cultural integration"

"Culture does have direct business results"

"The organization is going to have a culture, the question is do you like the culture or not?"

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