Community Financial Team

The Teams at First Community Financial

The financial industry is the pulse of our economy. When banks make poor financial decisions, it trickles down affecting everyone, at every level. After the housing bubble burst around the years between two thousand five and two thousand eight many of our nation’s largest banks declared bankruptcy, the federal government began holding company Chief Executive Officers accountable for their company’s financials. They enacted stricter regulations in an attempt to avoid another financial crisis as the one we experience previously.

Today, banks must adhere to incredibly strict criteria when evaluating the financial risks they take with their clientele. Under the leadership of president and Chief Executive

This statement is evident in the manner by which they hire and retain employees. By industry standards, they have one of the youngest management teams, and are proactive in educating and rewarding them, therefore building a strong, knowledgeable team with low turnover.

The formal teams at First Community Financial include the sales staff, credit administrators and business development. Each team’s role is clearly defined to serve a specific purpose within the organization, while working together to minimize financial risks to the company. Mr. Adamany values the opinions of his teams. He recognizes the importance of maintaining an open dialect and transparency among teams when evaluating a client’s loan application and making crucial financial decisions.

In an effort to have open communication amongst teams, it is important that teams have an in depth understanding of each team’s responsibility and an appreciation for the pressures each feels to succeed. For instance, the sales staff is the first point of contact with potential clients. They need to be well versed on the company’s product lines when communicating with clients. In addition, they sell products from both the finance and factoring departments, and interact with credit officers from both divisions. Another example, are the credit administrators and business development teams. Business development needs to understand the needs

Today’s progressive company recognizes working in silos is counterproductive. Everyone needs to be able to share information for the success of the organization. According to American Express Chief Executive Officer, Ken Chenault, “at any level of the organization, I want people to have the ability to speak up and to speak out, because that is how we are going to understand what reality is all about, that is how we are going to get different perspectives. So I think it’s important to have that level of constructive confrontation.” Chenault also states that he instigates confrontation in order to garner ideas from every level of the company, but also sets the tone where people are comfortable debating with him (Bulygo, 2014). Here is a leader of a global organization setting the tone for teams working