Quarterly Update
By Chris Cassidy, CEO
Soon after I joined Trust Company of Vermont, I enrolled in a Master of Business Administration (MBA) Program at the University of Vermont. The program consisted of in-person night classes, so after work I would walk a few blocks up College Street to the campus.
One of the books that I read as part of an organizational behaviors class was Good to Great by former Stanford professor Jim Collins. The book highlights eleven companies that achieved incredible performance over a fifteen-year period, and compares them to similar sized companies in the same industries that did not perform nearly as well during the same period. Collins describes several characteristics that set the good to great companies apart from the comparison companies.
The eleven “good to great” companies that achieved remarkable performance had a lot in common when it came to hiring and managing employees. First, many of the “good to great” companies prioritized hiring great people over mapping out a great detailed strategy for the business. These companies understood that the business landscape is constantly changing, and the right employees can more easily adapt to these changes. Furthermore, if you have smart, self-motivated employees, the business can spend a lot less time trying to manage and motivate people and more time focusing on its clients.
Second, the “good to great” companies had very few layoffs versus comparison companies. In fact, six of the eleven “good to great” companies recorded zero layoffs over a tenyear period. Having such a low rate of turnover provides predictability and stability for both staff and clients.
Trust Company of Vermont has always prioritized hiring skilled employees that value our locally controlled, employee-owned principles. The company further seeks to create a work environment that fosters loyalty and long-term employment, which leads to continuity for our clients.
Recently, Trust Company of Vermont was fortunate to have the opportunity to hire four individuals from a local law firm: Jeanne Blackmore, Livia DeMarchis, Kate Murphy and Nancy Mongeon.
They will start with us in January and will be an excellent resource for our clients. Trust Company of Vermont, unlike a typical law firm, doesn’t draft legal documents, but we do administer trusts. The company has always had estate planning attorneys on staff, dating back to one of the company’s original founders, Jack Davidson. Jack remains a legal resource for our clients, and his article describes the role that attorneys play at Trust Company of Vermont.