A successful career or an impressive life may not be guaranteed by applying the above values to work, but it is difficult to imagine that anyone could live successfully if they continuously disregarded and violated these values. They are necessary ingredients for a good life and for Saxo Bank to build a strong, reliable and competitive business.
Saxo Bank did not invent these seven values, nor was it the Bank who defined them as being so essential. The Bank however, intuitively – as anyone running a healthy business would – uses them in the creation and growth phases of its business. It was the novelist Ayn Rand who spent decades refining the list of values – she called them Virtues, in her book “Atlas Shrugged,” a term Saxo Bank uses occasionally. She herself did not consider this list to be necessarily exhaustive – but the aforementioned seven are the most important ones for Saxo Bank.
Why does Saxo Bank think it is important to adopt these seven values and to be conscious of them in its everyday business?
Saxo Bank’s seven core values help keep a sometimes confusing and contradictory world in focus – and assist in identifying what is wrong and what is right. Values act as principles against which ideas and actions can be tested. At times, it is not necessary to go through the whole thought process when an opportunity is presented because, if a productive activity meets all tests against these values, it is very likely to be a success. But, if it is in breach of integrity or honesty, it can be disregarded even if it appears to be profitable, because that kind of profitability would not be sustainable long term nor be appropriate to pursue.
Values should be followed or the long-term outcome will be negative and counterproductive to established goals. The consequences of an activity in breach of the values must be thought through.
It is important to understand that Rand’s values are based exclusively on the idea of productiveness being essential for survival. The values are not founded in religious beliefs or social contexts but in what is the right way for the individual to live a great life. The beneficial effect that these values create for society is just that – the effect, rather than the cause or the justification for the values.
Rationality
Behaving in a rational fashion seems like an obvious thing to do, but actually, in many organisations a significant amount of time is spent on very irrational and unproductive activities. Saxo Bank strives to increase its rationality by applying a logical approach to identifying how to arrive at a desired end – or to gain a desired value – in the most efficient and straightforward manner.
Saxo Bank takes an active interest in industry developments, and meets challenges head-on by improving service and product features. A continuous alertness to what happens in an industry and the accurate reporting of relevant information is of utmost importance.
The ability to act with flexibility and creativity in meeting client demands is also essential. Saxo Bank deals openly and honestly with clients in order to maintain trust and strong long-term relationships.
Making the right, rational choices is what leads to success if consistently applied, and carefully and intelligently executed. For Saxo Bank, being rational in business is a key precondition to success. And by thinking creatively about how work processes, products and services can be improved, Saxo Bank strives to reflect the true meaning of rationality.
Independence
All of Saxo Bank’s adopted virtues are derivatives of rationality. The virtue of independence in particular, means using rational thinking in an independent manner. “Group thinking” or the “collective brain” simply doesn’t exist.
Individual critical thinking is a survival tool. And in an organisation like Saxo Bank where working together is necessary for success, independence means respecting and learning from others while critically considering ideas and consequences.
A simple and frequent example from the financial industry could be the investor that runs, like a mouse in a maze, after any and all analytical views he can find. If he has just read a negative comment on the dollar, he is adamant that it will collapse. If he next stumbles over a positive comment from a politician or a central banker, he will be the greenback’s most eager supporter. He will even pin the persons he randomly meets at the office coffee machine against the wall to hear their views, irrespective of their background or expertise, and be particularly receptive to their opinions if they happen to agree with the direction of his existing position. Such lack of independent thinking leads to financial disaster.
Independent thought is a vital element for progress, and at Saxo Bank it is seen as a way to secure continued performance enhancement and a competitive advantage.
Integrity
At Saxo Bank, integrity is all about executing ideas and defending values. Integrity is therefore closely related to the virtues of independence and honesty. Integrity is about following through, honouring commitments, and fulfilling promises. It is also about accepting that there is a relationship between the dreams for the future, and the work put in everyday to reach those goals.
For Saxo Bank, extending this integrity to clients and partners is critical. Managing expectations, delivering on promises and providing transparency in daily operations are vital for sustained success. Saxo Bank carefully explains its services to clients as well as the risks and opportunities they will face in working with the Bank. Saxo Bank’s actions are thereby consistent with its adopted values. The organisation does what it says and says what it means, and is congruent and trustworthy – subsequently maintaining its integrity.
Justice
For Saxo Bank, justice is closely related to the value of honesty, and essentially means that individuals should neither hold back constructive and justified criticism nor should they fail to praise a colleague that does something of value or which is ethically correct. Damage to the business is done when there is a failure to appropriately recognise those people who are doing great things. Whether this is out of envy or indifference, it is very damaging if people that should be praised, fail to get the recognition they deserve. There is nothing more self–reinforcing than getting recognition for good work. This is something Saxo Bank tries to remember everyday as individual achievements have repercussions throughout the Bank’s business.
This means that sustaining both praise and criticism are in Saxo Bank’s best interest. By correcting mistakes, and encouraging good work, Saxo Bank strives to be a fair and just advocate for its internal staff and external clients.
Honesty
Saxo Bank could not function without a fundamental commitment to honesty, both conventional and intellectual. Conventional honesty means not unnecessarily deceiving others and intellectual honesty means meeting reality head on.
Being honest is a selfish virtue, as are all sustainable virtues. Being honest is for one’s own benefit, and is not just a duty owed to others. It is also the thread that holds society together. Without honesty, freedom is curtailed, costs are higher and growth is slower.
Honesty allows for straightforward dialogue which inevitably helps identify whether a potential client is right for the business. That potential client in return has the information needed to make an informed and confident decision about doing business with Saxo Bank. Therefore, there is a win–win effect in honesty, just as in the rest of Saxo Bank’s adopted values.
Productivity
Being productive means doing what everyone at Saxo Bank does everyday – creating systems and services that are valued sufficiently by clients to enable Saxo Bank to run a successful business. Being productive also means taking pride in providing for one’s own life, avoiding having to rely unnecessarily on other people’s production, and being able to benefit from a job well done.
To achieve success, to use one’s mind creatively and productively, to see things grow and expand through effort is a great experience, and life would be much poorer if people did not experience this individually, and together, everyday of the working week. So productivity plays a big part in life, and it is therefore important to bear in mind that productivity is a necessary and logical objective.
Any initiative undertaken in Saxo Bank has productivity as the end objective. The Bank has an unusually high focus on actually getting things to work, creating results, and execution based on rational business objectives. The constant focus on practical outcomes is something Saxo Bank bears in mind in all its dealings.
Pride
Saxo Bank believes that one can influence outcomes and behaviour by making fundamental choices about how to lead a satisfying life. And the rewards for leading such a life are the values, both physical and spiritual, that allow one to feel pride.
At Saxo Bank, pride also means accepting justified recognition. Earned pride is the feeling of satisfaction individuals enjoy from doing a good job, receiving a long–awaited promotion, feeling the recognition and admiration of colleagues, or from the collective achievement of yet another milestone or award for the Bank. Saxo Bank revels in its achievements as often as is justified, because the self–esteem that is generated in turn creates a desire for even stronger pursuits of excellence.
Keeping a focus on values
At Saxo Bank, Rationality, Independence, Integrity, Honesty, Justice, Productivity, and Pride are the values that allow the company to share its success and enjoy a deep sense of pride about what has been accomplished thus far.
There are still lots of things to achieve, and hopefully many more proud moments ahead. By keeping a focus on being productive and respecting the core values as principles, Saxo Bank looks forward to continuing to build on its well respected business model and thriving staff.