I had heard the name John Allison in the context of reason, Capitalism and success before, but I was unaware of just how explicit his philosophic convictions were. This interview is the most inspiring conversation I’ve heard in some time. If more business leaders held these premises, and integrated them into their career as John has, the potential impact on the human race would be tremendous. For anyone who owns their own business or who’s in an influential position within one, implementing the core values or mission statement of BB&T could very well invoke monumental change. In fact, any group, entity, family or organization could benefit from the mindset of BB&T.
BB&T’s Core Values:
The great Greek philosophers saw values as guides to excellence in thinking and action. In this context, values are standards which we strive to achieve. Values are practical habits that enable us as individuals to live, be successful and achieve happiness. For BB&T, our values enable us to achieve our mission and corporate purpose.
To be useful, values must be consciously held and be consistent (non-contradictory). Many people have conflicting values which prevent them from acting with clarity and self-confidence.
There are 10 primary values at BB&T. These values are consistent with one another and are integrated. To fully act on one of these values, you must also act consistently with the other values. Our focus on values grows from our belief that ideas matter and that an individual’s character is of critical significance.
Values are important at BB&T.
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1. Reality (Fact-Based)
What is, is. If we want to be better, we must act within the context of reality (the facts). Businesses and individuals often make serious mistakes by making decisions based on what they “wish was so,” or based on theories which are disconnected from reality. The foundation for quality decision making is a careful understanding of the facts.
There is a fundamental difference between the laws of nature (reality), which are immutable, and the man made. The law of gravity is the law of gravity. The existence of the law of gravity does not mean man can not create an airplane. However, an airplane must be created within the context of the law of gravity. At BB&T, we believe in being “reality grounded.”
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2. Reason (Objectivity)
Mankind has a specific means of survival, which is his ability to think, i.e., his capacity to reason logically from the facts of reality as presented to his five senses. A lion has claws to hunt. A deer has swiftness to avoid the hunter. Man has his ability to think. There is only one “natural resource” - the human mind.
Clear thinking is not automatic. It requires intellectual discipline and begins with sound premises based on observed facts. You must be able to draw general conclusions in a rational manner from specific examples (induction) and be able to apply general principles to the solution of specific problems (deduction). You must be able to think in an integrated way, thereby avoiding logical contradictions.
We cannot all be geniuses, but each of us can develop the mental habits which ensure that when making decisions we carefully examine the facts and think logically without contradiction in deriving a conclusion. We must learn to think in terms of what is essential, i.e., about what is important. Our goal is to objectively make the best decision to accomplish our purpose.
Rational thinking is a learned skill which requires mental focus and a fundamental commitment to consistently improving the clarity of our mental processes. At BB&T, we are looking for people who are committed to constantly improving their ability to reason.
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3. Independent Thinking
All employees are challenged to use their individual minds to their optimum to make rational decisions. In this context, each of us is responsible for what we do and who we are. In addition, creativity is strongly encouraged and only possible with independent thought.
We learn a great deal from each other. Teamwork is important at BB&T (as will be discussed later). However, each of us thinks alone. Our minds are not physically connected. In this regard, each of us must be willing to make an independent judgment of the facts based on our capacity to think logically. Just because the “crowd” says it is so, does not make it so.
In this context, each of us is responsible for our own actions. Each of us is responsible for our personal success or failure, i.e., it is not the bank’s fault if someone does not achieve his objectives.
All human progress by definition is based on creativity, because creativity is the source of positive change. Creativity is only possible to an independent thinker. Creativity is not about just doing something different. It is about doing something better. To be better, the new method/process must be judged by its impact on the whole organization, and as to whether it contributes to the accomplishment of our mission.
There is an infinite opportunity for each of us to do whatever we do better. A significant aspect of the self-fulfillment which work can provide comes from creative thought and action.
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4. Productivity
We are committed to being producers of wealth and well-being by taking the actions necessary to accomplish our mission. The tangible evidence of our productivity is that we have rationally allocated capital through our lending and investment process, and that we have provided needed services to our clients in an efficient manner resulting in superior profitability.
Profitability is a measure of the differences in the economic value of the products/services we produce and the cost of producing these products/services. In a long-term context and in a free market, the bigger the profit, the better. This is true not only from our shareholders’ perspective (which would be enough justification), but also in terms of the impact of our work on society as a whole. Healthy profits represent productive work. At BB&T we are looking for people who want to create, to produce, and who are thereby committed to turning their thoughts into actions that improve economic well-being.
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