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About a month ago, Fishback Financial Corporation (FFC) held a kick-off event for staff to showcase our Service Culture Principles. With that in mind, we believe these principles, lived every day, set us apart. They aren’t new to FFC; after all, Bob and Van Fishback have been living them for years. However, having them written down concisely and emphasized consistently results in a culture customers and staff can count on, and that we can all be proud of. Thank you to all our employees for their dedication to BE THE ONE!

How about your company? Do your employees know what is expected of them? Do you base hiring decisions on staff that “fit”? How about your customers — do they know what you stand for? Every company has a culture; what’s yours?

Click below to view our kick-off video.

"Be the 1" Video

In early February I had an opportunity to get involved with The Dispatch Project, a new Sioux Falls group dedicated to inspiring service, encouraging those who wish to serve and creating opportunities to serve. I joined them on a mission trip to the Dominican Republic.

Paul Ten Haken of Click Rain Inc., along with Heath Oberloh of Lindquist & Vennum, created The Dispatch Project after going to the Dominican Republic in 2011. The experience opened their eyes to a world that remains hidden to most of us. It also inspired them to multiply the spirit of service that had grown inside of them through The Dispatch Project, challenging the Sioux Falls business community to serve.

Without much effort, Paul and Heath found a desire to serve and be involved among many Sioux Falls businesses. Fishback Financial Corporation (First Bank & Trust) happens to be one of those businesses that looks for ways to give back to the communities they serve. They chose to send me, for which I am very grateful.

Although I have difficulty putting it into words, my experience was nothing short of amazing. I can tell you that after helping the poor community in the Dominican Republic, not only do I have a desire to go back, but I also have a desire to continue extending that helping hand in the Sioux Falls community and hopefully encourage others to join me.

In my next blog, I will try to share observations I made and lessons I learned that may inspire you as well!

View photos from the project in the Dominican Republic.

Chris ConradGovernor Daugaard’s proposal to give bonuses to top teachers in South Dakota and to eliminate tenure for new teachers has been one of the most debated topics in Pierre this year. As the son of a teacher who taught for 43 years, I may be considered biased when it comes to the issue of teacher pay. South Dakota has always been at or near the bottom of the teacher pay scale, when compared to other states. If there is a way to help South Dakota move up that scale, I am in favor of it.

One of the most interesting sides of this debate is the opinion of the teachers and administrators. It has been found that most teachers and administrators are not in favor of the system. Most think it doesn’t work and there is no fair way to implement the system; an article from the authors of Freakonomics talks about why that may be.

The main difference between South Dakota’s plan and other states that have tried merit pay is that South Dakota’s program is a bonus system giving extra pay on top of normal salaries. Still, determining which teachers would get the bonuses remains a difficult task. South Dakota’s bill passed the House of Representatives on February 13 and is now headed to the Senate.

Darren LeeRecently the South Dakota Legislature has been looking to implement Governor Daugaard’s proposal to give bonuses to top teachers in the state. My first thought was, great idea; now what?

There are several different versions of incentive/bonus plans in my industry. Most of the plans reward employees for meeting and/or exceeding established goals, both individually and as a team. The expectations and rewards are clear and communicated so everyone is on the same page. Teaching is not an activity that would normally fall under performance-based pay. My biggest concerns are how will you measure it, and will it improve student achievement? How will we define success?

Even in Sioux Falls, there are diverse schools in which there may be barriers to coming up with a standardized way to implement the plan. From what I have read, most merit pay plans fail and very few survive. As the Argus Leader points out, even our educators that have spoken out seem to be split on the issue.

If implemented, the keys will be to make it special and different from the normal notions of performance-based pay and to give the legislature/schools the ability to tweak it to make sure it works. If you implement it, and it becomes a bureaucratic nightmare to manage, it has already failed in some part.

I think most would agree that teachers, and for that matter our children, are one of South Dakota’s most important resources (if not the most important). My children have just begun to enter the school system, and I couldn’t be more pleased with the teachers I have come in contact with and their genuine care for my child’s well-being. Teachers do more than teach reading, math, science, music, etc. They are involved on a grander scale on how my child reacts to learning something new, failure, success, peer pressure and a lot more stuff than what I dealt with growing up.

Todd DatheSure the winters can be chilly… but, today’s retirees want to get more bang for their buck, which is exactly what they get in South Dakota. Here, the cost of living is nearly 11% lower than the national average, and there’s no state income tax. With those savings, retirees may even choose to vacation when the weather takes a turn for the worse. Check out this article to learn more about why South Dakota deserves a second look when it comes to selecting the best retirement location.

Jason HerrboldtWe’ve all watched the recent recession bring the once robust housing market to its knees. Now we’re seeing those who would have considered home ownership turn to renting instead, either because they had a change in attitude or were unable to obtain financing. As a result, the apartment vacancy rate has fallen to its lowest level since 2001, with no real sign that things will be changing in the near future.

Despite low mortgage rates and improving affordability, demand for rental property continues to increase. This article from USA Today discusses the issues that still persist with housing and how we could be entering a new era where renting will be a new reality in the U.S.

I have always been a strong advocate for home ownership and still believe, despite issues that remain with Fannie Mae and Freddie Mac, that the government should play some role in encouraging home ownership. However, I don’t feel that we should encourage consumers, through public policy or otherwise, to purchase a home before they have both a stable income and appropriate down payment.

I was recently blown away when I read that the Federal Reserve is going to encourage more involvement from agencies like Fannie and Freddie and would consider “lowering underwriting standards” to prop up the housing market.

I have to wonder: have we not learned anything? As a society, I believe we can avoid repeating this very recent failure by discouraging people from buying a home before they are financially equipped to take that important step in their financial life.

Don’t financial institutions have an obligation to provide sound advice to their customers and shouldn’t they give the right advice to their clients, even if it means losing a deal?

“During these economic times…”  – Now, there’s a phrase we’ve all either heard, or used, lately. For most of us, “these economic times” means we try to discipline ourselves a little more with our spending money, because it feels like prices are going up faster than our cash flow.

This heightened awareness on spending has led to the popularity of many web opportunities with daily coupons such as www.groupon.com, www.dealchicken.com, www.kelolandspotlight.com, etc. These websites have a daily deal that regularly offer 50% or more in discounts on local merchandise or services.

These sites, and other special offers, are appealing to us because they allow us to save money on things we were going to buy anyway. Who wouldn’t want to pay HALF for an oil change! They’re great for the retailers, too, because they get the sale sooner rather than later. It’s a win-win. Continue reading

I couldn’t resist toasting our staff at FFC (although I don’t speak Polish). Our employees’ choice to embrace a healthy lifestyle recently earned FFC the Gold Well Workplace Award, the only company in the state to do so. As we go through this holiday season, many of us are thankful for good health, for ourselves and our families. As we look to 2012, I would highly recommend all business owners support initiatives that encourage a healthy lifestyle, both physically and emotionally, for their employees. If you want any pointers on starting a program, we would be happy to give our suggestions.

For more information about the Wellness Council of America, visit their website.

Chris ConradThanks to everyone who has signed up to follow our new BANKeasy Blog, we’ve raised nearly $400 for the Boys & Girls Club of the Sioux Empire. Wouldn’t it be great if we could do a little more? Please tell your friends about the BANKeasy Blog. If they subscribe to email alerts (see top left column) or the RSS feed by tomorrow, they will be included in our $5 per subscriber donation. We’re proud of what the Boys & Girls Club is doing for area youth and hope to help them do even more through this donation!

Todd DatheThere is no easy answer when it comes to funding a child’s college education. Is it a parent’s obligation to fund a child’s college education? Or is it ultimately the obligation of the child? If we surveyed 20 parents, we could get 20 different answers. Obviously, individual families have to make their own decision. However, lack of planning oftentimes causes many parents to wonder what their priority should be – to fund their own retirement or fund their child’s education instead.

This article from keloland.com asks that question and explains why the emphasis should be on retirement savings, and why those who want to fund their child’s education must start saving early.