Keep on changing, keep on growing
One way in which Streit stays on top of his game as a leader is to continuously look for ways to lead differently. Each year, he takes on an intentional strategy to change.
“I’m always intentionally changing my act,” Streit says. “What didn’t I feel good about last year? What happened that should not have happened and won’t happen again? What do I want to have happen in the future? What do I not want to have happen? You address those scenarios.”
The result of this approach is a greater readiness to deal with changes such as the influx of new competition or the need to add services to stay competitive with those new rivals.
“You have to be able to look in the mirror and realize that your life is an evolution,” Streit says. “It’s a journey and the blessing is the journey because your destination ultimately will be in a pine box somewhere. So you really want to enjoy the journey and not feel insulted or irritated by it, even though there are certainly things that could insult and irritate you. Really invest and say, ‘I want to be the best CEO that has ever existed in the industry of financial services and banking. To do that, what do I need to accomplish?’”
As important as his job is, especially in the face of increased competition, Streit also recognizes that it’s the people who lead Green Dot’s locations out in the field that often play an even more pivotal role in his company’s success.
“You may work for Green Dot or you may work for Chase or whoever it might be,” Streit says. “But you are really working for your particular local leader. If you’re at Green Dot Tampa, you’re working for those leaders. You’re not working for all of Green Dot. These are the people who control your salary, motivate you, who align you for the right jobs and are the people who are going to promote or demote you. That’s why management is so important.”
It’s those leaders who make the hires at their locations and those decisions play a more important role in a business than many people realize. The reason is that it only takes one person with a bad attitude and the inability to work as part of a team to drag everyone else around them down to their level.
“So if you see turnover in a particular area that is unusual or in exit interviews you hear grumblings, that’s indicative you may have a problem in that division that you are not aware of and you need to dive in deep and get involved,” Streit says.
Through all these efforts, Streit was able to weather the storm of 2012 and 2013. Revenue grew from $467.4 million in 2011 to $573.6 million in 2013.
“Our brand has become iconic, our sales have continued to grow and many of the competitors who at the time were our biggest threat have pulled back or acknowledged their failure,” Streit says.
“And Green Dot has emerged as one of the most important brand names in financial service.” ●
How to reach: Green Dot Corp., (866) 795-7597 or www.greendot.com
