In Your Corner magazine | Summer 2022

In Your Corner magazine | Summer 2022

HOME EQUITY LINE OF CREDIT

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In this issue ISSUE 11 | 2022

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NAVIGATING TODAY’S BEST HIRING PRACTICES How to hire candidates in this new era

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COMPETITIVE EDGE Fostering innovation in the workplace with DEI

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EARLY ADOPTERS: THE PLEASURES AND PERILS 5 tips on embracing the latest innovations

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AVOIDING PAYMENT APP SCAMS Be cautious when sending money online

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A CITY IN METAMORPHOSIS Downtown San Diego is on track to become California’s biotech core CB&T’S VISION, MISSION, VALUES CB&T enters a new era focused on building and strengthening banking relationships

Unlock your home’s value with a HELOC from CB&T You may have a good amount of equity in your home, and now’s a good time to put it to use. Get a Home Equity Line of Credit (HELOC 1 ) at a competitive rate and you’re ready to achieve your dreams. Complete that project Upgrade the kitchen or install the pool you’ve always wanted Flip to page 25 for ideas on how to use a HELOC to add value to your home! Consolidate your debt Tackle high-interest debt at a lower rate Get what you really want Improve your life by putting the value of your home to work

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INCREASING YOUR HOME’S VALUE Home-improvement projects designed to make the most impact

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DINNER REIMAGINED Make a reservation for a unique California dining experience

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TAKE 5 Q&A with Richard Hong, First Vice President, Business Center Manager, Albany

PUBLISHER California Bank & Trust (CB&T)

COMMUNICATIONS OFFICER | MANAGING EDITOR Kari Luu Stoddard COMMUNICATIONS OFFICER | PROJECT EDITOR Tom Stacey

MAGAZINE CONSULTANT Michelle Jacoby

EVP | DIRECTOR OF MARKETING Jathan Segur

CONTRIBUTORS Stacy Barry, Aaron Berman, Sally J. Clasen, Bruce Farr, Jake Poinier

VP | CREATIVE DIRECTOR Ron Gligic

SENIOR DESIGNERS Nathan Joseph and Diana Ramos

Visit calbanktrust.com/ heloc-offer for more details.

In Your Corner magazine may contain trademarks or trade names owned by parties who are not affiliated with California Bank & Trust, Zions Bancorporation, N.A. or its affiliates. Use of such marks does not imply any sponsorship by or affiliation with third parties, and California Bank & Trust does not claim any ownership of or make representations about products and services offered under or associated with such marks. Articles are offered for informational purposes only and should not be construed as tax, legal, financial or business advice. Please contact a professional about your specific needs and advice.

1. See page 33 for important details and disclosures

© 2022 California Bank & Trust. All rights reserved. | A division of Zions Bancorporation, N.A. Member FDIC

Navigating today’s best hiring practices BY STACY BARRY How to hire candidates in this new era

Creative compensation While candidates are in a position to make more demands, some businesses are finding that money, still obviously important, is not the only priority. More than ever before, potential employees are placing added emphasis on flexibility, health and safety,

interview strategies, refined job descriptions, clearly communicated culture and values, and creativity in compensation and benefits. Full transparency A key component of attracting the right candidate is a job description that accurately reflects position requirements and necessary qualifications. Transparency of expectations prevents wasting valuable time interviewing — and possibly even onboarding — candidates who are not a fit. Once you begin the recruitment dance, the process should not only be painless for the candidate, but also consistent, with regular status updates at each point in the process and early immersion into company culture. “As soon as a potential new hire comes in, we want them to get an immediate, across-the-board sense of our collaborative, respectful and customer-focused culture,” says Eyring. “That’s the best way to see if our values align with theirs.” If at all possible, hiring managers should connect potential employees with other members of the team, so they can have formal interaction with people they’ll be working with. That way, as soon as they enter the team, there’s already chemistry.

clear line of sight to advance within the company and industry. “Companies will likely need to look at overall compensation packages on a more frequent basis,” Eyring says. Current employees are key One way to find hidden gems in the talent pool is to empower individuals already committed to your organization to identify and bring in candidates. Employees at every level who are regularly out in the community are able to recognize and appreciate good customer service when they experience it, whether it be from a retailer, wait staff or medical office receptionist. “We can train anyone with a customer-service mindset,” Eyring says. While many hiring managers identify the talent shortage as their most pressing challenge, retention of current and future employees remains a high priority. “Checking in regularly and consistently to see if things are going as expected and what the challenges are, makes everyone feel supported, appreciated and part of the team,” Eyring says.

A SUCCESSFUL RECRUITING and hiring the start of the pandemic. As companies continue to operate within the COVID-19 landscape, many hiring managers are faced with historically large numbers of positions to fill or a lack of qualified candidates to fill them. “In 22 years, I have never seen a more challenging market,” says Trina Eyring, director of talent acquisition for Zions Bancorporation. “There is a significant shortage of talent and finding the right people to join the team is definitely challenging.” effort has always required evolution and adaptation, but never more so than since Candidates with the most potential often have multiple offers to leverage against each other, or they’re taking a more passive approach, choosing to stay unemployed or in their current position until the perfect fit comes along. This candidate-driven market means companies must be extremely competitive, with enhanced

work/life balance and an organization’s core values when making their decision. “It would be nice if companies could just absorb all of the inflationary pressures that people are feeling, but that’s not feasible,” says Eyring. “A view of total rewards is becoming more important.” Full benefits on day one and more flexibility in scheduling is key, as is investing in continuing education and professional development. Additionally, candidates appreciate knowing that while you may be hiring for one position, there is a

“There is a significant shortage of

talent and finding the right people to join the team is definitely challenging.” Trina Eyring Director of Talent Acquisition, Zions Bancorporation

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IN YOUR CORNER ISSUE 11 | 2022

Fostering innovation in the workplace with DEI

Competitive edge BY BRUCE FARR

B EN ALVARADO IS ON A MISSION. As executive vice president and director of Core Banking for CB&T, Alvarado is mounting a dedicated campaign to further champion the practice of diversity, equity and inclusion (DEI) throughout the bank’s wide range of enterprise in California. That mission is a timely and important one. As a corporate practice, DEI has gained considerable momentum over the past few years. There’s been widespread — and increasing — recognition that innovation in business has many of its roots in diversity of thought and experience.

realized department within corporate governance has blossomed. DEI’s increasing prevalence and practice is fully understandable, especially in light of its impact on companies’ and organizations’ output. A 2020 report by McKinsey & Company demonstrated how organizations with gender- and ethnically-diverse leaders and employees innovate at a faster rate than their counterparts. The study showed decisively that diversity of thought fuels new product development and generates opportunity for all. Likewise, an article in the esteemed Harvard Business Review points out that in every company they reviewed, diverse teams were far more innovative, particularly those that promote cultural diversity. Making an impact That “cultural diversity” factor is one that Alvarado particularly embraces, because he’s lived it. Raised in a Hispanic home but in an Anglo neighborhood, he says

Why DEI matters Although the idea of promoting

diversity in business organizations has been in practice for quite some time, the widespread growth of this discipline has truly evolved into a core business function at many innovation-focused organizations. Especially in the past few years, DEI’s evolution into a wholly

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IN YOUR CORNER ISSUE 11 | 2022

awareness among CB&T employees, but he is also taking his passionate advocacy of the DEI concept into the community. He’s proud to be spearheading a handful of community outreach programs that help promote and extend diversity awareness issues in the California communities the bank serves. “One of the programs that I’m incredibly proud of is called Cultures United,” he says. “It’s an Orange County community-based forum in which local leaders speak on a variety of topics. The bank was the founding — and sole — sponsor of this program two years ago, and we’ve been using it to create conversations in the community.” In fact, Alvarado is a chair of Cultures United. Administered under the United Way umbrella, the program is designed to promote conversation, collaboration, philanthropy and unity in the community, all of which is informed and motivated by diversity, equity and inclusion. One of the latest such Cultures United efforts featured a two-part program celebrating the past, present and future of Black History Month and Women’s History Month. “Over the past 12 months, we’ve been getting out in front of a lot of boards that we sit on, and organizations that we volunteer on,” Alvarado says. “Again, it’s all about promoting awareness of these programs in the community. That’s a major thrust of what we’re trying to accomplish.” On the horizon Alvarado has a vision for the future of DEI at the bank. Among many plans, he talks enthusiastically about implementing an Intercultural Development Inventory (IDI) into the CB&T culture. “It’s really a way to assess the awareness and sensitivity of cultural differences and similarities in an organization,” he explains. “For example, you may not think you have any biases, but when we do an IDI, it helps to expose some aspects of our beliefs or behavior that we might not have been aware of. It helps us answer how culturally competent are we, and how much do we want to be?” Alvarado makes clear the benefits of

DEI EXPLAINED

“When we all bring each other’s perspectives into the mix, that’s when the magic happens, and we see real progress in DEI.” Ben Alvarado Executive Vice President and Director of Core Banking, California Bank & Trust

DIVERSITY The recognition of vital

differences that exist within a given group or environment.

that he was “singled out” for his ethnicity as a child. “I was sort of a kid and young adult without an island,” he explains. “I was never ‘Mexican’ enough for some, but then not ‘white’ enough for others. That experience has made me infinitely curious about others, and led to my enjoyment of hearing their different ideas, thoughts and perspectives. My sense is that everyone has a story, and it’s important to create spaces where people can confidently and safely share those stories.” Further building the DEI program at CB&T is a critical goal of Alvarado’s mission.“[The] first objective for an organization that embraces DEI is to create awareness of it,” he says. “What is DEI and why is it important? I want people to understand its impact on our lives and business, and promote openness and willingness to learn about that impact.” Once employees know what DEI is, Alvarado says the next question to answer is how the practice of it will impact the business. “People in the organization ask, ‘Now that I know what [DEI] is, where do I, personally, fit into it?’ We need to create a safe space to reassure people as to why it would be so valuable to have them sit in on or lead a diverse group, whether it’s diverse in its cultural makeup, gender or any other. When we all bring each other’s perspectives into the mix, that’s when the magic happens, and we see real progress in DEI.” As important as DEI is internally to any organization, its practice also offers the company a competitive advantage in the marketplace, Alvarado points out.

“It really gives a huge advantage competitively,” he says. “Especially since COVID, people have taken the time to reflect on who they are, who they work for, what their organizations are all about, and what is their purpose in life. These considerations have become even more important now, as people are looking for different jobs and changing lines of business. As an employer, focusing on [DEI] and letting people know that it matters helps turn a business into an employer of choice.” For example, at CB&T, one of the bank’s main expressions of DEI policy is its budding Small Business Diversity Banking Program. In short, the program provides loan credit to women, minority, LGBTQ+ and veteran-owned businesses. “This program expands the credit box that we look at in our loan decision-making process,” Alvarado explains. “The parameters that guide us in these decisions are expanded somewhat. So, if they happen not to qualify under the standard regulations, this box under the Small Business

EQUITY The act of ensuring that processes and programs are administered impartially and fairly, and that they provide equal possible outcomes for every individual.

Diversity program helps re- evaluate their application under a new lens.”

INCLUSION The practice of making sure that all people — regardless of their color, culture, gender or sexual preference — feel a sense of belonging in the workplace.

Community outreach Not only is Alvarado working to help generate diverse cultural

these DEI initiatives. “By promoting a rich culture of diversity in the workplace, it can help teams to be more creative and productive in their work — all while engaging in a lot more interesting conversations,” he notes.

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Foldable laptops. Light bulbs that monitor your health. TV remotes powered by Wi-Fi radio waves. The temptation to be among the first to buy these and other examples of the latest consumer technology is overwhelming. In fact, 28% of Americans prefer to be “early adopters” when it comes to new technology, according to a Pew Research Center report. And the pandemic has only increased the number of gadgets purchased overall, reveals a recent survey commissioned by Mojo Vision, the makers of augmented-reality contact lenses. Naturally, there are both risks and rewards to being the first on your block to own the latest innovations. Here are a few:

BY AARON BERMAN

Early adopters: THE PLEASURES AND PERILS

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You’ll get a head start in understanding a technology that could soon sweep the

Whatever you buy today will soon be obsolete. Phones are a great example

PRO

CON

nation. Just think, for example, how much better you’d be at Zoom meetings if you’d been using the service when it launched back in 2012.

of this, with continuous innovation prompting more than half of consumers to replace their devices within two years, according to a study published by peer- reviewed journal publisher MDPI. Despite the cons, many consumers are quick to jump on the early-adoption bandwagon. If you’re one of them, take proactive steps to curb any risk.

There will likely be glitches. Being the first to use a technology also means

CON

being the first to stumble upon the parts that don’t work. Companies often treat early users as beta testers, using the bugs they experience to improve subsequent versions. Recall the first iteration of the Apple Maps app in 2013, which sparked safety warnings from police and forced CEO Tim Cook to suggest using other software after it led some drivers to cut across the Fairbanks International Airport runways, among other mishaps. The earlier you “buy-in” to a technology, the more bugs you will encounter. You’ll have a say in shaping future versions. Companies tend to listen to the complaints and suggestions of early adopters, often addressing both in subsequent releases. PRO

Five tips for getting the most out of being an early adopter

Buy from a trusted source with a solid return policy. Every time an exciting piece

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of technology debuts, fraudsters do their best to capitalize on it by selling counterfeit versions online. Even eBay has been a fertile fleecing ground: Fraudsters will offer products like the Xbox gaming console and Apple iPad for sale, only to send customers photos of the items or empty packaging instead of the actual equipment.

Be careful when using a new technology in a potentially dangerous situation. While

more than $82,000 from 3,784 backers on Kickstarter in 2013, but has yet to appear. Decide how much privacy you’re willing to sacrifice. 5 The same cutting-edge technology that allows people to exercise greater control over their lives often relies on personal >Page 1 Page 2-3 Page 4-5 Page 6-7 Page 8-9 Page 10-11 Page 12-13 Page 14-15 Page 16-17 Page 18-19 Page 20-21 Page 22-23 Page 24-25 Page 26-27 Page 28-29 Page 30-31 Page 32-33 Page 34-35 Page 36

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