Welcome to The Adapter’s Advantage: Breakthrough Moments that Lead to Success.

In episode 41, Tim Welsh, Vice Chair, Consumer and Business Banking at U.S. Bank, talks about his drive to be of service, his path to becoming an effective leader, and the importance of helping people achieve their full potential.

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All of us have to keep learning and growing. That’s not optional. Doing that helps us become our full self; it helps us be fully human.

Tim Welsh is Vice Chair, Consumer and Business Banking (CBB) at U.S. Bank, the fifth-largest bank in the country. The company has been recognized by Ethisphere as one of the World’s Most Ethical companies for six consecutive years. Collectively the CBB group includes consumer products, branches, small businesses, mortgages, auto, and many elements of digital. CBB accounts for nearly half of U.S. Bank’s loans and deposits.

Tim works with colleagues to achieve their collective purpose, which is to power the potential of consumers and businesses. Previously, he was a senior partner at McKinsey & Company, based in Minneapolis. In his nearly 27 years at McKinsey, he served clients throughout the financial services and consumer industries, including some of the nation’s leading insurers, banks, investment firms, consumer packaged goods, retailers, and healthcare companies.

Tim also cares passionately about helping the Minneapolis-St. Paul community thrive. He is one of the founders of the Itasca Project, which was covered in The New York Times, McKinsey Quarterly, and Tom Friedman’s book Thank You for Being Late. In addition, he serves on the boards of many non-profit organizations in the community and nationally.

Listen as Tim discusses what it takes to be a successful leader, including creating a work environment in which people feel safe, and helping people develop their sense of purpose.

Episode 41: Having a Sense of Purpose| Tim Welsh

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From This Episode

Host Mark Magnacca: “What is the most important skill that you learned from your time at McKinsey that you’ve brought to your role at U.S. Bank?”

Tim Welsh: “One of the things I learned at McKinsey that was so powerful is that we want to, as often as possible, be our best selves. We want to achieve the full potential that each of us has. We do that by living out our purpose and by continuing to learn and to grow.

“And as leaders, part of our opportunity and, frankly, part of our obligation, is to create an environment where every single person that we’re privileged to work with can be their best self as often as possible. Because who doesn’t want to go to work in that environment?

“I get to make a difference in the lives of somebody else, and at work I have a group of people around me who are helping me be my best self. That’s joy! So, that’s what we’re trying to do.

“That was one of the things we talked a lot about in the learning and development function of McKinsey. Part of that is helping people have the mindset that they’re going to learn and grow. And, by the way, making mistakes is part of learning and growing. We have to create an environment where it’s OK to make mistakes … where we all support each other, where there’s a spirit of generosity. That doesn’t mean they’re always going to be agreed with but that we’re going to work out our differences.

“So, you have to have a sense of purpose. We all have to know why we’re working, why we’re coming to work every day. Then to achieve that sense of purpose, you have to help people be their best self. And you do that by having a growth mindset, by creating a safe environment, by creating an environment of generosity. And if we can get that magic going, together we can change the lives of lots and lots of people.”

About The Adapter’s Advantage

Our podcast features leaders from sales, training, and industry who share their personal journeys of transformation and how they are adapting to an ever-changing environment. As your host, I’ll introduce you to some of the most interesting and inspiring people I’ve met over the last twenty years.

The conversations dive into the ups and downs of their journey. Our guests focus on inflection points—the aha moments that, in retrospect, had a critical impact on their success. These interviews will leave you with practical, real-world advice that you can apply to your life.

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