Lisa Virgo on culture and B Corp at Tiimely

Tiimely achieved B Corp accreditation in 2023. Why was this so important for Tiimely?

LV:From Tiimely’s inception, everyone involved wanted to create a company that did good through a business model that was enduring. This was quite a unifying theme among all employees.

I guess this goal had ripple effects in terms of the people we were hiring - and so the goal and commitment was perpetuated.

The goals were not lofty per se. We were cognizant that as a commercial enterprise, we have a serious responsibility to all stakeholders, but at our core we wanted to be a good company that operated responsibility. Our focus was (and continues to be) building great tech that customers and the industry want and is needed to really impact both industry and customer experiences for good. This has manifest in providing great customer experiences right from the beginning. We get feedback that the service we provide is refreshing, authentic, highly capable and professional. Even when it is hard.

From my perspective, in reflecting on the B Corp pillars, we started small. Bringing in policies about paid parental leave, paying superannuation during unpaid parental leave, implementing employee share plans and being really aware of pay equity from the start. Early on, our governance structures were very mature.

We also started quite small – but with authenticity – in things like support for our commitment to act local and being a good environmental citizen.

And so, with respect to B Corp certification - we know that Tiimely is a company that strives to do good through its business model at a foundational level, and that we wanted to:

a.Have this commitment validated through external review and

b.Make a commitment to keep showing up and striving to be better.

B Corp accreditation helped us to solidify both these goals. Interestingly, the idea of certifying was suggested by an employee, so that was pretty cool.

With your experience in banks in Australia and overseas, why do you think Tiimely was set up to achieve this accreditation? Was it agility or a sign of maturity?

LV:It was a few things.

It was good to get certified while still relatively small – we were circa 140 employees when we received accreditation and while our business model is complex – it’s not as complex as a Bank by a large margin. By certifying, we were able to lay out a path for improvement, while being small enough to make the changes we wanted – and were necessary, without the complexity or constraints of legacy as found in large institutions.

In building Tiimely, we were always (and still are) focused on building an enduring company. This was done mindfully and while the company operates with agility, each decision is made with an eye to the long term. So, when we looked at B Corp certification it was really validation of that commitment.

What is wonderful is a lot of our strengths are the result of employee-led initiatives that are fostered, supported and implemented. The commitment living on in perpetuity as foundational pieces, reflecting the inclusive and open nature of the business and the engaged, pro-active employees that are invested in our success.

Is B Corp a natural progression from responsible lending/the way we do business?

LV:Absolutely.

Tiimely is built on a commitment to enable responsible lending. We enable and advocate for accurate and efficient financial decisions achievable through our technology and via better customer experiences that benefits all stakeholders. It is an enduring commitment, strongly held throughout the cycles of business - even when it was tough.

Our partnership with Bendigo and Adelaide Bank is perfectly aligned in that regard.

From my personal perspective, it’s crushing to see institutions lending to people in a manner that is not responsible, resulting in people being adversely impacted long-term.

I am also very aware of conflicted remuneration in financial services and am steadfast in my drive to not allow such practices to arise. This has been easy to implement and maintain at Tiimely as this point of view is supported by the Leadership Team, our CEO and our employees.

I look to companies like Patagonia, but also more local companies like Kiwibank(NZ), Beyond Bank Australia, People First Bank as exemplars, inspiration of successful companies that also do good through their business models. And of course, I also admire companies like Who Gives A Crap who have fun amplifying their purpose while influencing consumer behaviour.

Is B Corp valuable from an employee POV?

LV:We’ve had employees who tell us that when searching for their next role, our B Corp certification was one proof point that led them to apply.

This certification really is a reflection of what is important to Tiimely and the company that we want to keep. That’s really gratifying. The opportunity then, is to live up to this in our every day and into the long term - to keep getting better.

As a trusted partner with some of Australia’s biggest brands, we have a suite of accreditations that we’re committed to achieving / maintaining (such as ISO, SOC2) that demonstrate our capability and drive us to continue to improve. B Corp sits alongside these accreditations as a symbol of what is important to the company that we want to be.

Creating opportunities for our employees to contribute ideas that make Tiimely a great place to work with good corporate citizenship focus and a successful commercial enterprise. I believe all these things can coexist and are in harmonious support of one another.

What has been wonderful in building an enduring company and culture is that we’ve deliberately built a diverse team. This is one of our superpowers.

What are you proud to have implemented as Chief People Officer?

LV:We have recruited great humans. Throughout the recruitment process we’re interested in a person’s human story and how they can add to Tiimely. We’ve held the position that culture is best supported through an approach of ‘culture-add’, not ‘culture fit’. Over the years we’ve amassed a strong team of really engaged, capable, passionate ‘tockers’ and we continue to work tirelessly to support them to shape their roles - weaving in inherent skills outside those required by their immediate roles. We’re proud and humbled to see many former tockers return from other companies, back into the Tiimely fold and also we love that when it is time for people to move on that they are able to take with them a wealth of experience to help catapult them into their next role or experience.

I think there is an authenticity in Tiimely. Sometimes we are way too humble about our achievements, our potential and successes. I think this is our greatest strength but is also a weakness as our capability and success is worthy of amplification. I am proud of how we relentlessly strive to be better. It’s really hard to build and scale a company from scratch and we’ve had to make some hard decisions along the way. Sometimes the simple thing to be proud of is ‘pulling your socks up’ and turning up each day with enthusiasm - focusing on all the good things that are possible and that relentless drive for the long game. We are good at that. Even when it’s hard.

It’s a cliché, but our values have served us well. We asked employees to reflect holistically on the four values, how they relate and engage with them day-to-day. The feedback was an overwhelming desire to break them down to support a more fulsome opportunity for feedback and review – I thought that was pretty cool. Our employees engage with them and want to further embed them in our ways of working and culture.