Starting Anew. Whether a new year, new job, or change of course how to grab the reins and engage your key constituencies.
2018 is setting up to be another exciting year in the financial services industry. Record high levels in the stock market, a new tax bill promising to provide corporations an opportunity for increased spending, consolidation and growth through mergers and acquisitions, enhancements in technology, and the constant need for speed and change. How do you engage and motivate your teams to optimize performance and differentiate yourselves? And what do you need to do to attract and retain the talent to execute? The year has just begun and the work is in full swing. I thought I would share a few “tips/reminders” to help you as you get started.
Clarify Objectives : To achieve success you must ensure that everyone understands what you are seeking to accomplish and why it will be beneficial to both the company and its employees. Take the necessary time at the early part of the year to clarify the company mission and 2018 goals. Work with your leadership team to help them understand the “what” and “why” for achieving those goals. Seek opportunities for sharing your vision across all levels and functions (not just the senior folks). Understanding the importance of what they do and how it adds value to the company provides employees with clarity, focus and direction.
Communicate Clearly and Frequently : Sharing both good and bad news on a fairly consistent basis is an important business practice. Misunderstandings among colleagues, even when everyone has the best of intentions, are very common causes of disruption and delay in achieving results. To help minimize these situations, it is important to take the time to prepare the messages you want to send, and be consistent. Don’t hesitate to ask what others have heard and solicit their insights- good communication involves active listening . Perhaps schedule meetings or lunches with critical employees, join staff meetings, or simply walk the floors to touch base. Newsletters, internal websites, or “town hall” style meetings are more “formal” opportunities for sharing and can be planned for regular intervals throughout the year. Utilize the approach that works best for you and aligns with your firm’s desired culture.
Engage Employees : Effective execution and improved performance are directly correlated to employee engagement. Working with a team that is happy and driven to succeed can make a challenging workload more manageable. Thus, being able to attract and retain excellent performers should be a focus of all leaders. While compensation and benefits that are commensurate with performance and market norms are extremely important, other critical factors that contribute to keeping employees happy and engaged include: job satisfaction, career development and learning, recognition and inclusion, a manager’s support, and a belief in the firm’s mission. Spend time with employees to be certain that their understanding aligns with your performance expectations. Provide ongoing feedback by recognizing positive behaviors and sharing specific examples of what they need to do to improve. For optimal performance, try to align people in roles that leverage their strengths, and move out underperformers who can drag down others. Identify opportunities for top performing employees that align with their career aspirations and keep them challenged; they want to know that someone is looking out for their best interests. Another action that is impactful is celebrating successes; social connections and appreciation improve employee engagement!
Embrace Change: Adaptability, change management, flexibility, open mindedness, etc. are critical skills in today’s fast paced business environment. Whether it involves an acquisition, a technology integration, or a new process, change is imminent. It can be daunting for leaders challenged with implementing changes, to adapt to a new approach while at the same time getting others to embrace the changes going on around them. Understanding potential implications of the changes being made, how they can impact the firm (both positively and negatively), its culture, roles, responsibilities and expectations will help to clarify the communication and infuse a sense of confidence and purpose with employees. Be as transparent as possible- provide updates and involve others to create a more inclusive and collaborative process. Leaders should be prepared for some to react with fear and uncertainty, which appears as resistance and negatively impacts productivity. Some of this anxiety can be reduced by managers taking the time to listen to their questions and address concerns; if you don’t have an answer, be honest and let them know that there is no answer at this time. Keeping employees aware of what’s going on around them, will minimize false rumors and unnecessary fears while helping to increase trust and improve performance.
