Posts Tagged ‘Productive Employees’
Wednesday, June 13th, 2012
by Norm Trainor, The Covenant Group
As you continue to build your business, it will be necessary to delegate functions of the firm to others. However, if you do not manage the team well, items can fall through the cracks and your expenses can skyrocket without results improving or profits rising. What role do you play as manager? How much time are you setting aside to review the tasks and functions assigned to your team?
In terms of building trust and professional relationships with your team, you should make yourself available to employees and be a source of help if they are struggling with tasks, stress or the daily demands of their jobs.
The results of a survey released by ComPsych Corporation in March underscore the effect that stress can have not only on employees’ morale, but also the productivity and profitability of a firm. Out of the employees who responded to the study, 56.3 percent indicated that stress had made it difficult for them to concentrate on their duties, and another 21 percent admitted that they had missed deadlines or made mistakes due to feeling stressed. Discussing and addressing these issues can lead to happier, more productive employees.
In a separate article, “Helping Your People to Grow,” I tell the story of Jan Holman, a seasoned financial advisor who had added a marketing specialty and a sub-producer to his team, but still was not seeing any results. While the sub-producer showed promise, she still needed a lot of guidance, and the marketer, although enthusiastic, was not delivering the kind of prospects needed to bring Jan’s business to the next level.
I told Jan about another one of my clients, Pat Foley, President of Distribution and Marketing at Genworth Financial, who had created a theory about management that he called Foley’s Law. The essential concept is that strong managers are both confrontational and relational, and are able to create high-performing employees by balancing the two. Focus too heavily on nurturing the relationship, and your team members will be mediocre. Act overly confrontational, and you will only lead them to burn out and quit. High turnover is not good for business on a number of levels: It damages morale, increases your recruiting, training and hiring costs, and distracts you from working on the business and amassing client capital.
Jan’s situation with his marketing specialist, Cole, was complicated by the fact that Cole was the son of one of his friends. While he was hesitant to confront Cole about his poor performance, it was necessary for Jan to not only take responsibility for working to develop the employee but also to hold Cole accountable for keeping up his end of the deal.
By listening to a problem employee, establishing a two-way dialogue and working together to address areas of weakness, you will be able to identify why someone on the team is not performing as expected and help them grow into a high-performing, results-driven member of the firm.
As founder, president and CEO of The Covenant Group, Norm Trainor is often seen as the face of the company and its leading financial advisor training programs. He has penned several best-selling books, articles and other works with entrepreneurs and financial advisors to show them how they can become more valuable to their clients, boost productivity and, ultimately, achieve the success they desire.
Tags: Building Trust, Covenant Group, Cracks, Genworth, Genworth Financial, Guidance, Holman, Managing People, Marketer, Nbsp, Next Level, Norm Trainor, Pat Foley, Productive Employees, Productivity, Professional Relationships, Profitability, Profits, Prospects, Relationship, Stress
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