Coaching your team members is an effective way to help build your practice. It can develop their skills and abilities, drive performance results and enhance their commitment.
Although many management consultants try to fit coaching styles into a box, it is difficult to do so, says Ed Lee, vice president, institutional alliances at Franklin Templeton Investments in Toronto. Notes Lee: “Each individual has a unique set of behavioural traits they acquire over time that find their way into their coaching style.”
Lee advises that “managers need to understand, through introspection, which coaching style works for them and instill this style within their team.”
Here are some tips for coaching your team.
> Select and maintain appropriate team members
During the hiring process, be very clear about your role, your leadership style and what you expect from staff, advises Lee. “Team members must understand what they’re getting into and there should be no confusion of who you are,” he says. So, from Day 1, you should ensure that you find the appropriate team members, Lee says. “Hiring the wrong individuals can throw off the team dynamic,” Lee says. If required, be prepared to change the team configuration, to ensure that it performs effectively.
> Establish credibility with team members early
Lee recommends that you “exhibit behaviours that are supportive of your team members and that you help them reach their objectives, both personal and business-related.” Support for your team is essential. Lee suggests that you be their advocate and go to bat for them when required. You should also keep them informed and up to date about what is happening in your practice. Respect is also key. Says Lee: “I never ask my team members to do anything that I wouldn’t personally do.”
> Maintain on-going communication
Communication is critical at both the team level and on an individual basis, advises Lee. He says this begins during the job interview process and continues throughout employment. You have to be clear about what team members can expect from you as well as what you expect from them, Lee says. Set measurable goals. You should have regular team meetings and always have individual meetings, Lee advises. During meetings, listen to what members are saying and encourage open conversation. Guide conversations and ask questions to get team members to open up.
> Treat team members fairly
“Be fair and consistent in your treatment of team members,” advises Lee. He suggests that you ensure that you don’t consciously or subconsciously adopt favourites among team members. He recommends that compensation should be geared toward recognizing clear achievement but that you also reward “soft behaviours,” which are not always measurable.
> Be forward thinking
You should encourage team members to be forward thinkers in finding solutions. “Foster a culture of entrepreneurship and effective implementation,” advises Lee. Lee notes that there are very few new ideas in the financial services industry: if they arise, they should be recognized. Remind your team that the key to success is often the ability to move faster than your competition.