The first step in motivating the people you work with to treat them with respect, says Prem Malik, a chartered accountant and financial advisor with Queensbury Securities Inc. in Toronto. “You should not view your staff as a means to an end,” Malik says, “or as a necessary evil that exists solely to make your life easier.”
Adds Joshua Israeli, principal with Isgold Search Consultants Inc. in Toronto: “Dealing with your staff goes back to the simple concept of ‘loving thy neighbor as thyself’.” Remember that your staff is part of the team that will determine the success of your practice, Israeli says. It cannot build as a “mathematical model, without any human interaction,” he adds.
Here are four key ways to get the most out of your team:
> Recognize your staff’s contributions
Each staff member should be viewed as a valuable member of your team who makes a unique contribution to your practice.
“Recognizing a team member’s contribution – even it means saying, ‘Well done’ — can actually stimulate their performance,” says Malik. “You’ll be surprised how productivity can go up if you recognize your staff for their contribution.”
> View your staff as an asset
Your staff should not be viewed as a cost but rather as an investment — in their skills and expertise. When you hire staff, you are making an investment in human capital that will eventually grow and pay dividends.
Investment in your staff could be in the form of training, personal development programs and other areas that support their wellbeing.
“The more you invest in your staff,” Israeli says, “the more you will reap at the end of the day.”
Malik agrees: “What you get out of your staff is directly proportional to the investment you make in them.”
> Working with your staff
You should not see your staff as necessary for only performing a role, Israeli says. Nor should you take an attitude that implies: “Here’s a paycheque; do your job.”
Instead, he says, set an example by working alongside team members, mentoring and training them, and recognizing that they can make mistakes. The more effort you put into mentoring and training, he says, the more your team members will yield in the form of productivity and loyalty.
> Show respect
“Respect and loyalty are two things that have disappeared from the modern day workforce,’ says Israeli.
When you show respect for your team members, they will respond by demonstrating loyalty to you and your practice.
Says Malik: “Showing respect to their staff is one of the biggest strengths of successful advisors.”
IE