Speaking Tour, Day 4

DAW traveled to Toronto for the fourth and final stop on the Fall, 2015 speaking tour.  We were greeted by sunny, warm weather and an enthusiastic group; a great way to end our tour.  The mix of participants in the room, the services they provide, and their client experiences always make the sessions interesting and unique.  Recognizing that a real opportunity exists to build a growing client base for the long term is an exciting prospect!

Key thing to think about for Day 4: It’s been raised on every stop of this tour that some clients tend to fall into the same difficulties time and time again; why is this the case?  Much of what needs to be learned represents a mind shift, a new way of thinking, and although these concepts might be understandable, they can be very difficult to put into practice.  This is just one reason why advisors have an important role to play in supporting and coaching their clients to meet and beat the challenges they face.

Thanks everyone who came out to see us, participated, and stopped by to share experiences and tell us that they enjoyed the day.  It means the world to us!

The Executive Edge (Human Resources Management)

ThinkstockPhotos-166193576

Published by CPA Canada in CareerVision

Although most jobs involve working with others, the complexity associated with people only increases when you enter the executive ranks.  Think about it: gone are the days when you just have to co-exist with co-workers, as executives are typically faced with people related responsibilities and relationships that are multifaceted.  In addition to the typical co-worker type relationship, add motivation, performance management, recruitment/termination, and broader supervision to the mix.  These areas must be considered in the context of senior level roles that can have a significant impact on an organization (good or bad), complex tasks, and perhaps a limited talent pool from which to draw candidates.  Given the circumstances, the human resource aspect of an executive role is one that often doesn’t get the attention that it should.

When it comes to dealing with senior team members, executives need to understand when to take what action; when to hire, when to fire, when to supervise more closely, and when to give people room to do their jobs.  This is a talent that isn’t common, and can be best cultivated through personal awareness and practice (remember that executives still have a need to recognize areas where they could improve).  The very best can come from senior teams that have the right skills and experience, are in the right roles, and have the appropriate balance of support and direction to get the job done.  This environment is one to strive for, and is far from a given in many organizations

In this series, we have already considered the importance of a number of Executive Edge skills, including risk management, professional development, and high role engagement.  Here’s more about the why getting the management of people right is so important to the executive ranks.

Where it Goes Wrong

We all can appreciate that the executive world is a busy place and there are many things involved in getting the job done.  Human resource matters, such as recruitment, performance management, and coaching can be time consuming tasks and often get shuffled to the next day (or month), particularly in busy times.  There is considerable risk in this on both sides of the equation; where substandard performers are allowed to continue in their role at a risk to the company and perhaps others, while the “stars” of the group become frustrated by spinning wheels and a lack of progress, having not received the support they need to keep moving forward.  Does this sound familiar?

Get the Executive Edge

Skilled executives know how and when to take the right action when it comes to managing people.  They recognize that the benefits are at least twofold: better performance to the benefit of the company and better equity within the executive group (no one likes to carry a marginal performer).  Here are some executive worthy tips to get the managing people aspect of the role right:

  • Don’t favour quantity over quality. Managing people effectively at the executive level isn’t about spending the day making the rounds with superficial chit chat and meddling in the work of others.  It’s more about understanding the level of executive development of each team member, their strengths and weaknesses, and when to provide support or direction.  The quality of the message and motivation approach matters.
  • Hire slowly, fire quickly. This mantra may be often said, but seems to be seldom followed. Take the time to understand the particular executive role that needs to be filled and identify a candidate that suits it well.  Conversely, when a team member is not working out, take the necessary performance management steps to bring the situation to an end, to the benefit of both the company and the team.
  • Communicate.  People like to be in the know and understand what is expected of them on an ongoing basis.  Areas for improvement, succession planning, and strategic direction are all important areas to address with the executive team, so don’t leave them in the dark.
  • Let high achievers fly (within reason). Good executives know that when they are fortunate enough to have a bona fide star (or two) on their team, they perform best by having the freedom to do their job, within corporate guidelines and policies.  These folks consistently turn out great results, are reliable, and will ask for assistance when needed.  Let them do their job and don’t meddle; a better strategy is to utilize your time working with team members who are not as well developed.
  • Learn to recognize the difference between high and marginal achievers. As strange as this might sound, some executives don’t do this well. If they believe it is possible to resolve a particular problem, they simply expect that it will be done, with little regard for the actual ability of the team member to do so.  This is a dangerous path, so make sure that you are not casting expectations that a team member is not capable of fulfilling. (this can be a good area to seek assistance from an experienced executive to provide you with coaching in this regard).
  • Recognize that a big part of an executive role is providing coaching when needed. The executive ranks are all about assembling a team that can lead the company to successfully execute on its business plan.  In order to do so, senior roles are less about doing the front line work and more about helping others to be successful in their role.  In order to do so, coaching and feedback are musts.

Executives who are able to manage people effectively at the senior level have a much better likelihood of generating success, on both a team and a corporate level.  It’s not about excessive “touchy/feely” stuff; rather, it’s about understanding who your team members are, in terms of needs and ability, and what their role is so that you can put them in the best position to win.

Put Yourself to Work (Mentorship Opportunities)

Published by CPA Canada in CareerVision

At times, getting ahead in the business world can be far more difficult than most would imagine.  Building this type of career requires one-part education, one-part determination, and three-parts experience (at a minimum; no wonder you feel so tired!).  But the age old “how do you get experience if you don’t have experience?” question often represents a problematic conundrum that can threaten to stop many a young business upstart in their tracks.  If only there was someone to ask; someone who could help to find doors to walk through when all you see are brick walls.  The good news is that help is available, and perhaps, only a coffee date, phone call, or text message away.  Welcome to the world of mentorship.

Mentorship is just one of the many ways to take action in building your own personal value in the business marketplace.  Thus far in this series, we have considered the benefits of in-house seminars, training, and networking, professional development opportunities, as well as work experience and assignments.  Here’s how to take an active role in making mentorship work for you.

Mentorship opportunities

Given the high experience component that is integral to building a successful business career, it’s no wonder that the concept of mentorship has fared so well in the corporate world.  Staff members who are just starting their careers or are looking to move into a new area can benefit from finding a mentor who has “been there” and “done that”.

Mentors can provide a better understanding of the requirements to move forward in a particular job or functional area and make suggestions as to how the development process could occur.  They can also be a good support when the going gets tough (and it will), as well as someone who can provide assistance to help you get back on track when needed.  Since they have been in business for a while, they can also have a great network of contacts to share, where appropriate.

Put Yourself to Work

  • The best mentorship relationships are those that are not forced or imposed upon the parties, but rather, develop naturally.
  • Places to find mentors could include people who already know you (think relatives, your parents’ friends, and neighbours who have known you for a long time and have experience in an area that is of interest to you), business or professional associations, or a more senior person in your department.
  • Take the time to get specific about where a mentor could help you the most; career planning, dealing with problematic situations, and networking assistance are all options. A bit of pre-planning can help you to get the most out a mentoring relationship.
  • Identify a convenient approach for accessing your mentor. Meeting up for a meal, coffee, or Sunday jog are all options; find what works for you so that you can develop a relationship.  Although emails and text messages can provide helpful information in a pinch, it’s a good idea to go beyond the media and spend some time face-to-face.
  • Go into the relationship with an open mind. Although you don’t have to agree with everything your mentor tells you, do take the time to give the message some thought.  Feedback should always be professional and respectful, but remember that a mentor might tell you things that others won’t (and this constructive criticism is intended to be given in the spirit of helping).  Step back and consider the source before deciding whether or not the feedback is of use.
  • Unless otherwise agreed, mentorship relationships should always respect confidentiality, in terms of the information shared and the arrangement, in general. When seeking guidance, no one wants to feel like their privacy has been violated.
  • If you are unsure or uncomfortable with the advice you are getting or if you just don’t feel that relationship “click”, consider finding another mentor. It’s not uncommon for a mentor to provide guidance in a particular area, and once the issue passes, you may need to tap into a different kind of expertise.
  • A more “passive” approach to mentorship can be achieved by working hard and getting noticed by senior staff members, both in your current department and in those you might work in temporarily. Learn from their example and knowledge and use it to build your own skills.
  • Plan to give back. Learn from the relationship so that you can take on the role of mentor to a more junior person (perhaps, a student that is just starting out) or at some point in the future.

One of the exciting things about mentorship is that it’s a two way street; mentors can also learn from those they mentor.  Tapping into the expertise of someone whose experience is beyond that of your own can help you to gain skills and insights that you don’t have (or wouldn’t have) at your current level of development.  This benefit can, in fact, create the opportunity to make real progress, at a rate much quicker than that of your peer group.  That’s worth the time and effort.