Learning management is a strategic component to the overall human capital mission of advisory firms and is paramount to team development. Advisory firms should start by integrating team development programs in order to enhance employee performance. Forward-thinking executives are continually improving the effectiveness of their teams by refining roles, expectations, and interpersonal communication in order to create accountability for results.
Your goal should be to apply and utilize a team development method that impacts your firm’s bottom line in order to gain the highest return on your learning and development investment.
Ironstone focuses on four major components that are necessary for a fully functioning workforce and implements the performance approaches to drive development.
By implementing a team development program you eliminate the need for micromanaging.
Preparation — in order to create great teams, you need to prepare to support the success of your team. Design a culture that fuels passion, purpose, and growth. Deliver a clear message to your team that their job is important and that you stand behind them. Give employees the basic knowledge and skills to excel within the culture that you have created. Share with them effective forms of communications, encourage them to ask questions, and acknowledge their contributions to the overall goals of your firm.
Incentives – Incorporate compensation into the successful execution of the firm’s goals. One of the most powerful motivators is through the use of a performance incentive compensation plan.
Benefits – You can become creative with the benefits that you offer to your team. In addition to the traditional benefits such as medical insurance and retirement plans, many firms are finding that creating a flexible work environment is a good employee motivator – increasing the desire for individual skill development for the employee.
Technology – Providing the proper technology and training for your team to perform their job is essential to overall team development. We have found that many firms do not take this component seriously or place much effort in assuring technology and training needs are met for employees. Obsolete or barely functional technology tells employees their job is not important and their time is not valued.
Once you have put these components into your human capital mission, you will find that employees are capable of managing their position in the firm. Support your team members and empower them to be as great as they can be.
“A company that does not support, empower and provide proper development
to employees can take a great team to a problem in a very short time.”
Ironstone can assist you in developing a team development program. We specialize in identifying gaps in your existing plan and will collaborate with you to develop solutions that are parallel in achieving the results your desire.
Contact us for assistance in starting and improving developing or starting your team development program. We want to hear from you! Share your best ideas here! What does your firm do to promote team development? We always love hearing from you!
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