By Antoinette Rodriguez, MBA
Here, in Part 2 of the series, are 6 more pointers:
- Compensation simplicity: Many Financial Advisory compensation systems are too complex or don't have short and long-term incentives that are tied to the practice’s goals. If your staff is confused or feels the compensation system is muddled, it will be difficult to keep them motivated.
- Communicate with your staff: Clarity and positive communication are key to high motivation.
- Appreciation goes a long way: In addition to verbal appreciation, you can provide inexpensive, thoughtful token gifts to let staff know how much they mean to you.
- Work and life balance: Many older advisors, having grown up in a working culture that required total devotion, can be resistant to a millennial generation that may want to focus on health, family and giving back to the community. Different life priorities must be respected to keep harmony in the workplace and to build out multi-generational teams.
- Host casual, fun staff get-togethers: All work and no play can contribute to a grumpy staff who feel no loyalty to you or the team. Get-togethers outside of the office environment are especially effective.
- Progressive career path: Many people are not satisfied with doing the same job year after year. Find out if your individual staff members have stretch career goals and help them achieve it. And yes, even if that means they eventually "fly the coop" from you.