Monthly Archives: May 2011

Critical skill shortage 2: Problem solving and decision making

This is the third of six articles inspired by data about skills shortages in the banking and finance sector, from the Kelly Skills at Work 2010 study.  See our blog for previous articles, posted on 2 and 9 May 2011.

The Kelly study identified problem solving and decision making together as a critical skill that is in short supply among mid to senior level managers.

In the current environment of uncertainty and rapid change, the ability to solve problems and make appropriate choices are essential for:

  • giving high quality, appropriate and timely advice to clients,
  • having a reputable, sustainable and profitable practice and
  • complying with regulatory requirements.

What do we mean by problem solving and decision making?

The ability to do both these things well depends on the degree to which a person possesses all of the following qualities:

  • A tendency to logically analyse facts and problems, as well as examining the potential difficulties of any plan, balanced by -
  • A willingness to use intuition in decision making (especially important when there are a lot of variables that can’t be analysed objectively);
  • The desire to have the authority to make decisions and to take responsibility for the outcomes while also being -
  • Prepared to collaborate with others who may have valuableinformation that needs to be taken into account.

How can you build on your natural strengths in this area?

  • Uncover your strengths, as well as areas for improvement.
  • Step outside your comfort zone by taking on greater challenges.
  • Practice!  See our free worksheet ‘Are you sitting (too) comfortably?’ to get you started.

Like to know more about your strengths (and your team’s) and how to develop them further?  Contact us to organise an assessment and/or coaching.

Critical skill shortage 1: Communication

Last week’s article on the ‘Top 5′ critical skills in short supply in Banking and Finance generated a lot of interest.

As a result of your feedback, we’re going to spend the next few weeks looking at each of the 5 areas of skill shortage in turn – beginning with communication – and give you some practical tips for survival.

For a quick summary of what you can do right now,  see our earlier post ‘The five step skills shortage strategy’.

Without excellent communication skills in all your staff, you will find they can’t:

  • build good relationships with clients
  • provide customer service that meets your clients’ expectations and needs
  • explain things well to clients
  • understand what clients need
  • sell your services and/or products
  • work together productively

From just that short list, imagine what poor communication could be costing your business!  But how can you know?

Signs you might have a problem:

  • customer complaints or (worse) losing clients who just leave without telling you why
  • low levels of business referrals (see previous articles on this topic)
  • lack of cooperation and teamwork, maybe some bullying
  • careless and/or expensive errors
  • losing good staff to competitors

What can you do about it?

1.  Be a positive role model

Communicate regularly and openly with your clients and staff.  Make sure this includes listening to what they have to say to you.

2.  Diagnose communication skills gaps

There are many tools and approaches on the market to help you do this.  We would be happy to help you find the right one for you.

3.  Fill the gaps

This may require drastic action that involves one or all of the following:

  • putting poor communicators where they can do the least amount of damage
  • improving the skills of your existing staff through training and coaching
  • hiring staff with the communication skills you want

If there are communication problems in your team, I guarantee without your intervention things can only get worse.  What do you plan to do about it?

Top 5 critical skills in shortfall

The Kelly Skills at Work 2010 study uncovered a serious skills  shortage in the Banking and Finance Sector in the Asia Pacific region.

The five skills most in demand are also those considered most critical for mid to senior level managers across all industries.

Of all organisations surveyed,  88% said the shortage of staff with the right skills had a negative impact on their ability to serve clients.

As the FOFA reforms come into play for those readers giving financial advice, we will begin to see the real impact of this skill shortfall in terms of client attraction and retention.

If you’re an employer, you will find it increasingly difficult to identify and hire people with these critical skills.

The top 5 critical skills in shortage are:

1.  Communication including the critical abilities to

  • build long-term, successful, professional relationships with clients, in addition to selling a product or service and
  • communicate complex financial concepts to a non-finance audience in a simple and tactful way.

2.  Problem solving and decision making required for

  • complying with high levels of regulation and
  • dealing with environmental uncertainties.

3.  Strategic thinking to

  • assess multiple external factors and
  • develop and evaluate options.

4.  People Management with the ability to

  • lead, motivate and inspire and
  • ensure teams have the right balance of skills.

5.  Technical skills

  • relevant, up to date and transferrable knowledge and
  • an ability to deal with more sophisticated products and markets.

What has been your experience?  Have you suffered a skills shortage crisis?  Have you found effective ways of dealing with the skills shortage?  What are your plans for the future?  Please share your thoughts below.