Category Archives: Coaching

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.

 

 

Is ignorance really bliss?

“When ignorance is bliss, ’tis folly to be wise.” – Thomas Gray, 1742.

We often hear this quote, but would living by it be a useful strategy?

In business and at work, as in other areas of life, we may experience:

1. Blissful ignorance – not knowing you don’t know.  Often comes before a crisis!

2. Ignorance by choice – you know that you don’t know, but you like it that way!  Examples:  Someone who chooses not to listen to or watch news reports, a manager who doesn’t ask for staff feedback, businesses  who don’t survey their clients.

3. Wilful ignorance – you actually know the facts (unlike 1 and 2 above) but you choose to act as if you don’t know.  Examples:  Drivers who ignore road rules, businesses that survey staff and/or clients then don’t act on the feedback.

Ignorance can be risky, threatening the viability of business and your own peace of mind. Ignorance can cost you opportunities, money and relationships.

What are you ignoring right now?

Here are some examples of how clients have used Balance at Work’s  services to identify their bline spots:

  • Pre-employment assessments and interviewing of candidates
  • Staff feedback interviews and online surveys
  • Team analysis and coaching
  • Professional development
  • Strategic planning days
  • Executive coaching
  • Career counselling
  • Exit interviews

Can we help you?

PS.  Last week, we asked for your feedback on our weekly articles.  This is your chance to tell us what you think, let us know what we could improve and make suggestions for future topics.  A big ‘thank you’ to all those readers who have already given us two minutes to complete our online survey.  We are very grateful to you for sharing your thoughts!

Take the survey now – it will close on Friday 4 February 2011.

We look forward to your feedback!

Time for some weeding and pruning?

Doing some gardening yesterday afternoon, I was reflecting on the many similarities between creating and growing a garden and how we live our lives.

There are the obvious steps of planning, sowing and harvesting. Once your garden’s established, most of the activity comes down to what to keep and what has to go.

Did you make a New Year’s resolution to quit smoking or lose weight? These are two examples of powerful changes that can occur based on letting something go – assuming you stick to your resolution, of course.

The same potential for positive change exists in your business life when you take a critical look at those practices, people and work habits that don’t serve you by contributing to your ongoing and sustainable success.

What should you be getting rid of in 2011?

Here’s a short list of suggestions.  If you have others, let me know below.

1. Any project or task where the pain of doing it is not well balanced with the ultimate rewards.

2. Clients who don’t like to pay.  Or whose company you don’t enjoy.  Or who take up more than a fair proportion of your time.

3. Unproductive and time-consuming work habits, like constantly checking your emails.  Remember to ask your team to help you identify what’s wasting their time, too.

4. Fixing work that should have been done ‘right’ the first time by someone else.  Either learn to accept their version, or find someone who can and will do it ‘your way’.

5. Lack of clarity about what you should be doing and why.  Take some time to review where you are, where you’re headed and plan how you’ll get there.

Let me know how your garden grows!

Remember our next webinar is on 2 February – ‘Your Flying Start to 2011’ – for tips and tools to keep you on track this year.  Just click here to register.

How will 2011 be different for you?

In the previous update, I encouraged you to take a look at what you’d achieved in 2010.  Many readers were pleasantly surprised!

It can be very empowering to put aside the everyday demands on your time and reflect on what’s going well – and not so well.  As you prepare to have a brilliant 2011, this is a good time to take stock of what you would like to change in the new year.

One of the simplest ways to do this is to grab a notebook and write down your regular tasks, performance standards and behaviours under the following categories:

  1. Should be doing less
  2. Could be doing more
  3. Want to stop doing
  4. Would like to start doing

With this list, you now have a starting point for planning 2011.  Already, you have guide to what your goals for the year might be.

To help you refine your goals for maximum business impact and to keep you on track to achieving them, consider engaging a coach.  I find having someone to listen, guide and keep me accountable is invaluable.

You will be more successful working with a coach you know, like and trust.

Here are some questions to ask prospective coaches:

  • What experience to they have? Length of time coaching, industries, types of organisations, specific issues.
  • How is the coaching structured? What tools and methods do they use?  How do they measure progress? Are there alternative programs to meet your individual needs?
  • Is the coaching CPD accredited? Coaching could contribute to your annual CPD point requirements.
  • Who else have you worked with? Ask for the contact details of previous clients.

If all the boxes are ticked and you feel positive about working with the coach, 2011 could be your best year yet!

‘SMART’ Resumes and CVs

Killing the business you love

Most people in business are familiar with SMART goals.  This simple acronym can also be applied to resumes and CVs – both your own and those of job candidates.

SMART becomes an easy checklist that will save you a lot of time.  Ask yourself  if the resume is:

Specific – detailing achievements of the individual, not just their team or department and not too vague or generalised;

Measurable – there should be facts and figures to back up the achievements.  For example, ‘increased client base by 20% in 2 years’;

Accurate – provides information that can be substantiated.  For example, academic transcripts, references;

Relevant – the information supplied links directly to the role;

Timeframed – dates are given for different jobs, study, etc, and all time periods are taken into account.

For help with recruitment and careers, get in touch!

 

"The last couple of years at batyr has seen incredible growth and the Balance at Work team has supported us along the way. They have helped us improve leadership skills across the team by helping us source and manage mentors, and even engaging as mentors themselves. As a young and fresh CEO Susan has also supported me personally with genuine feedback and fearless advice to achieve great things. "
By Sam Refshauge, CEO, batyr
"We used the Harrison Assessment tools followed by a debrief with Susan, for career development with staff, which then allowed us to work with Susan to create a customised 360 degree review process. Susan has a wealth of knowledge and is able to offer suggestions and solutions for our company. She is always ready to get involved and takes the time to show her clients the capability of Harrison Assessments. "
By Jessica Hill, Head of People and Culture, Choice
"Balance at Work are the ideal external partners for us as they completely get what we are trying achieve in the People and Culture space. Their flexibility and responsiveness to our needs has seen the entire 360 approach being a complete success. The online tool and the follow up coaching sessions have been game changers for our business. The buzz in the organisation is outstanding. Love it! Thanks again for being such a great support crew on this key project."
By Chris Bulmer, National GM Learning and Development, ISS Australia
"We use Harrison Assessments with our clients to support their recruitment processes. We especially value the comprehensive customisable features that allow us to ensure the best possible fit within a company, team and position. Balance at Work is always one phone call away. We appreciate their valuable input and their coaching solutions have also given great support to our clients."
By Benoit Ribe, HR Solutions Manager, Polyglot Group
"The leadership team at Insurance Advisernet engaged Susan from Balance at Work to run our leadership development survey and learning sessions. Susan was very professional in delivering the team and individual strengths and opportunities for growth. Susan's approach was very "non corporate" in style which was refreshing to see. I can't recommend Balance at Work more highly to lead, employee and team development sessions."
By Shaun Stanfield, Managing Director, Insurance Advisernet

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