A strong team can make or break the success of a new RIA business. Their dedication and commitment to the business’ future forms the backbone of any successful enterprise. It’s important that each individual works hard and has the skills to work well with their peers. Effective collaboration can help a team solve complex problems and develop creative new pathways for the business.
If you’ve just started building a team for your RIA firm, you might be wondering how to choose people and create a work culture that bolsters strong morale and commitment. After all, you can’t have a great business without a great team. Everything from strong communication skills to enjoying the work are factors to forming an unstoppable internal team. How do you ensure your team is great? Keep reading to find out.
Learn Each Person’s Strengths
For your team to run as smoothly as possible, the right people need to be in the right positions. As the head of your RIA firm, you must know the strengths and weaknesses of the people already on your team. This will allow you to identify gaps in the team’s skill set and hire people specifically to fill those holes. Placing each individual in a role that allows them to harness their strengths will keep them feeling satisfied and boost overall office morale. A great team is composed of members who know their strengths and how to capitalize on them. The business as a whole will prosper if employees feel like they are making a positive impact.
As a side note, provide employees with opportunities to continue developing their skills and learning about the job. Team members are far more likely to leave a company if they no longer feel challenged or like they have learned all they can at one company. Give them projects that are slightly out of their comfort zone to encourage them to improve their skills.
Know What Motivates Each Person
Along with capitalizing on each team member’s strengths, you should try to understand what motivates them. Not only will this help you place them in the right position for the company, it will also help build a trusting employee-employer relationship. Some people are motivated by praise and appreciation while others want to earn promotions and pay raises when the time is right. Recognizing each team member’s accomplishments in a way that makes them feel appreciated is the prime way to keep overall office enthusiasm high.
As the business owner, it also shows that you are putting in the effort to form a connection with each employee and respond to their needs. It shows them that you’re working hard to create a work environment that makes every employee feel safe and comfortable. Your team members want to feel valued and heard. Employee work ethic and dedication improves when their employers recognize their achievements and understand what motivates them.
Communication Skills Are Everything
Poor communication often leads to team members feeling misunderstood or disregarded. About 70% of workplace mistakes can be traced back to lack of communication. This can be communication between peers or among leadership. Coming from leadership, good communication looks like clear instructions on new projects, transparency on company accomplishments and setbacks, distinct expectations for each role, and open dialog with employees. Good communication also goes two ways. Employers should make themselves available to be good listeners for their employees. They should hear out everything from concerns in the office to project ideas.
Strong communication from leadership increases employee trust. Clear communication between peers on troubleshooting problems or organizing projects also leads to more productivity. You can show good communication by being responsive to employee requests, holding regular company update meetings, and speaking simply. Good communication in the workplace goes a long way toward building a great team.
Reliable Conflict Management
Along the same vein as good communication is conflict management. This is one of the most important functions of a good team. Conflict management doesn’t solely refer to dealing with disagreements. It also means effective problem solving as a team. The five dysfunctions of a team are lack of trust, fear of conflict, lack of commitment, avoidance of accountability, and inattention to results. When any of these factors are in play, conflict management becomes increasingly difficult.
If the team is problem solving, everyone needs to commit to the final decision whether they fully agree with it or not. There needs to be a safe space where every team member feels comfortable contributing their ideas and voicing concerns. Everyone on the team must focus on a common goal along with their personal results. As a member of leadership, you can set the example for how you want this to look in your RIA firm.
Good People Attract Good People
When you operate a company where people enjoy working, they are bound to speak highly about their job. Employees talking about their company lends to a good reputation. As a company owner hiring for a new position, you will have a wealth of applicants and referrals to choose from. These will be highly qualified people who are dedicated to their jobs. Likewise, as the company owner or team leader there are a few ways that you can ensure your company attracts and retains quality team members. You’re focused on growth, both for the company and its employees, you create opportunities for everyone at the company, and you give team members the power to make decisions on projects. All these factors build a work environment that people want to work in thus attracting top-notch employees.
Make Sure They Enjoy The Work
Everyone wants to feel satisfied by their work. When team members are happy and satisfied with the work they do, they will most likely work harder and stay at the same company. This sentiment helps create a work environment where team members feel safe and valued. They see how their work impacts the company and feel like they make a difference.
Having regular check-ins with your team members to hear about any concerns or projects they would like to try is an excellent strategy. This helps you stay updated on how they feel about their work, if they would like to learn something new, and give them space to ask questions. Make it known at your company that it is a place that promotes individual as well as company-wide growth. Employees who look forward to starting the work day are employees you can trust to stick with the company and produce quality work.
A great and hardworking team is at the heart of every successful company. Their knowledge, skills, and commitment can push a business toward success. As the company owner, it’s your responsibility to make sure you’re hiring the right people and making them feel valued. You are allowing them to use their strengths and listening to their concerns. All of this combined makes for a healthy and productive work environment. The power of a great team is unmatched when every team member feels respected.