The first big mistake that advisors make is hiring the people who do not match the job. Second one is failing to coach and develop people. After the appraisal process, you need to take what you have learned and coach employees to higher levels of performance. Human-capital management is an ongoing process of recruiting, evaluating, and re-recruiting.
Figure illustrates the coaching concept, depicting the balance between skill and job fit. As shown in the illustration, employees with a high skill level and high job fit are the ones that need to be retained, protected, and coached to even higher performance and more opportunity. Those with a low skill level and low job fit must be coached out of the organization.
In situations where the skill level is high but the job fit is low, you may consider finding a better fit for the individual within the organization. Further training is indicated when the job fit is high and the skill level is low. One of the reasons for people leaving firms is that the work was not challenging enough.
The main reason for this is the practice leader does not delegate challenging work because she lacks confidence in the staff person. Train the person to meet your expectations, and then assign him the work.
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Business Management For Financial Advisers Tutorial
The Financial Advisory Business
Defining The Business
The Value Of Surveys
The Challenge Of Growth
Human Capital: The Fulcrum Of Strategy
The Care And Preening Of Staff: Professional Development
The Payoff For The Firm: Compensation Planning
The Tools That Count: Financial Management
The Other Dirty Words
Referrals And Joint Ventures: The Search For Solutions
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