GLEN AND LAUREL evaluate these characteristics and trends to determine the nature of the work in their organization and what capabilities they need to employ. Understanding these trends and their implications for how the Hutch Group needs to prepare to serve these clients in the future, Glen and Laurel decide the firm will need to develop capabilities in estate planning, management-succession planning, ownership-transition planning, and business planning as complements to its current offering in personal financial planning.
Since it’s unlikely any one individual can master all of these disciplines, these additional services dictate the type of individuals the Hutch Group will need to add to staff. By examining these needs, they can now define the nature of the workers they need. They set out to define the individual characteristics and skill sets needed for each job to fulfill their clients’ requirements. They define the key desirable characteristics related to skills, abilities, motivations, and interests and decide they need to hire individuals who are
In addition to finding candidates matched to the job, Glen and Laurel must also focus on the nature of the workplace—creating an environment in which these individuals will flourish.
The business strategy they’ve defined — particularly their personal definitions of success and desire to build a business beyond their own personal time and reputations — require that they create an organization that offers an opportunity for career growth, intellectual challenge, personal development, individual coaching, meaningful interactions with clients, and appropriate financial rewards.
As illustrated in the case study, your business strategy will drive the three distinct but interrelated elements of your human capital plan:
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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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