Don't assume you know how your team members feel about their jobs. Great businesses measure team engagement
Assumptions play an important role in decision making. They help us sift through millions of data points quickly to make routine decisions. The downside is that when the assumptions are wrong, they can drive us completely in the wrong direction. This is true in the minute-by-minute decisions we make in our lives, like what to eat for breakfast, and it's true when it comes to bigger decisions like how we engage our team.
Assumption #1: My team is satisfied
The Financial Planning Association recently released a study that examined, among other things, the level of job satisfaction across different roles in the industry. Happily, the study showed that 77% of industry participants are somewhat or very satisfied with their jobs. Dig deeper, however, and you find a significant range. It turns out that 65% of CEOs are very satisfied while just 22% of support staff said the same.
Do you really know how your team feels about their work or are you making assumptions just because they show up every day? Great businesses measure team engagement. Here are a set of questions, based on Gallup's work in this area to assess true engagement.
Q: To what extent do you agree or disagree with the following statements?
I am optimistic about the future of my firm.
I am optimistic about my future success within the company.
I feel that the company cares about its people.
I feel that working for the firm will support my personal goals for the future.
I feel that, at my firm, people get ahead primarily on the merits of their work.
I understand the direction and goals of our company.
I understand how our company's strategy differentiates us from the competition.
I understand how my work helps the company accomplish its goals.
I consider the firm a leader in the industry.
I feel the company is a strong competitor in the financial services industry.
I feel that our company does important work for our clients.
I am proud to work at the firm.
If you have a small team, formal surveys clearly don't make sense. But you can accomplish some of the same goals with a conversation.
Assumption #2: Satisfaction = engagement
If we look at team members who are somewhat satisfied with their jobs and those who are very satisfied (which we'll use as a simplified proxy for engagement), they tend to feel about the same about their compensation. However, there are gaps between the two groups on the following statements:
I am optimistic about my future success within the company.
My firm cares about its people.
Working for my firm supports my long-term personal goals.
At my firm, people get ahead primarily on the merits of their work.
Engagement starts with an employee's role and future within the company. Once those needs are satisfied, they focus more on the firm's overall direction.
Assumption #3: Employees focus on the right fit
In order to understand why team members stay, it will help to understand why they leave. We often get that very wrong. In the same FPA study, decision-makers were asked why their team members leave, and the No. 1 reason was “they weren't a good fit” followed by “want to change careers.” When staff members who planned on leaving were asked the same question they said “unhappy with compensation” and “unhappy with the work environment.” The risk of not getting this right is that we may not recognize where we need to focus our attention to drive deeper engagement.
Assumption #4: Team engagement starts with the team
In speaking with some of the most successful financial advisers across the country, it is clear that they not only take a more scientific approach to measuring the engagement of their team, but that they are equally analytical about themselves. They recognize that leadership is an inside-out process that begins with self-reflection. Based on a poll of 250 financial advisers, we found that nearly three-quarters of the larger advisers had used some form of self-assessment, a number that dropped to 6% for others.
When we measure, we leave our assumptions at the door and focus on what is real. Start with yourself and then move to your team. You'll be surprised what you find out, and your employees might just appreciate being asked how they feel.
Julie Littlechild is the founder of If Not Now Research, which researches the drivers of innovation and translates that into programs to help advisers take action.
