Understanding this difference helped Susan see that presenting Dave with more facts wouldn't be effective; instead, she resolved to give greater consideration to his instincts and
beliefs.
Assessing and hiring the right team members
For optimal team effectiveness, it is essential to hire individuals who align with the team's goals and possess the necessary skills, attributes and values. Implementing robust strategies for assessing and selecting candidates can significantly contribute to building a high-performing team.
By incorporating the following strategies, organisations can make well-informed decisions during the hiring process, setting the stage for long-term success:
- Clearly define job requirements: Before initiating the hiring process, clearly define the skills, experience, and cultural fit required for the role. This ensures that candidates are evaluated against the specific criteria necessary for team success.
- Psychometric assessments: To make informed hiring decisions, it is helpful to implement robust selection assessments that delve into candidates' analytical ability, client relationship management skills, and ethical integrity. These assessments provide valuable insights into key competencies required for success in wealth management roles and ensure that the selected candidates possess the necessary qualities to meet clients' needs and uphold ethical standards.
- Structured interviews: Conduct structured interviews that focus on assessing candidates; collaboration skills, adaptability, and their ability to work effectively within a team. Behavioural-based questions can gauge past experiences and behaviours relevant to team dynamics.
Conclusion
In the wealth management and financial advice sector, team effectiveness plays a pivotal role in delivering exceptional client experiences and achieving business success. By understanding the traits of high-performing teams, assessing individual strengths, and creating an environment that allows team members to play to their strengths, organisations can optimise team effectiveness.
In addition, by actively supporting professional development, team leaders and organisations demonstrate a commitment to their employees' growth and success. In turn, team members become more motivated, engaged, and empowered to contribute their best efforts, resulting in increased productivity, better client service, and overall team effectiveness.
Embracing clear communication, building trust, and leveraging the diverse expertise within the team will enable wealth management professionals to meet the evolving challenges of the industry while delivering outstanding results.
Jodie Hughes is a business psychologist at OE Cam LLP
