By Damian Hartley

 

 

Practices worldwide endeavor to hire and retain “engaged and motivated” staff. Simply put this is your support team that works in your practice, takes ownership of the role, grows the business and makes it profitable. More importantly, your team enable you to provide a quality, lucrative service to your clients and support everyday operations, so that this can be your primary focus.

As a practice principal, (after the client book), you are the most valuable asset in your practice. Usually, this means that you need to be free to concentrate on client relationships and leave the management of the practice to staff.  Some practices do have very driven staff, that support you in the achievement of your goals. If this describes you, then you are to be congratulated. If however, you are among the vast majority of small to medium business owners (76% according to a US Gallup survey) then you have your work cut out for you.

You are already aware of the structural changes in the Australian economy. A majority of small businesses are owned by baby boomers who intend to retire or leave the workforce within the next five to ten years. This means that the competition for talent in an already tight market, will increase exponentially and prospective employees will be more selective than they are now.

 

Clearly practices need to do more to attract develop, engage and retain their existing workforce, if they are to remain competitive profitable and continue to grow. I’d recommend the following:

 

_{Recruitment and Selection}

Initially securing good staff requires a sound approach to recruitment and selection process. It must be clear to the principal and other relevant staff

a)      why a role exists,

b)      what it needs to achieve,

c)       how success will be measured and

d)      The type of person needed.

 

Documenting this helps provide a clear definition of the role. This is critical to the recruitment process, as it prevents wasting time interviewing the wrong type of candidate and ultimately selecting the wrong person for the role, which can be a very costly mistake for a practice.

 

The document will also deliver a clear and accurate position description with key performance indicators and other expectations for candidates. (For example it may be an expectation that a Paraplanner develop into a Financial Planner after one year).

The selection of a suitable Candidate becomes a lot easier when there is a clear documented strategy.

 

Induction

Another critical aspect of attracting and developing talent is the induction process. Statistically new employees take six months to become fully effective within their roles. This requires some effort on the part of the Principal. DO NOT simply point the new hire at their desk, give them a quick rundown on what they need to do and then leave them to it. As part of their induction kit, they should always receive a copy of the operations manual as a reference tool to help them familiarise themselves with specific systems and processes unique to your practice.

 

A more senior employee or mentor should be assigned to them for at least one week to help them settle in and work alongside them during that time.  After the initial support the mentor needs to be available to assist and answer questions.

Schedule in some time to discuss any feedback they have, answer questions and let them know how they are going. New recruits will be apprehensive about their performance so this will help them understand your expectations and deliver to them.

 

Performance Reviews

Once the new hire has settled in, you should review their performance twice a year. This is a time to provide feedback, gain their impression (both initial and subsequent), listen to ideas and agree on goals for the next six months. The review process is an important part of staff management and a useful tool for the Principal to gauge the ongoing training and development needs of staff.

 

To retain staff and motivate them on a daily basis, the experts suggest creating an environment in which they are happy and engaged. I find the following tips have helped many practices create a happier work environment.

1. Listen to your staff, take an interest in them, learn what motivates them and your retention strategy will be easier to develop.
2. Reward their good performance and recognise their contribution to the business. This is not necessarily an expensive exercise, something as simple as a “great Employee” award in front of other staff can do wonders for morale and motivation.
3. Career Development needs to be explored for each individual employee in line with their needs and desires to grow with the practice. It is also good to identify training and development needs and provide these at the earliest opportunity, this could be as simple as sending them to a seminar.
4. Challenge your team. Provide them with tasks or projects that keep them on their toes. This can provide great motivation for them to stay and keep growing within the practice, it also enables you to thoroughly explore their potential.
5. Flexible Workplace: Most staff want that elusive work-life balance. Consider a flexible approach to hours in the workplace or a mix of working from home as well as in the workplace.
6. Mentors: Assigning senior workers to junior workers can provide great benefit to both. The senior worker can impart skills and business knowledge while the junior worker may provide social or cultural insights.

 

As a service business, your people are your greatest asset, and many practices pay lip service to this concept, yet sadly few put these words into action. Remember, that having good motivated staff is a key value driver when determining business value. With a few simple and ongoing processes, you could be increasing the return on your investment in your team.

 

We welcome your comment; send us an email   This e-mail address is being protected from spambots. You need JavaScript enabled to view it to give us your opinion on staff management issues impacting your practice. You can also contact Damian directly   This e-mail address is being protected from spambots. You need JavaScript enabled to view it .