Goals vs Impact
August 8, 2023Praise
August 30, 2023Leveling up your Team: Unlock High Performance through Effective Managers
The pursuit of high performance within a team is a constant endeavor for leaders in various fields, including financial management. As a team lead responsible for guiding bookkeeping professionals, I recently attended a training session hosted by Bucketlist Rewards and 15Five. It even had the added benefit of SHRM re-certification credit. I went because I am the team lead of our bookkeeping team leads and wanted to find more ways to help them (and myself) become better leaders. The balance between autonomy and support is an important one. I trust my team and their bookkeepers. They are professionals in financial management. How do I support them in a way that allows them to flourish, grow our business, and take excellent care of our clients?
Tips & Tricks
During the training, I was particularly struck by a panel discussion featuring experts in the realm of effective management and leadership. Furthermore, their insights and recommendations on unlocking high performance within teams have direct relevance to financial management and the responsibilities of a team lead. Additionally, I would like to share some key takeaways from this enlightening session:
Team Cohesion Over Individual Brilliance:
The panel emphasized that high-performing teams are a product of how well team members work together. Certainly, it’s not about having the smartest individuals in the room, but rather about creating a cohesive unit. In the realm of financial management, this means that the collaborative synergy of a team can often surpass the brilliance of individual bookkeepers.
The Power of Vulnerability:
A recurring theme throughout the discussion was the importance of vulnerability in fostering psychological safety within a team. As a leader, being open and honest is vital. Similarly, encourage your team to do the same. Create an environment where team members feel comfortable sharing their thoughts, ideas, and concerns, as this is a cornerstone of a cohesive team.
Recognition and Acknowledgment:
Acknowledging and celebrating individual and collective accomplishments is a powerful motivator. Recognize and reward hard work, and let your team know that their efforts have not gone unnoticed. This not only reinforces the values and performance standards but also bolsters perseverance.
Tailored Feedback and Acknowledgment:
Each team member may have their unique preferences for feedback and acknowledgment. It’s essential to ask them how they prefer to receive it. Is it through written feedback, face-to-face conversations, bonuses, public recognition, or a quieter, more personal acknowledgment? Tailoring your approach demonstrates that you value and respect their preferences.
Conflict Resolution and Communication:
Effective teamwork depends on how well individuals handle conflict and communicate during high-tension moments. As a financial management team lead, it’s your role to facilitate improved communication during such situations. Encourage open dialogue and provide strategies for conflict resolution to maintain team cohesion.
Balancing Trust and Accountability:
Once you’ve addressed a performance issue or concern, it’s crucial to trust your team to carry out their responsibilities independently. Micromanaging can undermine trust and autonomy. Instead, empower your team and follow up to ensure they are on the right track, offering guidance and support when needed.
Honesty and Transparency:
Building and maintaining trust, especially during challenging moments, is achieved through honesty and transparency. Communicate openly about the current status, the steps being taken, and the path forward. This transparency fosters a sense of shared purpose and trust within the team.
These principles apply universally to teams, whether they are engaged in financial management or any other field. The pursuit of high performance is underpinned by effective communication, mutual trust, and a commitment to continuous improvement. By implementing these principles, we can empower our financial management teams to excel, deliver value to clients, and achieve exceptional results.
–Jess