Leadership and Teamwork in the Finance Industry

The finance industry is extremely competitive. To be successful, senior finance professionals must constantly improve their leadership skills and look for innovative new ways to encourage teamwork in the office. 

The finance industry is extremely competitive. To be successful, senior finance professionals must constantly improve their leadership skills and look for innovative new ways to encourage teamwork in the office. 

Finance professionals must be adept at incorporating new approaches into their leadership style. Long gone are the days where a team leader can simply designate duties then retreat to their office. They must demonstrate a collaborative and authentic approach, which encourages teamwork, mutual respect, empathy, and loyalty amongst staff.  

A strong leader should also display the qualities and strengths which they want their team to replicate. Yet, they have to do so in a way which motivates and encourages all employees to be team players. Here are a few pointers to keep in mind as you seek to improve leadership and teamwork in your office. 

Authentic Leadership

Authentic leadership involves being truthful, open, and ethical in your relationships with others in the workplace. It involves having honest and authentic conversations which help your team relate to you as a human being. 

Authentic leaders must be self-aware, understanding their own personal limitations, strengths, weaknesses, and emotions. They feel comfortable sharing their “real self” with others in the workplace, instead of using a facade.

Eventually, authentic leadership will build your legitimacy within the workplace. You will enjoy open, honest and mutually respectful relationships with those around you. This fosters productivity, improves motivation, and increases employee satisfaction. 

Develop Empathy in the Workplace

Leaders who are able to display empathy towards their team can create a positive environment within an office space. This environment will lift the mood of staff, shaping a stronger organisational climate and boosting productivity levels.  

To improve your empathy in the workplace, consider how your employees are feeling about their workload, interpersonal relationships, and responsibilities. If you sense that a team member is struggling, ask them about their emotional state. Be ready to empathise and take steps to assist them.

Don’t be afraid of emotional contact with employees. Treat emotional feedback as you would other types of information in the workplace. Being able to understand when an employee is frustrated, angry, or exhausted will help you manage your team and improves the quality of the workplace environment.

Transparent Communication

Being a strong communicator is essential for any leadership role. However, the way you communicate matters just as much as your ability to do so. Instead of having a weekly update where you talk at your team, have more frequent small-group discussions where you talk with your team. This can improve employee engagement, job satisfaction, and mutual respect.   

Leaders should also focus on making their communications transparent. If you want something from your team, spell it out in very clear terms. When your group is under pressure to perform, be open about it. If you are proud of the work being done, be extremely vocal about it. Being open and transparent about what is going on builds trust and morale within the group. 

Focus On Collectively Achieving Results 

Senior finance professionals must be adept at setting and meeting goals. However, it’s also important to use SMART goals (Specific, Measurable, Achievable, Relevant, Time Bound) and share the details of each goal across the organisation. 

Emphasise the fact that the entire workgroup plays a role in achieving these goals. Even if a specific goal does not fall under someone’s direct responsibilities, their work can influence how achievable that goal is. Good leaders will also be very clear about the priority of each goal and reward a group when they achieve particularly difficult goals.  

Realise That Leadership Is Contextual

Realise that there is no longer a single model of leadership which works in all scenarios. Your leadership style should be contextual. How you lead should depend on the business and its structure, culture, staff makeup, and strategy.

Leaders need to have the flexibility required to adapt to the workplace and what is currently occurring, in a highly collaborative fashion. The speed of change within the financial sector means that leaders can no longer be stagnant or resolute in their leadership style. By remaining agile, you will be able to overcome any challenges an organisation faces. 

Display Dedication to Your Role

Leading from the front is a tried-and-true method for inspiring others in the workplace. Displaying dedication to your role by being attentive, disciplined, and focussed. Don’t be one of those bosses who shouts out commands at their team, then leaves to enjoy a long lunch with a few glasses of wine. This approach will not inspire loyalty, engagement, dedication, or motivation within your team.

Peregrine Corporate Services Limited is licensed by the Isle of Man Financial Services Authority.

 

 

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