Is a member of your practice the superstar above everyone else? Worried about losing them? We consult a performance management firm to discover how to keep them.
Every company fears losing their best staff and financial planning practice owners have concerns over losing their best and brightest to the big fish.
So what can be done to keep your finest advisers?
Michael Carden, CEO and co-founder of online performance management firm Sonar6 said what your star adviser needs is attention.
“Spend time on your stars,” he said. “For example, if you have 10 people in your business and let’s say two of them are a total pain – they gossip, they create problems. Then you have one person who is a complete star. Your natural tendency is to fix the problem of those two people.
“You end up ignoring the star as they’re great! They are not a concern. This results in you nurturing the underperformers.”
Carden highlighted the role of ‘differential management’, where the way you manage your star employee is different to your solid or poor performing staff.
“If you have an adviser who is underperforming, you will go and find things that they need to fix,” he said. “Say, for example, they don’t like calling people on the phone. You might think that is what they need to fix and they will become a better adviser.
“If you have a star, they probably don’t have anything they need fixing, but you are a manager so you need to find something to fix! But you don’t need to apply this ‘find something wrong and fix it’ approach, you need to harness the skills of your best employees.”
Carden added that you also need to stretch your star employee, this enables you to get the best out of them and that they are fulfilled.