Industry consultant Angie Herbers told attendees at FPA’s Business Solutions conference on Monday, March 5, how to decrease management to increase productivity. Her strategy focused on the difference between great hires and great employees, and she shared her four keys to creating great employees. Follow these keys—or four people principles—and Herbers says you’ll be on your way to creating a practice that’s more successful, where the owners have more time off and employees are happier and more productive:
Focus on creating the best talent; not hiring the best talent. Support employees instead of managing employees. Focus on growth instead of on profit. Focus on the goal instead of on the problems.
Reasonable pay is important, but not high pay. Pay is generally not a deal-breaker. The deal-breakers are culture first, benefits second, then pay. Don’t do merit bonuses (they don’t motivate employees) and don’t use profit-based bonuses, they simply don’t work for privately held companies. Set a fair salary and offer incentive-based bonuses based on revenue.
Employees in the financial planning profession just cannot live with themselves if you don’t provide what you’re telling your clients they need to have, says Herbers, so medical insurance and a retirement savings program are a must. Beyond that, offer at least six lifestyle benefits—family leave, flex time, continuing education, etc. Herbers’ research shows it doesn’t matter which lifestyle benefits you offer, but how many.
The better your technology is, the more productive your employees will be. Supply the best tools for your employees to exceed at their jobs.
Practice Management Solutions
Financial Planning Association