View more on these topics

Liz Field: Enhanced team performance through effective management coaching

Liz-Field-MM-Peach-300.jpg

With the UK economy showing renewed growth, businesses that encourage and nurture their employees’ full potential will be ready for long-term success, with strong management teams, long-term employees and active corporate teamwork.

Two increasingly, yet sometimes confused, forms of staff nurturing are mentoring and coaching. Both are increasingly accepted as important business tools, yet senior and middle management are often unclear of the basic differences and of their responsibility to make coaching an intrinsic, active part of their role as a manager.

While the two development techniques of mentoring and coaching are similar, they do have different approaches and goals. Mentoring tends to be a long-term process, offering guidance and support for general business practices and personal development often from an older, experienced person to a younger colleague. Coaching, on the other hand, tends to be a number of shorter events, each one having a tighter focus on a particular team member’s performance and/or skill.

For example, through its innovative and successful GetInGetOn industry-led project, the Financial & Legal Skills Partnership offers an innovative career mentoring programme. Using a virtual approach (social media and email), young people participate in a one-month scheme completed entirely online.

The programme’s two elements are skill and knowledge development and e-career mentoring. It enables young people to find out more about the financial and professional services industry and to develop the skills and knowledge wanted by employers.

Alongside such mentoring programmes is the other critical employee support tool – coaching. It is also increasingly used in supporting managers to develop employees within forward-thinking organisations.

Recent research from The Chartered Institute of Personnel and Development showed that a substantial majority of employers use coaching within their organisations.  The organisation also says it found that in-house development programmes and coaching by line managers are still seen to be the most effective practices.

However, many managers are unaware that such a role should fall under their remit. It is important that managers realise they need to be coaches to their staff – for much the same reasons that a sports coach encourages his or her team to success. Employee attitudes toward their managers will be influenced by the degree to which they feel supported at work, which includes discussion of training and development and feedback on job performance – all important elements of coaching.

In addition, the manager who is encouraged and trained as a successful mentor will feel more valued by the firm – which helps retain those key personnel.

Effective coaching means the company will retain key employees by making them aware of, and encouraging them to participate in, learning and development opportunities. It also creates a cohesive working team, whose members will know how to work together efficiently and quickly, even when under performance pressure or strict deadlines.

The Financial & Legal Skills Partnership has developed a corporate coaching toolkit based on the successful experience of six key sports coaches. By taking the best from the sports world and applying it to business, the Performance Toolkit (launching this month) enables managers to develop their positive management profile through adopting the traits of a good manager and encouraging and developing staff.

Through the Performance Toolkit’s five training modules, managers can learn the techniques that will improve their confidence in providing effective coaching.

We recognise that good managers share basic traits, including the ability to motivate and inspire their teams, and ensure that skills are used in the best way in the most appropriate job.  

However, those same managers also need support in carrying out their roles and in realising that coaching is as successful a tool in the business world as it has proven to be in the sporting arena.  

By encouraging managers in coaching existing and future talent, we can look forward to solid growth in the financial and legal sectors built on of productive skills and superb performance.

Liz Field is chief executive of the Financial & Legal Skills Partnership

Recommended

Pound-Sterling-GBP-Money-Currency-Andrew-Michaels-700x450.jpg
3

Nest accused of ‘smoke and mirrors’ over 0.5% charge claim

Aviva has accused Nest of using “smoke and mirrors” when claiming its charges work out at 0.5 per cent within 10 years.   Nest operates a dual charging structure, with members paying a 1.8 per cent contribution fee on new investments alongside a 0.3 per cent AMC. Nest quotes the fact that its charges work out […]

Elderly-People-Paperwork-Old-Pension-Pensioners-700x450.jpg
1

Govt to ‘strengthen’ role of IFAs in LTC funding

Care services minister Norman Lamb says he will “strengthen” the role of regulated advisers in long-term care funding reforms in changes to the Care bill. The bill, currently in the House of Lords, would force local authorities to signpost people funding their own long-term care to “independent” financial advice but not regulated advisers.  Other sources of financial advice […]

Chris-Macdonald-700x450.jpg

Brooks Macdonald profits up 22% as acquisitions drive FUM

Brooks Macdonald Group’s full-year results show pre-tax profits are up 22 per cent as recent acquisitions push up funds under management by 45 per cent. Pre-tax profit for the year ending 30 June 2013 was £10.4m, up from £8.5m in the previous year. Total funds under management grew from £3.5bn to £5.1bn over the year. […]

FCA-FSA-Airplane-700x450.jpg
8

Two firms face FCA action over provider inducements

The FCA has revealed two firms are facing enforcement action after a thematic review found evidence that arrangements between providers and advice firms could undermine the RDR. The regulator asked 26 life insurers and advisory firms to provide information about their service or distribution agreements. It received and reviewed 80 agreements and found that just […]

Changes to early exit pension charges

In November last year, the FCA announced that from 31 March 2017, early exit pension charges will be capped at 1% for those customers who are eligible to access their retirement savings from age of 55. The rules also state that for new personal pension plans started after that date, or on new increments into […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com