All small business owners would love to have a team of employees who are talented and high performers. In a typical financial planning practice (of up to 5 staff), each individual performance is critical.I
In small teams it can be tough should team members be struggling. This is why business owners should have in place a performance appraisal system.
At this time of the year many employees sit down with their manager/employer and participate in a performance appraisal discussion. For many businesses this is usually conducted every six months.
For Financial Planning Practices, (who fall into the small teams category) …. should you worry about this process? After all, isn’t this something more suited to the large Corporates?
We are a relatively small business and I speak with my staff every day!
Hang on – that is not enough to discuss client matters, helping prepare for the next client meeting or work flow problems. The appraisal process should be about your staff member, their role in the business, performance and aspirations.
A staff appraisal process can provide distinct benefits to both the staff member and the employer.
Staff Benefits of the Performance Appraisal Process
- Discuss personal objectives
- Receive valuable feedback concerning performance in a structured way
- Recognition for efforts and contribution to the business
- Contribute to a discussion regarding areas for training and development
- Clarify expectations and discuss plans and goals for the future
Demand for trained and experienced staff is at an all time high in financial planning. Be proactive and spend structured time with your people.
Employer Benefits of the Performance Appraisal Process
- Engage your staff and show your interest in their position within the business
- Support development and training opportunities
- Help nurture their career aspirations
- Assists in planning for the future goals of the business
- Helps linking compensation and rewards to performance
Remember the process is not about picking on performance issues. The focus should be on recognising good performance and discussing opportunities for improvement and development.
At Futuro we understand financial planning businesses. We provide support to business owners and improve both their business & personal life.
If you would like to know more about how Futuro can help your business, give us a call on (07) 3018 0400 or send an email to info@futuro.com.au.