I hear from advisors all the time that they're really happy with the people they have, they believe they have the right people on the team, and they've spent a lot of time and money investing in human capital. But if they're being honest, they're not 100% sure what their team is doing all day, every day, or that they're operating as efficiently as possible. If you're feeling as if this is the case, chances are - you're right!
What are the takeaways?
- Most practices are overstaffed, as advisors often try and solve capacity issues by throwing human capital at the problem.
- Work expands to fill the time we have to complete it. Allow team members to complete their work within the time parameters and structure that works for them.
- Focus on crafting role objectives vs. task lists in order to help team members understand what they help the business achieve.
Video is 6:54 long.