How to Maintain Employee Motivation in the Finance Industry
Working in the finance industry can be one of the most interesting jobs but it can also become a bit stale after a while, depending on whether or not an employee has the drive and ambition to become a top performer. The key question here is, what motivates each employee to excel in whatever his or her position is and is there anything you can do, as the boss or team leader, to motivate them?
Each employee will have key motivators that are as individual as he or she is, and it is your job as the administrator to find what makes them tick. In the finance industry, more so than in any other industry imaginable, motivation is a key component to success.
From financial planning to forex trading, the key to success is keeping energy levels high and the surest way to do that is to stay motivated. So what motivates most people within the finance industry and how can you help them stay motivated so that you forge a winning team?
Motivation starts at the top. If you are excited by what it is you do, that enthusiasm is going to filter down through the levels to your newest employees who begin their careers with high hopes for the future. With each successful trade you are personally involved in, you can share the news with the team. Get excited about what each team is doing and make their successes public. Why? Because some of your employees will be motivated by personal success, by recognition.
One of the best tools you can use as a manager is a centrally located white board that shows, in real time, where each team is in terms of reaching goals. Those with a competitive spirit will be motivated to move their team to the top position.
For example, in the loan sector you may want to indicate which team wrote the most loans and at what interest rate. The best managersunderstand that it is human nature to be competitive and so will use this technique to foster both a team spirit and the motivation to reach that coveted first position daily, weekly and even monthly on the visible white board.
New and Innovative Platforms
New technology is one aspect that can boost motivation. It will usually make completing day-to-day tasks a lot easier and creates a fresh and exciting way of working. For example, new investments platforms offer a more convenient way for individuals and professionals working with investments to take charge of them.
This technology offers a way to watch what is happening in key markets in real time. There is no better tool than real-time technology so that investors and their brokers can enter and exit a market at the most opportune moment to maximize profit or minimize loss.
Much of the newest technology is designed to be used across a wide array of platforms so that same account can be used on different devices. You want the platforms you use to be mobile friendly so investments can be made on the go. What good does it do to view market movement in real time if you can’t act on it in the moment?
With mobile-friendly apps, you don’t need to wait until you get back to the office. Buy and sell in real time and when that employee returns to the office he or she can glance at the white board to see how those mobile transactions affected the day’s rankings.
Flexible Career Paths
The finance sector is home to many different jobs on a number of levels with an extreme amount of flexibility in career paths. Some workers can find doing the same job day after day incredibly monotonous and simply need a change of scene from time to time. Looking forward to change and a break in the monotony is often a huge motivator for some people.
Some individuals entered the financial sector simply to avoid doing the same routine tasks day after day and since they thrive on diversity, floating them around from personal loans to mortgages, for example, could be all the motivation they need to succeed.
Motivation Techniques that Inspire High Energy Environments
There are a number of motivation techniques that managers and individuals can use, whether to get themselves geared up for the job or to inspire others. The key is to find those environments that inspire high levels of energy within your workplace.
It could be something as simple as letting teams set their daily goals in a morning meeting and then, throughout the day, update the white board. The team that closes the most mortgages in a given day for example gets an extra ten minutes break the next day with the top performer getting a gift certificate to a local restaurant.
One thing you know as a manager is that you do need to invest a little money to reap the rewards. You are, after all, in the financial sector where the hope is always for investments to pay off. Little rewards are your investment in the future of your enterprise. If you look at it that way, consider the major ROI from spending just a few pounds.
Humans are a social species, and it can be a lot harder to find motivation when working alone rather than in a team. Therefore, team members lending each other support is a good way to increase levels of motivation. From a bright and cheery, well-lit office with plenty of natural sunlight to a continually updated white board, keep your team alert and on their toes. It’s hard to stay motivated when you’re falling asleep.
Work on these effective motivators and no one will have time to fall down on the job. They’ll be busy keeping their numbers high for all to see. Remember, time is money so keep it ticking and your team will stay motivated like never before – and that is the key to success.
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