TIP 5: You’re only as good as your tools!
A well worn saying of more than a hundred years ago is “a man is only as good as his tools”. Certainly any of us who do home improvement projects would agree. Having the right tools make a huge difference in accomplishing a successful home project.
Well this is also true in the workplace. We’ve seen this play out in a significant way in this period of the pandemic. Companies that invested in technology such as Zoom, that have their data accessible in the cloud, and have equipped their team with laptops and remote access capabilities, have likely sailed through this challenging period. Those who did not invest in these types of tools and equipment have struggled.
In my prior job running a large investment team we had a woman trader leave to pursue her dream of teaching music in a local school. As it turned out, the situation was not sustainable for her family so she ended up coming back two years later into a similar trader role. During the two years she was away, we significantly upgraded our trading and risk management systems.
Early on during her return, I asked how she liked being back on the trading desk. She was beaming from ear to ear as she described how much better the situation was with the new technology. She shared that what used to take her a few hours early in the morning to confirm positions in the funds was now done automatically before she even arrived so she could start trading and adding value to the funds immediately in the morning. Yes, this system was expensive, but so is the talent on the desk and when you multiply that response by dozens of PMs and traders, the cost was easy to justify. In addition, because it significantly increased the team’s productivity, we were able to grow the number of funds and assets under management significantly without having to add to headcount, and the impact on the investment team morale was huge.
Not having up to date tools is one of the greatest frustrations that team members experience. It is often viewed as a lack of appreciation for team members and in the end can result in team disengagement, leading to lost productivity that can overwhelm the cost of better tools.
Ask your team their view on the tools they have. Ask what tools would enhance their work quality and quantity. Ask what tools would enhance their communication with each other and other departments. Ask what tools could help them better balance the demands they face in their work and in their life life and family. Do some cost benefit analysis and also factor in the impact on morale and engagement that your team members feel when they see you investing in them this way.