Are you sabotaging your own business?

Are you sabotaging your own business? | Insurance Business

Are you sabotaging your own business?
Could you be doing more to boost your brokers’ performances and your business’s bottom line? When it comes to adverse impacts on an individual’s performance, poor leadership has been named as the number one factor, according to the latest white paper from Robert Walters.

The white paper, Developing High-Performing Teams to Drive Business Performance and Engagement, surveyed more than 250 hiring managers and almost 700 professionals across Australia and New Zealand on the factors that help build high-performing teams.

When asked what negatively impacted their performance most, 32% of professionals said poor leadership, followed by not having clearly defined goals and objectives, and not being adequately recognised for high performance.

The white paper also found that 80% of professionals believe poor leadership decreases trust and openness.

“Our research shows that high-performing teams across all different levels of business have shared attributes, including clearly defined goals and objectives, recognition for good work and culture fit,” says Robert Walters Auckland director James Dalrymple.

“Poor leadership, team conflict, undefined goals and objectives and zero recognition for good work are key drivers of disengagement, dissatisfaction and underperforming teams.”
The survey focused on four key themes related to high-performing teams, finding that:
  • 63% organisations may be missing out on top talent due to inflexible selection criteria.
  • More than half of professionals feel their organisation does not do enough to reward high performance.
  • Almost half of professionals said they were managed with a top-down leadership style, where leaders make decisions without consulting team members, but 95% of professionals preferred other more consultative leadership styles.
  • 61% of professionals believe varied and interesting work is the factor that keeps them most engaged in their roles.
  • 51% of hiring managers feel that their organisation does not do enough to keep their employees engaged.
So what can you do to improve your broking team’s performance? Here are three key takeaways:

1. Leaders need to communicate constantly: Communicate with your team to make decisions appear more consultative, which in turn will boost morale. It will also help your brokers accept change more easily when they have a clear direction and feel involved in the process.

2. Implement a mentoring programs: The survey showed that professionals rate “supports team members” as the most important quality in their team leaders. Mentoring can ensure staff are getting the support they need. Benefits of mentoring include increased productivity, higher job satisfaction and a more positive working environment.

3. Accountability is key: Have regular discussions with your brokers and set goals for them. Establishing an environment in which they can provide feedback at all times is also vital.