Change is inevitable in the workplace. As a manager, you must smoothly guide your team through these transitions. That is a challenge - especially when you notice that some colleagues have trouble adapting. How do you handle that? How do you ensure that everyone can join in the change process?
The need for change
The financial sector is constantly influenced by global trends and developments. As an organization, you have to keep innovating to stay competitive in the job market. But this is not without challenges. International teams are increasingly the norm. This brings cultural diversity and time zones into play, requiring new management skills.
In addition, the implementation of technologies such as AI and machine learning, agile working practices and digital transformations require teams that can adapt to new ways of working and tools.
But generational differences also play a role, especially with the entry of Gen Z into the workplace. This younger generation brings with it new expectations and work styles.
As an employer, it is essential to adapt your working methods to the new generation, otherwise you run the risk that young talent will choose another employer. Having your team go along with this is crucial to the success of the change.
Is the desired behavior clear?
One of the biggest mistakes organizations make when communicating change is using abstract terms such as "ownership" or "proactive behavior.
These types of big terms are often too vague and can be interpreted in different ways by different people. For effective behavior change, it is important to be specific and concrete about exactly what is expected of employees.
VAGUE
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Show ownership.
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Be proactive.
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Increase productivity.
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Improve communication.
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Deliver quality.
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Be customer-oriented.
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Work efficiently.
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Be innovative.
SPECIFIC
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Lead the weekly project meeting.
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Take the time to identify problems early and propose concrete solutions within 24 hours to the team.
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Complete at least 90% of your daily task list.
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Send weekly progress updates to the team.
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Double-check your work before submitting.
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Respond to customer inquiries within 24 hours.
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Use this project management tool for your tasks and deadlines.
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Bring at least three new ideas to monthly brainstorming sessions.
Communication as a key to success
Transparency and openness are essential if you want to communicate change. Share not only the end goal, but also the steps and processes needed to achieve it.
Use the 4 Ps to convey your story in a clear and structured way:
- Pain: What are the risks and negative consequences if we don't change? This helps to underscore the urgency of the change.
- Perspective: What are the benefits and improvements if the change is successful? This provides a positive picture of the future.
- Process: What concrete steps and actions are needed to make the change happen? This makes the change manageable and planable.
- Persons: What specifically is expected of each team member and what can they expect from you as a leader? This provides clarity and accountability.
Exemplary behavior
Leadership plays a central role in the success of change processes. You must not only drive the change but also set a good example yourself. This means demonstrating the new behaviours and practices you expect from your team.
By being empathetic and listening to the concerns and feedback of your team, you build trust and reduce resistance. If you are open to feedback and improvement yourself, you inspire your team to do the same.
Training, development and recognition
Continuous learning and development are essential in times of change. This means investing in training programs that help you gain new skills and knowledge.
For older workers, this can mean additional support and customized learning methods to embrace new technologies and work practices.
Mentoring programs where younger workers coach older colleagues (or vice versa) can be effective in bridging the knowledge and generation gap.
Recognizing and rewarding positive behavior keeps your team motivated. Consider simple compliments, public recognition, financial rewards and opportunities for career development.
Celebrating small successes increases morale and makes everyone feel valued. This reinforces the desired behavior and encourages everyone to actively contribute to the change.
Together towards a future-proof organization
Change is inevitable and essential to the growth and development of the financial sector. Through open communication, clear expectations, commitment, ongoing training and strong leadership, you can successfully lead your team through change processes.
Understand the causes of resistance, provide clear instructions and acknowledge your team's efforts. Together, you can create a future-proof organization.
Want to know more?
With our extensive experience in mediating between young professionals and managers, we know what works. How to attract them, and just as importantly, how to retain them. Floris is happy to discuss how young talent can support your team through changes.
