After nearly 2 years of the pandemic and varying approaches to working remotely, I have noticed that both engagement and trust had dropped significantly for financial services companies. This article will explore what reduced engagement and trust that remote working brings. As well as outlining what your business can do to increase engagement, trust and improve wellbeing simply by using a coaching approach to management.
This article and the full Whitepaper report are based on a roundtable discussion with major financial services companies at the end of last year. The full report on how coaching improves engagement and trust in a hybrid environment is available here Whitepaper full report download it here
What is a coaching management style?
During the course of the conversation, it was agreed that financial services team leaders are moving away from a ‘command and control’ type of leadership and moving towards a more empowering coaching style leadership.
This style of leadership is more questioning and solution-focused. It allows employees to find the best solution for their problem rather than follow the team leader’s directive style of management which was more traditional in the industry. It was also noted how effective this approach when working across different locations.
It was recognised that as financial services return more fully to the office, a version of remote working is still both beneficial and required for business success. Therefore finding ways of working that improve engagement across a remote working space is vital.
One of the major findings of the discussions outlined in the resulting Whitepaper was that a coaching approach to management really works for employees. A coaching approach improves employee engagement, but it requires a lot of trust from team leaders. Click here to download a full copy of the Whitepaper
It was widely recognised in the round table that employees are choosing employers that offer some time working from home, this is now seen as a ‘must have’.
A management coaching style full report
What are the issues of remote working?
The major issues with remote working can be isolation, lack of creative feedback and results in employees lacking engagement. Trust also becomes a major issue for both the team leader and the employee.
Working remotely means that team leaders aren’t aware of what the teams are doing and aren’t able to supervise in the way they once did so trusting that the employee is working in the right way takes a big step forward for many leaders who have traditionally supervised and controlled employees working life.
If you are interested in reading more about the biggest issues of hybrid working then this article will be a great resource: What are the biggest issues of hybrid working for your organisation? As a follow-up if you are interested in reading more about How will hybrid working benefits both the organisation and the employee then this article will be of interest click here How will hybrid working benefit both employees and your organisation?
Employees feel frustrated when team leaders demand a specific way of working and how to do things, it leaves employees feeling disempowered. These employees leave the business or simply don’t bring their full selves to work. Click here to download a full copy of the report
During the roundtable conversation, lack of trust and engagement was noted and it was agreed that directing teams across a remote hybrid space is not the most effective way of managing employees. What will work in the office is not transferable across a remote working experience.
Why is a coaching management style so important?
The pandemic has meant that attrition rates are high as employees are feeling ’emotionally exhausted’. We know that after a lengthy period of uncertainty employees are overwhelmed, stressed and looking for new ways of working as well as new ways of being managed.
A coaching approach to management helps to support teams in a more effective way when they are working away from the office.
This style of management offers employees more empowerment. In a sector that has traditionally been heavily regulated, this shift is interesting and tests leaders in new ways. Whilst it is recognised that a coaching approach benefits employees and improves engagement it is often hard for team leaders to use these skills.
A coaching approach requires a different set of leadership skills. I have outlined these in a separate article you may find interesting click to read The 6 leadership skills that are essential for hybrid working
A Coaching Approach To Management In The Financial Profession
Financial services organisations like many other sectors are looking to retain a permanent system of hybrid working so that they can attract a more versatile workforce. A coaching management style is better suited to this way of working. Click here to download a full copy of the report
1. Coaching will improve engagement
Developing a coaching style of management works well for engagement and means employees feel both trusted and cared for. Coaching as a management style has become a fast track way to connect with other employees.
Whilst a more traditional, technical way of managing teams was the norm before the pandemic it is no longer the most effective way to engage with employees, especially when working remotely.
Using a management approach that uses coaching and question-asking will mean that employees feel empowered so that they can solution find in a way that works for them.
In addition, a coaching style will create stronger bonds and greater feelings of psychological safety in the workplace. This means that employees are able to ask questions and problem-solve on their own, knowing that they have the support and guidance of their team leader.
Coaching style will improve engagement
2. A coaching style improves trust
Trust is a necessity when making the shift from command and control management to using a coaching approach.
This open-ended questioning style requires trust on behalf of the team leader. Plus team members also need to trust that the manager will let go of over pixellating a decision or way of working
When trust arrives the organisation as a whole thrives. Trust brings creative solutions to problems within the organisation.
3. A coaching approach provides better focus on wellbeing
Wellbeing is crucial when working remotely so that employees feel that they are part of the team and cared for. A decent day’s work for a decent day’s pay is no longer what is expected. To engage employees and a better way of working is to consider their wellbeing needs – mental, emotional as well as physical.
Creating a Wellbeing Strategy that will support and retain staff is essential – if you are looking for a simple Guide on how to create your organisation’s Wellbeing Strategy then this will be the perfect place to start click here and download your free Wellbeing Strategy Guide
The psycho-social needs of employees are as important as the health and safety needs of the last decade. Employees are looking for commitment and a strong wellbeing focus from their employers. A feeling of being thought about and considered as a whole person not just their ‘work selves’ An organisation who cares will mean an employee who gives their support and engages with the company fully.
A quote from one of the roundtable panellists illustrates this point:
“The pandemic and ‘The Great Resignation’ that has followed means that employees are looking for a shared purpose and to know that companies are not
Financial Services Roundtable discussion – full report click here to download
‘just in it for themselves’”
Before the pandemic there was less emphasis on wellbeing however now with dropping engagement levels wellbeing is a major focus for many financial services organisations. The emphasis on wellbeing is emerging as vital for organisations, providing it and supporting everyone equally is explored in detail in the full report click here to download
A strong wellbeing focus creates a resilient workforce and hybrid working means that wellbeing is essential now more than ever. Working together with financial services companies we have created strong wellbeing connections that leaders can use when coping with agile working.
A different style of management is required when working with teams across both remote and in-office environments to command and control
Coaching requires more upskilling from leaders
The working world has changed considerably over the last few years. In the past being good at your job, and having a level of technical excellence was a good way to move forward. However more Millenials and Gen Zs are joining the workforce and they require a different set of management skills.
Those entering the workforce have a different experience of life and work and leaders are adapting to meet this change. If you or your business are looking to work with a Wellbeing Trainer and Coach to implement these changes reach out
Next steps
To support organisations with performance issues and boost productivity during hybrid working contact Adele for coaching sessions for team leaders and employees. Coaching that use a structured approach towards clear objectives, personal growth and moving forward.
If your organisation is looking to incorporate a Resilience and Wellbeing programme that adopts a coaching approach at every level to improve wellbeing and performance then email me to discuss your organisational requirements or book an appointment straight in my diary
Client Feedback:
“What a breath of fresh air you are Adele. So knowledgeable and passionate about wellbeing, personal growth and helping people to find ways to be their best selves.“
Karen King Head of Talent & Development at The Openwork Partnership
Further resources
If you are interested in reading more about the biggest issues of hybrid working then this article will be a great resource: What are the biggest issues of hybrid working for your organisation? As a follow-up if you are interested in reading more about How will hybrid working benefits both the organisation and the employee then this article will be of interest click here How will hybrid working benefit both employees and your organisation?
Creating a Wellbeing Strategy that will support and retain staff is essential – if you are looking for a simple Guide on how to create your organisation’s Wellbeing Strategy then this will be the perfect place to start
