Page 46 - Investment Advisor September 2022

technology for their teams to work vir- showing up quite heavily in both the cli- cation and organization, and reskilling
tually. This hybrid work trend is likely to ent service and business functions. training programs.
outlive COVID-19, and when it comes to Firms might, for example, hire a Let’s look at efficiency. When an orga-
hiring, it is proving especially advanta- temporary digital marketing person to nization’s people work in a decentral-
geous to smaller-market firms. work full time for nine months to set ized arrangement, oversight diminishes,
Those firms, which were histori- up a digital marketing program. Or and a great deal of unnecessary work
cally at a steep recruiting disadvan- they might use gig workers to input tends to take place. That’s why a focus
tage to businesses in big metro areas, financial planning data during busy, on efficiency has become paramount.
increasingly have access to high-qual- high-growth periods. They might even The bar for communication skills has
ity employees outside their immedi- turn to the gig-worker marketplace for risen as well. Firm leaders have had to
ate geographies. In response to the client service help during periods of express extra empathy and compassion
more-level playing field, larger firms market turbulence. for their clients for more than two years
appear to be doubling down on now. Unfortunately, empathy and
recruiting talent. When leaders model compassion are finite commodi-

3. Workplace Well-Being empathy and compassion, ties: Leaders are giving all they
have to their clients, with none
Another important trend is the employees follow suit. And left over for their employees,
transition from a focus on indi- who need it most.
vidual employees’ well-being to that’s a precondition for a So reskilling and training pro-
an organizational focus. Because grams are focusing on helping
it ushered in so much change, culture in which employees all employees speak to their cli-
COVID-19 forced firms to focus ents and colleagues with empa-
on individual employees’ profes- throughout the organization thy and compassion. And, most
sional and personal welfare. Now, think creatively, solve important, when patience runs
leaders are stepping back and out, teaching advisors how to
looking to facilitate the creation problems independently, recharge themselves has become
of a healthy overall organization. even more critical to firm success.
Businesses are restructuring and help the business reach Reskilling to learn and
benefits to be more supportive of its growth potential. strengthen power skills trans-
employee well-being, consider- lates into better communication
ing policies like personal time off skills and filters into a firm’s cul-
and mental health days. They are also Advisory businesses are learning that ture. When leaders model empathy and
setting boundaries around work sched- tapping into this nontraditional source compassion, employees follow suit. And
ules so that employees can consistently of human capital can boost their prof- that’s a precondition for a culture in
relax and recharge. itability by allowing them to focus on which employees throughout the orga-
Reining in work schedules can be temporary talent at specific pain points. nization think creatively, solve problems
tricky for advisory firms — after all, it’s independently, and help the business
a service-based business, and clients’ 5. Reskilling Workers reach its growth potential.
needs extend beyond the hours of 9 The final trend is one that the leading firms In every industry, change is a con-
to 5. But we have found that many of are leaning into: reskilling. Reskilling, stant. And employee management best
the organizations that are attracting the of course, refers to learning a new skill. practices are changing fast right now.
best talent are focusing on health at the In this case, firm leadership is investing While some leaders find these changes
global level within workforce policies. heavily in training on what we call the to be inconvenient and even aggravat-
power skills: efficiency, communication ing, those who are open to them are, I
4. The Gig Economy and organization. People with these skills believe, are much more likely to win the
Advisory firms are embracing the gig are trained to manage time and stress, growth race.
economy, in which workers are available communicate with empathy, and are well
for temporary employment, freelance organized in their daily working routines. Angie Herbers is an independent consultant to
contributions or other types of non- The pandemic has changed the way the advisory industry. She can be reached at
permanent arrangements. This trend is firms must look at efficiency, communi- [email protected].

42 INVESTMENT ADVISOR SEPTEMBER 2022 | ThinkAdvisor.com