No matter their role or how long they’ve been with an organisation, every financial professional can grow, evolve, and contribute more value to their team. Coaching is more than just a way for business leaders to ensure their teams can adapt to changing technology and financial regulations.
It can also be an excellent way to enhance workplace productivity, reduce talent turnover, and make your company more profitable. A Gallup study found that effective coaching can lead to profit increases of up to 29% and a significant boost in employee engagement.
Moreover, the right coaching strategy can improve company culture, attract new talented candidates to your workforce, and strengthen your team’s resilience.
Here’s how you can build an incredible finance team through the power of coaching.
The Benefits of Coaching Your Finance Teams
Various studies have shown that coaching, training, and development opportunities significantly impact business success. A report from the Institute of Coaching even found that more than 70% of employees with access to coaching are more effective in their roles.
Strategic coaching empowers financial professionals with the skills they need to supercharge their productivity and efficiency. You can help teams develop crucial technical skills that are becoming more essential in the economic landscape, allowing them to adapt to the rise of AI and new technologies.
It can help employees communicate and collaborate more effectively, creatively solve problems, and adapt to new working styles. Coaching also:
- Improves self-awareness: An effective coach can help employees identify their strengths and weaknesses, helping them to set professional goals and overcome limitations.
- Enhances morale: A coaching initiative can help build employee relationships, improving morale and company culture. Plus, with more skills, employees are less likely to feel stressed and burned out in their roles.
- Boosts employee retention: Employees want opportunities to improve their skills and develop their knowledge. Up to 76% of Gen Z employees even believe training is crucial to a successful career. A coaching strategy can reduce the risk of employees leaving your workplace for more development opportunities.
Coaching can even help with your succession planning strategy, allowing you to shape the future leaders that will become crucial to your company’s success.
The Role of a Good Coach: The Skills Coaches Need
Unlocking the benefits of coaching for your financial teams starts with learning how to become an effective coach. Great coaching relies on more than just your ability to share educational resources and guidance with team members. You also need to be an expert at motivating and engaging your workforce and tailoring the coaching experience to the needs of each employee.
To become an excellent coach, you’ll need to develop certain skills related to:
- Active listening: Effective coaching requires empathy. You need to understand your team members’ challenges and support them through the growth process. This starts with active listening. A great coach listens attentively to team members, respects their perspectives, and provides direction without judgment.
- Asking powerful questions: As mentioned above, a great coach encourages self-awareness among team members by asking thought-provoking questions. They challenge staff assumptions and stimulate critical thinking, self-reflection and problem-solving.
- Providing feedback: Constructive feedback is a crucial component of coaching. The best coaches carefully analyse their team members’ performance and provide useful suggestions on overcoming weaknesses. They also know the importance of regular recognition and acknowledging staff achievements to preserve high motivation levels.
- Goal setting: Every coaching initiative should feature targets for employees to work towards. A great coach will collaborate with each employee to establish clear, achievable, and motivational goals that align with the business’s needs and the financial professional’s development plans.
- Empowering action: A great coach doesn’t just give directions or tell employees what to do. They empower each staff member to take ownership of their goals and actions, offering ongoing encouragement as they face various challenges.
How to Become a Skilled Coach
Some leaders already have many of the skills they need to excel at coaching, such as patience, emotional intelligence, and the ability to motivate employees. However, you may need to develop additional characteristics and skills before you launch your coaching program.
Here are some of the best steps you can take to become a more effective coach.
1.     Develop Self-Awareness
Becoming an excellent coach starts with self-awareness. You must also be aware of your strengths and limitations to empathise with employees and show emotional intelligence. Reflect on the traits that could enhance or harm your approach to coaching.
Think about your communication style, your openness to receiving feedback from other employees, and how you can show compassion. Great coaches are humble and understanding; they don’t simply “place blame” or tell their team members they’re doing things wrong. They also know how to adapt to different employees’ learning styles and manage their emotions.
2.      Explore a Range of Coaching Styles
There’s no one-size-fits-all approach to being an effective coach. The support and direction you give your finance team members may vary based on various factors. Some professionals might benefit from a holistic approach to coaching, including regular one-on-one sessions to discuss concerns and opportunities with their coach.
Others might appreciate a less hands-on approach, where they can reach out to their coach whenever they feel they’re encountering issues without needing weekly reviews or meetings. Be open to experimenting with different coaching methods based on the needs of each employee.
3.     Build Trust with Employees
Establishing trust is essential to building successful coaching relationships. If your employees or colleagues can’t trust that you have their best interests at heart, they’re less likely to take your suggestions seriously. Be authentic, empathetic, and transparent when interacting with your team members. Make sure they feel safe to share thoughts and concerns with you without the threat of negative repercussions.
Ensure your team members feel heard, understood, and respected whenever you’re interacting with them by practising active listening. Avoid interrupting when a team member is explaining something to you, and encourage staff to express themselves openly.
4.     Work On Giving Constructive Feedback
Feedback is a cornerstone of a good coaching experience; however, it’s important to ensure you’re offering actionable insights. If an employee asks you to help them reach a specific goal, such as becoming more technologically proficient, don’t just tell them what they’re already doing wrong or right. Work with them collaboratively on a plan for success.
When offering feedback, focus. Additionally, remember to gather input from the people you coach.
5.     Lead by Example
Finally, as a finance manager or leader, you should always lead by example. Embody the qualities and behaviours you want to instil in your team and follow your advice.
For instance, if you tell a staff member that learning how to use new technology will make them more efficient and productive in their role, you should be learning how to use the same tools.
Show a growth mindset to help encourage your employees to take the same approach to their work. Demonstrate how a commitment to continuous learning, resilience, and adaptability can help employees achieve their career goals.
Discover the Power of Coaching
Coaching is a powerful tool in the finance industry, particularly now that many roles are becoming more complex with the rise of new regulations and technology. Learning how to coach your team effectively can lead to more engaged and productive employees and better outcomes for your business. Plus, it can help to create a more welcoming and supportive company culture.
Thanks
Rachel
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, ranging from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we understand employer and employee needs and match them perfectly.
To learn more, contact one of our team members today or call us at 01282 930930.
