Category Archives: Uncategorized

5 Steps to Effective Performance Management

Posted on by

Over the last 15 years I have worked with hundreds of managers, including team leaders and supervisors, in organizations of all shapes and sizes. Many of those managers were, by their own admission, reluctant to manage. Of course on a day by day basis they did manage people – they answered questions, allocated work, went to management meetings, and held some team briefings. But what they most often didn’t do is apply a focused and structured approach to managing their staff’s performance

In theory, managers know they should be managing performance, that they should be using the review or appraisal system, and that they should be having dynamic discussions with their staff about their performance. But clearly there’s an obvious difference between knowing you should do something and actually doing it. And when managers don’t manage, the business suffers and so do their staff. So what’s the answer? These are five steps I’ve seen applied, by my clients, with very positive effect:

Step One – Help managers to understand why performance management is important to the business

Do managers need help in understanding the value of managing performance? Do they need to understand why effective performance management is a critical commercial issue and how effective performance management impacts business success? Only through getting this clarity can a manager gain the confidence that there will be some real business benefit derived from their efforts. Otherwise, why bother?

Step Two – Help managers understand why performance management is important to their staff

Do managers know that research shows that what people seem to want, and want quite badly, is to be well managed? That they want a strong, mutually supportive relationship with their manager based on interest and clarity? Much of what ‘well managed’ means is effective performance management. The manager’s role in the satisfaction and the engagement of their staff can’t be overstated but often needs to be explained.

Step Three – Help managers to embrace their right to manage performance

Frequently the managers I work with seem to feel the need to gain permission to undertake probably the most important part of their role – managing performance. They clearly know there are expectations of them as managers but they don’t feel they have somehow earned the right to manage. Do managers need to understand the rights they have to manage? Do they know what those rights look like in practice?

Step Four – Give managers the tools and techniques they need to manage people’s performance

Do managers have access to a range of tools and techniques which can make the seemingly complex much, much simpler? How can we expect managers to know, for example, that there is a simple way to give feedback about even the most ‘difficult’ performance issue so that the issue can be understood and accepted by the staff member? Managers just do not have the time to work these processes out for themselves so they either waste a lot of time (and staff good will) on ‘trial and error’ or they just give up.

Step Five – Ensure that managing performance is a top priority for your managers

Do managers have ‘managing performance’ listed in their job description, their job objectives or anywhere else? I have heard hundreds of managers tell me that there is nothing written down or agreed that describes their responsibilities as a performance manager. So why would a manager dedicate time and effort to an activity for which they are not held accountable, for which there is no reward, which appears to be just about the lowest priority of the business? How can organisations expect their managers to undertake the complex work of managing their staff’s performance if:

a) the manager does not know what being an effective performance manager looks like ipractice in their organisation
b) the manager is not held accountable for the effective performance management of their staff – it is not seen as an integral part of their job but something to be done when all of the ‘real work’ has been completed
c) they are not acknowledged or rewarded for effective performance management?

In summary

It’s all about developing the ‘will’ and the ‘skill’. Helping managers to understand the importance of effective performance management, helping them develop the skills and then holding them accountable for applying those skills in practice

Are You Choosing the Right Stock Market Advisory Company

Posted on by

What do you do if you want to learn driving a car? You will try to find an expert teacher, isn’t it? You do not want to avail the services of a novice individual to help you out, but a professional person can provide you the vital tips and most importantly guide you efficiently. Similarly, when it comes to investing in the stock market for the first time, you require a knowledgeable advice to attain your financial goals and get profitable returns.

If you are a beginner, then it is quite obvious that you may be having no information about the process of buying the right shares in the market. In such a situation, getting the right tips from an experienced financial advisor or a registered advisory company will truly prove to be a great blessing in disguise. However, there are some of the important things that have to be kept in mind while choosing the top stock market advisory company, which are as follows:

How much assistance do you actually require?

Before you make up your mind to hire an advisor, it is imperative that you must first decide about the kind of service you require from them. You may need their help at the beginning or during the time of any issues. This is because an advisor has to formulate a map according to your requirements. Hence, it is suggested to ascertain your needs first and then take further action.

Choose a top ranked advisory company

It is a very important point that has to be taken into the consideration. Availing services of the well known advisory company or a financial advisor is an absolute necessity. Make it a point to carry out a proper background or research work about the company. Check out their credentials, reputation, experience, etc before hiring them.

Asking for a sample financial plan initially makes sense

When hiring a financial advisor, then do not forget to ask for sample plan first. It is imperative to note that there is no such thing called the perfect plan. A sample plan will help you to determine whether an advisory company is actually making sense according your requirements or not.

Conclusion

The financial planners or advisory companies can really turn out to be the greatest asset for you if you choose the best one. They are just like the professional sailors who can help you out to sail through stock investment related problems quite efficiently.

Deepak is a financial advisor who likes to provide quality tips to the people facing any issues with regard to investing in the stock market. He likes to keep himself updated about the stock market by reading articles, news and blogs, etc.

Fear and Greed in the Market

Posted on by

Greed and Fear.

Two Emotions that play a bigger factor in the success or failure of humans than any other emotion we experience. Both fear and greed refer to an intrinsic emotional state. Tens of Millions of dollars have been made and lost based on these 2 emotions alone. In trading, in business and in relationships. So why do so many educational courses, stock trading books and online courses avoid this topic all together?

Perhaps they are not avoiding the topic of emotions, Perhaps by teaching certain methods and skill sets to their readers they are in fact dealing with the emotional side of trading head on!

It is well known that emotions create a certain amount of pleasure or displeasure. It is also known that emotions are networked with mood, frame of mind, desires and passions. The list goes on… So how do we as individuals develop a skill set to navigate these emotions in business in trading and in life?

Charles Darwin argued that emotions actually served a purpose for humans and rightfully so, If our emotions have been evolving for over 2 million years. Should we not be using these amazing skills to our advantage rather than placing blame on them for poor decision making? It is my belief the poor decision making has nothing to do with emotions and everything to do with laziness and lack of planning.

A Lesson From One of the Greats!

I would be doing my readers a disservice if we did not mention the strategy of Warren Buffett. One of the most successful investors of our time. Warren Buffet stuck to his strategy and profited greatly. Warren Buffett showed us just how important and beneficial it is to stick to a plan. When deciding whether or not to invest in a company himself, Buffett and his partners follow a few simple guidelines, one of which involves trying to determine the company’s longevity.

As the market becomes overwhelmed with greed, the same can happen with fear. When stocks suffer large losses for a sustained period of time, the overall market can become more fearful of sustaining even further losses. But being too fearful can be a grave mistake. It is precisely at this time successful investors and traders alike make their move. This is where the real money is made.

Just as greed dominated the recent Cryptocurrency boom or fear dominates the headlines on potential trade war outcomes, investors quickly move around from one “secure” investment to another. It becomes a constant game of cat and mouse.

This flooding in of money to the stock market shows a complete disregard for many technical indicators that continue to scream a correction is inescapable. Retail Investors seem overjoyed with the flooding in of headlines that read ALL TIME HIGH. Should retail investors be overrun by fear of a major correction?. Granted, losing a large portion of your retirement portfolio’s worth is a tough pill to swallow, but even harder to digest is the possibility of missing out on the massive gains the market is currently offering investors of all experience levels.

Having a clear understanding of my own personal goals, a understanding of my success and creating a list of my OWN wants and needs rather than taking dreams of others and trying to reach them has been a colossal factor in putting out the greed flame in my own trading and daily decision-making.

I have also added a link of “Must Read” Books that have been advantageous in my journey of reigning in my emotions on decision-making. I will update this as I see fit..

One method I have found to be helpful is to be careful on how I measure success, wealth, goals and most importantly happiness. It is far to easy these days to allow outside influences affect our happiness and success. Social media blasts us day in and day out with the success of others.