Financial services

The problem

Underperforming or toxic employees can be a major pain point for financial service teams and organizations as a whole. These individuals can lower morale, decrease productivity, and even damage your reputation with clients and stakeholders.

  • The financial industry is highly regulated and has strict performance standards that must be met in order to maintain a good reputation and trust with clients and stakeholders. When employees are underperforming or engaging in toxic behaviors, it can be difficult to achieve these goals.

  • In the financial services industry, customer satisfaction is critical to retaining business and gaining referrals. Underperforming or toxic employees can lead to customer dissatisfaction through poor service, errors, or even misconduct.

  • Many financial firms have employees who work remotely or are located in different parts of the world. This can make it difficult to provide ongoing feedback and support, monitor performance, and ensure that team members are working together effectively.

  • The financial industry is highly competitive, and managers need to constantly look for ways to improve their team's performance and stay ahead of the competition. This means constant pressure exists to achieve better results and meet higher expectations.

  • In the financial services industry, reputation is everything. Toxic employees can damage the organization's reputation through misconduct, poor service, or even social media posts. This can lead to decreased business and difficulty in attracting new customers.

Why it’s important to address this problem

It's crucial for managers in the financial industry to address underperformance and toxic behavior within their teams. Ignoring these issues can lead to serious consequences, including regulatory scrutiny, lost business, financial losses, decreased productivity, and a negative work environment.

By taking steps to address these problems, you can protect your organization's reputation, maintain client trust, avoid financial losses, foster a positive work environment, and provide the best customer experience. Ultimately, addressing underperforming or toxic employees is essential for the success and sustainability of your business in the competitive financial services industry.

How do some financial service managers handle the problem today?

  • Some managers may choose to ignore the problem and hope that it will go away on its own. However, this approach often leads to further issues down the road and can negatively impact team morale and productivity.

  • Other managers may overreact to the problem by micromanaging or being overly critical, which can cause the employee to feel disengaged and demotivated.

  • Having difficult conversations with employees about their performance or behavior can be uncomfortable, so some managers may avoid them altogether. However, this approach can result in the issue persisting or worsening, leading to further negative impacts on the team.

These approaches don’t work well because they fail to address the root cause of the problem and can even exacerbate it. Ignoring the issue or micromanaging can cause employees to become resentful or disengaged, while avoiding difficult conversations can result in issues being left unaddressed and unresolved. As a result, these ineffective approaches can lead to decreased productivity, poor team morale, and ultimately, negative impacts on the bottom line.

How can ManageBetter help?

ManageBetter can be a game-changer for financial service managers dealing with underperforming or toxic employees. Here are some ways we can help.

  • Our platform provides a centralized, easy-to-use interface for giving and receiving feedback in real time. This helps you address performance issues promptly before they become major problems.

  • ManageBetter provides clear and measurable performance metrics which help ensure that everyone is on the same page and working toward the same objectives. Our resume-like timeline enables you to easily see your team’s completed projects and the role they played in them.

  • ManageBetter provides you with real-time analytics and insights into your team's performance, allowing you to identify areas where employees may be struggling or not meeting expectations. This information can be used to provide targeted feedback and coaching to help your employees improve their performance and achieve better results.

  • Our platform uses advanced analytics and machine learning algorithms to provide you with personalized insights and recommendations for improving team performance. This takes the guesswork out of performance management and helps you make data-driven decisions. By using this information to create targeted training plans and coaching sessions, managers can help their team stay ahead of the competition and achieve better results.

By using ManageBetter, you can take a more proactive and effective approach to manage employee performance and behavior. This can lead to improved team morale, increased productivity, and ultimately, better business outcomes for your organization.

Financial service managers that use ManageBetter

  • Alaska USA

  • Australia and New Zealand Banking Group (ANZ)

  • Autoscribe

  • Baker Tilly US

  • Bank of America

  • Bracebridge Capital, LLC

  • Broadridge Financial Solutions

  • Capital One

  • Capital Group

  • Citi

  • Commonwealth Bank

  • Crowe

  • Edward Jones

  • Fidelity Investments

  • FIM Bank

  • Hertz Investment Group

  • Institutional Shareholder Services

  • Just Group plc

  • KSM

  • Lafayette Federal Credit Union

  • LendingHome

  • Nubank

  • Merrill Lynch

  • PNC

  • Robinhood

  • SkyOne Federal Credit Union

  • Square

  • Standard Chartered Bank

  • Thrivent

  • Wells Fargo

  • WorldRemit

  • Zions BankHuntington National Bank