A business is only as strong as its leaders. If the management team isn’t performing well, inefficiencies, waste, and confusion will affect the organization’s bottom line. In this article, Ferrari Energy offers seven tips that will ensure the effectiveness of a company’s management team.
The women and men who lead your company do so because they are proven to be knowledgeable, loyal, and dedicated. Sometimes, however, that is not enough. Becoming an effective leader is a learned skill set, and there is always room for improvement. Use these seven suggestions to improve the effectiveness of your management team—your bottom line will thank you.
- Periodic self-assessment
Many leaders regularly engage in self-assessment and reflection, but others may be complacent with the status quo. Encourage your team of managers to assess their strengths and weaknesses formally and regularly. This simple activity will lead the best and brightest to make incremental corrections along the way and avoid the need for significant redirection.
- Regular peer review
No one is in a better position to offer meaningful advice than a peer. A peer is someone that understands the pressures and limitations that affect a manager’s work better than an outside observer ever could. Cross-departmental peer review offers executives an honest and non-threatening perspective of their performance.
- Survey subordinate perception
Another good source for constructive criticism can come from those the manager leads. Employee satisfaction surveys are an excellent tool for extracting information about how the leader is perceived from below. How well employees respond to the manager is, after all, where the rubber hits the road.
- Improve communication
Encourage your leadership team to engage with the employees under their stewardship regularly. Often, the source of conflict or the cause of poor performance is not the leader’s ability, style, knowledge, or skill, nor is it the front-line employee’s attitude, training, or engagement; rather, the problem lies in how and how often effective communication takes place. There is a myriad of digital tools designed specifically to help teams communicate. These tools make it easy to affect the regular exchange of ideas.
- Motivation training
There is an art to motivating employees. Arm your executives and managers with the ability to get the most out of your employees. In the end, the managers will improve, and employee job satisfaction will improve. The cost of a high-quality motivational training seminar will be a worthwhile investment.
- Team building
Team building exercises and events work. Unfortunately, many people, leaders and employees alike, are hesitant to participate in these events. That is an indication that the team needs more building. It’s the fear of being vulnerable or put in an awkward situation that keeps people away. But, those are the very things that help organizations build strong teams that respect and support each other.
- Annual goal setting and review
An annual goal setting and review event will help companies get the most from their leaders. Whether a single day or a days-long retreat, these meetings should provide an opportunity for planning next year’s goals as well as an honest reflection on the past year.
About Ferrari Energy
Ferrari Energy is a family-owned private oil and gas company focused on mineral and leasehold acquisitions. Ferrari Energy took its name from its founder, Adam Ferrari. Adam is a native of Chicago and was formally educated in chemical and biomolecular engineering. He completed his degree at the University of Illinois at Urbana Champaign and finished at the top of his class, graduating magna cum laude. As a young professional, Adam worked in the operations and business sides of the energy industry. After gaining ten years of direct industry experience, he took his passion for the energy industry and launched Ferrari Energy.