Meet ‘David’, our first anonymous leader. His name has been changed, but his expansive career remains the same. With 10 years in the platform industry and 15 years in financial services behind him, David is as experienced as they get.
Once, whilst Head of Operations at a global FinTech company, David faced a department in crisis. He remembers the company “had climbed to over 300 employees” in his time there, “from only 30 or so Operations staff at the beginning”.
The Scenario – An Imminent Catastrophe
After working internally with the company elsewhere, David returned to Operations and (unfortunately) to a team on the brink of disaster. He faced “a number of client complaints, regulatory failings and a general sense that things were nearing catastrophe without a fix in sight”.
Alongside all these factors at play, David also faced the beginnings of the Covid-19 chaos:
“Major market upheaval and volatility […] coupled with the transition to home-working” was the icing on the cake.
First, there was an ever-growing backlog issue to contend with, as the team were falling behind on their workload on a daily basis. David recalls that the “backlog led to delayed settlement of very large trade values, cumulating at well over £100m and rising”.
Trading had been delayed, customers weren’t getting their money, and – most pressing of all – a high value of exponentially increasing compensation payments were due.
Instructed to “ensure that a catastrophe didn’t happen”, David began to indirectly lead the team, through the management of the Deputy Head. He had direct accountability for the team’s performance, and the pressure was on:
“If the tap didn’t stop leaking very shortly, it would be too late”.
The Solution – David’s Steady Approach
Despite the mounting pressure, David remained calm.
“I ensured not to rush into quick fixes”, he recalls. “I took time to assess the situation”.
A speedy solution was in demand, but David knew that “without truly understanding the extent of the problem”, nothing could be properly solved. The pressure would only grow.
Thanks to his steady approach, David says he “was able to create a recovery plan”, which “needed to deliver both short and long-term targets”. He could halt the impending disaster and ensure that the Operations’ team never faced this situation again.
“No point in putting out the fire only to be back there in a few months’ time”.
And by slowing down to stop and consider the situation, a new solution came to light.
David reached beyond the tools at his disposal, by utilising “staff familiar with the process but not currently working in the team”, so that system enhancements were more swiftly delivered, some pressure was lifted, and deep-rooted issues with technology were resolved.
“As the saying goes… in the midst of every crisis lies great opportunity”.
The Strategy – Team Agreement
It was really important that this two-part recovery plan “was discussed and agreed collectively amongst the team”. Each person had a part to play in the plan’s success, so everyone needed to understand its importance.
The plan outlined: key achievements, key dates, David’s commitments to the team.
These achievements and dates acted as targets for the department, without the pressurising idea of deadlines, deadlines, deadlines.
David’s commitments towards better technology and systems were also tracked, showing him to be an accountable leader who was delivering just as much as everyone else.
Working Around Remote Working
As the pandemic continued (longer than we all expected) David found it difficult to immerse himself with the team. He couldn’t sit side-by-side with his colleagues; he couldn’t directly oversee the day-to-day operations. The novelty of Zoom wore off, and working from home was new for most.
“Whilst I needed to be in touch regularly with the team to understand progress and challenges, I didn’t want to load their day with meeting after meeting”.
So, here’s how David navigated the unexplored landscape of remote working:
“A combination of short, focused team calls – along with one-to-one calls to key personnel – ensured the right level of communication without over-burdening everyone”.
Internal messaging was becoming a problem, with individuals committing to work they couldn’t deliver. So, David also wanted to understand each team member’s issues.
By planning work around everyone’s unique situation, the department could “effectively measure how everyone was doing and find out if there were other barriers slowing them down”.
Any individual issues with training, systems, or technology could be pinpointed and swiftly addressed.
What’s more, David utilised the knowledge of excelling team members – those “staff getting through more than their allocation” – by having them share tips with the rest of the team.
He did this for two reasons: “a) bring the team together and b) create a higher output”.
Both were “key contributors to helping the team hit their targets”.
Cultivating Team Culture
David sensed another fault. In his own words:
“…it was evident the team culture had been in a poor state. A number of staff had been overlooked for roles”.
He engaged honestly and respectfully with the team, defeating any hesitancy to trust and listen. And, sure enough, “over time and through delivery of commitments these barriers began to break down”.
As a disaster become more and more preventable, the team’s culture improved. David recalls that the team became energised by the department’s progress, which they could all track through regular catchups.
The Outcome – A Steadier Future
Being a leader is no easy task, especially when facing a near disaster. But David’s steady approach, team appreciation, and tackling of remote working made for a successful outcome:
“Overall, the team recovered from this and were able to hit all major targets on time or ahead of [time]”.
Working with both the short-term and long-term in mind meant that major issues could be gradually identified and thoroughly addressed, to prevent similar issues in the future.
David developed personally, too. He got to work closely with individuals he hadn’t worked with before, using their skills alongside his own to “deliver a very high-profile plan for a very high-profile organisation”.
After many staff members went on to receive promotions or other opportunities within the company, David could be proud of his success as a leader.
“Most importantly, and I would say rewardingly, was that a number of staff in the team became reinvigorated, proud of what they had achieved […] they gained a real sense of worth, coming from a pretty dark place at the beginning of it all”.
The Keys to Success
What are David’s top tips?
“Act with integrity and put yourself in your teams’ shoes”
Delivers on commitments and back up your words with action. Understand what drives the individuals in your team; not everyone wants progression!
“Remove yourself from the noise”
Take a step back once in a while and look at a situation from an outside perspective; seeing the bigger picture goes a long way!
“Manage engagement and communications carefully”
To keep the team engaged, you can’t repeat the same old messages. Keep things snappy and mix up meeting styles.