Case Study: Financial & Accounting Firm
It is unusual for a financial and accounting firm to be integrated under the same business model. Red Shoe excels in helping organizations with strict policies and procedures (fiduciary or the like). This case study is with financial and accounting team under the same umbrella of ownership. Due to client confidentially we cannot disclose the client or facilities this team works from.
See how Red Shoe increased leadership and team engagement, employee satisfaction, and eliminate silo members into integrated team(s).
The Opportunity
This dynamic team works in heavily regulated areas from finance to accounting. The leadership is made up three individuals the owner (both firms), one lead for the finance group, and one lead for the accounting group. The organization as a whole represents larger organizations in their community and the leader in funds for their organizational size.
The leadership team recognized a need for strong leadership relationships and cross-functional team building. Their goal is to increase organizational wide engagement, team integration, expand critical thinking skills, and expand the team base.
The scope is to work from the top down. An organization can request and implement change; however, this cannot succeed when leadership is not part of the opportunity. Leadership embraced the opportunity by being coachable and making needed adjustments in their leadership style, and coming together as a stronger leadership team.
The Challenge
When working within heavily regulated industries; what are the best policies and procedures within to create an engaged team where they are empowered to help clients make better decisions? How to break current operating procedures and cultures by creating an innovative space to ask bigger and better questions applying critical thinking skills.
The Approach
The owner asked Red Shoe to bring the leadership team together from their silos to create a holistic team for the greater good of team members and clients. The teams comprised of certified public, bookkeepers, financial advisors, support staff, and leadership. All team members in the organization participated in the facilitation and coaching for six-months.
To launch the new program we held a two day (3 hours each) workshop: Red Shoe Influence Inside and Outside of the Boardroom™ which focuses on the below outline.
- Communication and team building focus
- Red Shoe Assessment™ and discussions about each individuals style
- Team building exercises
- Set expectations and strategies for the six months of team work and individual work
Red Shoe implemented a one-on-one coaching set with the owner to create synergy with leadership we worked through a communication coaching model. For this organization we leveraged both models to fit the needs of the owner by developing strengths.
Executive and Leadership Coaching: Red Shoe coaching develops executives to the next level in their career. Moving their career forward with positive engagement in executive presence, communication, influence (subordinates, peers, leadership, and clients), develop crucial conversation skills, develop risk tolerance, and leverage their strengths to the next level in their career and team development as desired.
Communication Coaching: Red Shoe Communication coaching leverages the Red Shoe Communication Assessment to bring a bigger picture to individual communication styles. We take a deep dive in your communication style and how to influence others by developing your style and authentic voice. Knowing how others view and communicate with the world, you are able to influence your desired outcome. Influencing the outcome is listening with a more in-depth understanding.
Red Shoe implemented a weekly team meeting (45 to 60 minutes) where we participated in Red Shoe Roundtables™. Our roundtables enable every team member to have a voice, share, and add value to the team in a meaningful way.
NOTE: The integration of the two divisions became easier as they shared not only professional segments of life but also personal. This gave everyone a glimpse of each team member’s reason and WHY they are with the organization.
Red Shoe implemented an assessment where each team member learned their individual strength in viewing and communicating with the world. This provides us a snapshot of strengths and how individuals view the world. From here we give team members tools to recognize other people’s view of the world and speak from their view without bias and judgement.
Red Shoe implemented Team of Three coaching sessions. These were 45 minute weekly sessions where each group was across-section from the finance and accounting side. Leadership also participated in these groups.
The Results
Through the intensive program of coaching and critical thinking skills we had one member of the team self-select and leave the organization on their own. The result was healthy team retention of 98%.
The organization has a goal to create new jobs. Within this timeframe the organization hired two new team members: one in the accounting firm and an additional support staff serving both the financial and accounting firms respectively.
Creating a structure of team coaching and weekly all-team meetings the team members built their own mentorship and check in systems with each other.
Red shoe facilitated a baseline analysis of the organization’s culture and engagement. We positively increased culture and engagement within our six months working with the organization.
The culture moved from disagreeable 68.21% in culture, moving to an agreeable of 91.79% (agree and neutral). Neutral is a positive as these questions allow for a mid-range base of the answer is still positive when not in the disagree column. Sample of culture questions can be found at the end of this case study in resources.
Resources:
For updates on national engagement go to www.gallup.com
Sample Culture Questions: The following are stock questions. For each organization, we also create questions from individual organizational vision, mission, and value statements.
- I feel proud to work at this organization.
- The organization fosters a culture of transparency and honest communication.
- Exceptional performance is recognized and rewarded.
Sample Engagement Questions: The following are stock questions. For each organization, we also create questions from the organizational leadership expectations.
- My director/manager encourages my career growth.
- Employees of this organization show an attitude of genuinely caring about the clients (public).
- I have an opportunity to participate in decisions made by my director/manager that affect my work environment.