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Building an Effective Credit Management Team

  1. 1 People l Process l Outcomes Building an Effective Credit Team Presented by Steve Mitchinson LICM Director, BBB Advisory Pty Ltd Director, AICM
  2. 2 People l Process l Outcomes Investing in Teams Ponder this discussion: CFO asks Credit Manager: "What happens if we invest in developing our people & then they leave us?" Credit Manager: “What happens if we don't, and they stay?"
  3. 3 People l Process l Outcomes Let’s agree two hypothesis You should hire for attitude, train for skill – This is not a credit skills session – A group of credit experts is not necessarily an effective credit team Leadership is the most important driver of performance – People don’t leave their employers, they leave their leaders Today I want to put forward some strategies on how we might: – improve our leadership – develop our teams – deliver improved results – challenge our thinking
  4. 4 People l Process l Outcomes Individualism versus Collectivism How well do you deal with this internal conflict But I cant do this on my own so I need others to help me... We need to work on this as a team supporting one another, making group decisions and sharing in the rewards But we need to avoid “group think” and encourage individual excellence so that our group goals are met or exceeded... I need to excel and be recognised for my efforts and individual excellence Individualism Collectivism
  5. 5 People l Process l Outcomes There are two types of teams……. Homogeneous Heterogeneous Group Thinking Diversity of Thinking
  6. 6 People l Process l Outcomes There is Power in Diversity Your challenge is how you harness it Whole Brain Thinking™ and the HBDI ™ are registered trademarks of Herrmann International. For more information visit our website
  7. 7 People l Process l Outcomes Differences in Processing Modes We think, speak & listen differently because…we are different Whole Brain Thinking™ and the HBDI ™ are registered trademarks of Herrmann International. For more information visit our website
  8. 8 People l Process l Outcomes What do you bring to your teams Whole Brain Thinking™ and the HBDI ™ are registered trademarks of Herrmann International. For more information visit our website
  9. 9 People l Process l Outcomes Differing Approaches to the Team Process How might you better leverage the diversity in your teams Whole Brain Thinking™ and the HBDI ™ are registered trademarks of Herrmann International. For more information visit our website
  10. 10 People l Process l Outcomes The 8 C’s of Great Teams Building on the Four C’s of Credit, how would you score? Cooperation Do teams have positive relationships with key stakeholders? Do you know who they are? Clear expectations Have clear and specific team objectives been set? Are they achievable? Change Acceptance Does the team accept and understand the need for change Are they capable of change Control Has the power to make decisions been devolved, accepted and supported? Competence Has sufficient training investment of team individuals occurred? Is ongoing mentoring and coaching in place Constructive feedback Are there appropriate systems in place to ensure honest performance feedback? Composition Is the team combination effective? Do we have the right leader(s) Cultural Change Do organisational structures stifle team efforts?
  11. 11 People l Process l Outcomes High Performing Teams Failure • No consensus, people pulling in all directions • Disbelief and cynicism - “flavour of the day “ accusations • Communication takes place in the corridor or behind closed doors • UGR’s • Risk averse - “Don’t rock the boat” • Refusal to participate in in shared responsibility: “It’s up to you” “It’s not my job” Success • Team has a clear focus on agreed criteria and consensus on priorities • Prepared to be open, frank, self critical and mutually supportive • Members talk freely at team meetings - no feeling of intimidation or threats • Team evaluates risks and takes considered decisions • Actively searches for different and imaginative approaches • Commitment to success and confidence to take responsibility for the team’s decisions
  12. 12 People l Process l Outcomes Achieving Discretionary Effort It only comes with engagement, it sets great teams apart Drivers of Engagement Trust & Integrity Personal relationship with Manager/Leader Co-workers / Team members Employee Development Career Growth Opportunities Nature of the Job Pride About the Company Clear link between Individual & Company Performance Based on major research, there are some 26 or more drivers of engagement, however there are 8 generally recognised factors that significantly impact on how engaged an employee is…
  13. 13 People l Process l Outcomes Employee Engagement Potential Approaches for improving engagement Organisational Interventions Communications Development Interventions Managerial Interventions 1. Flatten managerial and decision-making hierarchies. Increase autonomy and empower with decision- making authority. [Complexity Split] 2. Using cross-functional teams 3. Demonstrate how individuals contribute to organisational goals (strategic communications) 1. Keep promises / follow through 2. Open and honest 3. Tell it like it is – even when bad news or a difficult topic 4. Walking the Talk 5. Rewarding the right people for the right reasons 1. Building one on one relationships / trust 2. Employee Surveys 3. Consistent, regular and lots of face to face communication – the essential e-mail rule 4. Honestly respond to what is heard from employees
  14. 14 People l Process l Outcomes • Usefulness - Can the measure appraise the most important results? • Sustainability - Can the measure accurately forecast the trend of results into the future? • Measurability - Can the measure be calculated from readily available data and would different judges makes the same calculation? • Controllability - Can those being measured truly impact the results gauged by the measure? • Communicability - Can the measures be explained easily to staff & other audiences? • Universality – Is there linkage – are measures cascaded downward from the corporate level to the operating units? • Timeliness - Can the measure be produced now – when the result is produced? • Comparability - Can the measure be related to past performances and to competitive performances? Criteria for evaluating measures of team performance What gets measured gets done – are your measures driving the right results
  15. 15 People l Process l Outcomes If your actions inspire others to dream more, learn more and become more, you are a leader - John Quincy Adams How do you define a leader Are you a leader?
  16. 16 People l Process l Outcomes • There are many tasks and many methods. It’s important for leaders to understand that the tasks and methods are things which contribute to an overall purpose. • Methods are more likely achieve purpose, although tasks rarely will. Your Role as a leader What is the purpose of your role 1. RTM, Monitor 25% 2. Coaching, PM 25% 3. Planning 20% 4. Admin 20% 5. Other 10% Perception Reality
  17. 17 People l Process l Outcomes Drop • Tasks that can be dropped altogether. Consider the impact if it not done anymore? Delegate • Tasks that could be handled by someone else. Does it really need to sit with you? Few tasks really have to sit with the leader. (Note: do not delegate tasks before you have considered Dropping them first.) Defer • Can you get the same outcome by reducing the frequency? Consider managing by exception Do • The remaining work is work that you must do yourself. Consider whether there is a more time efficient way, e.g. if you could automate things that you do manually Your Role as a leader Moving from Task to Method – achieving the 70%
  18. 18 People l Process l Outcomes Feedback can be the hardest task of a leader (or anyone) Here is a simple yet effective model Purpose Observation Feel Response[employee response] Expectation Suggest Support Sadly we see similar approaches far too often
  19. 19 People l Process l Outcomes Balanced Leadership Points Calculator Performance Task Management Points I gave clear instructions on a ask or job I needed with time deadlines and priority I met with someone to review and discuss their/ our progress on agreed actions or targets I was efficiencies with my time this week I was efficient with money and/or resources – or found a way to reduce /improve they way they are used I felt stresses or under a lot of pressure this week Vision/Transformation points The actions and decisions I made or meetings I attended this week contributed to achieving our vision I communicated clearly with someone about our vision I influenced or changed someone or something toward changes we are or have been introducing  I left people confused or uncertain about my ideas Strategic Goal Management Points I did two or more things this week that definitely contributed to our strategic goals I was able to influence or make progress on getting resources for our project or section activities I spent time determining, clarifying, or planning our long term goals and objectives I conveyed in word or actions the most important priorities for our section for the next 4 weeks I spent more than 80% of my time on my technical area rather than leading or managing People Leadership Skills I facilitated a worthwhile discussion or resolved conflict between two or more people I gave excellent service or improved our services to our customers this week I listened and gave my full attention to at least two staff members for at least 15 minutes this week I gave praise to at least two colleagues I spent at least 215 minutes with a team member coaching them to do something important to them and our team I got irritated, critical or negative about something or someone this week F A C T F O R M F U T U R E F E E L Total “Made a Difference” points -________ Complete weekly – 5 points for each tick – deduct 5 for red answers
  20. 20 People l Process l Outcomes Where to from here…… Values, behaviours, expectations and rituals define the culture and sustain the community Vision without action is simply daydreaming, Action without vision is just a nightmare - Ken Everett, Ken Everett International
  21. 21 People l Process l Outcomes Thank You For further information contact: Steve Mitchinson Director, BBB advisory Herrmann® Certified Facilitator E: “There are five fundamental qualities that make every team great: communication, trust, collective responsibility, caring and pride. I like to think of each as a separate finger on the fist. Any one individually is important. But all of them together are unbeatable.” Michael Krzyzewski ( “Coach K”) owns the record for the most wins by an NCAA division 1 basketball coach
  22. 22 People l Process l Outcomes BBB Advisory What we do People are the essential ingredient in any organisation and their empowerment and engagement at all levels is vital to your organisations success. Our methods constantly deliver on these critical outcomes. All bbb people are hand picked for their knowledge and experience in bbb outcome delivery areas . Effective process has a dramatic effect on organisations in many different ways. bbb advisory has evolved it’s own unique practices and processes to assist a wide cross section of private and public sector organisations throughout Australia achieve improved operational efficiency. BBB Advisory focuses on three areas: people, process and outcomes. BBB Advisory applies these principals to it’s own business and aims to be a centre of excellence for business process reform and organisational efficiency. By following our unique practices and processes, bbb advisory achieves exceptional outcomes for organisations delivering dramatic improvements in efficiency, customer satisfaction and financial performance.