FinTechs are full of smart people - driven and busy. So making sure your teams are able to gel and perform is crucial. A team without politics and high moral integrity will massively outperform in productivity and will have less turnover - so organisational health is vital for success.
Whether the team is executive leadership, agile scrums, or marketing, the same common elements run through highly effective teams – and here’s a hint. It’s not the ones who work round the clock, reaching burnout at warp speed.
1 Common purpose
Let’s start with the basics – a common purpose or goal… a north star. In theory FinTechs should have this at corporate level (because they have an idea they think will fly), but the reality is at team level, differences of opinion or a vague goal will get in the way. Clarity is essential. Clearly communicated.
2 Trust
That leads nicely into the second key – trust. Trust is not about going to a team bonding day offsite – it’s about creating a culture of honesty and vulnerability. Fintechs are breaking new ground – there are complex challenges to work through. Be vulnerable. Admitting you haven’t experienced a way of working or technique may seem brave in front of your peers, counter intuitive even, but in the long run its better than pretence before you get things wrong. None of us, even seasoned pro’s know everything. Try an exercise of vulnerability at a meeting - human nature shows people are more likely to be understanding and helpful.
3 Challenge
Disagreement and conflict is good. In fact, it’s crucial. We’ve all been there when there’s one strong personality in the room (often the one who knows least but isn’t prepared to be vulnerable) and everyone else is thinking “I’m not so sure about this”. Building on the trust key, insist on debate for big decisions, and master the art respectful challenge. Kick the tyres on important issues. Everyone can then agree and get behind. No dissenters.
4 Commitment
A problem more common that we’d like to admit – if there isn’t the healthy challenge described earlier for big decisions, we end up with some people leaving the room with doubt. Luke warm. Not committed. What inevitably follows is unhealthy - discreet conversations in the corridors, luke-warm briefings and cascades, and morale is impacted. That’s the point where office mood hoovers move in to dominate the water cooler chat with negativity and gossip. Easy avoided.
5 Accountability
In a similar spirit to trust and challenge – and once everyone has bought in, there needs to be accountability. Colleagues must be prepared to hold one another to account for the what and the how. What they are responsible for and how they go about it. Senior leaders need to set an example of this so a respectable reminder when someone is not on message or aligning to values
6 Goal driven
Teams need to focus activity and resource on divisional and team goals before personal agendas or interesting (but non-core) diversions. This keeps everyone on task for the priorities. Non – core activity has it’s place in finding new and better ways of working, but not at the expense of hitting target.
7 Structure of approach
Structure is not so much as team structure (that’s for another day) but meeting structure and collaboration infrastructures. Meetings are a huge waste of corporate time when people turn up late, ill prepared or don’t stick to the agenda (back to the point on accountability). Leaders need to create a workable schedule of meetings. Daily, weekly, monthly and quarterly - check in's, cadence and priority, strategy and team/individual development. A clear agenda, timing, purpose, inputs and outcomes. Combine with a workable and central place to collaborate (you can also read our blog - the six deadly sins of internal meetings here).
If you need help with buiding a high performing team, one of our GTM HIVE Fintech fractional experts can help you. Check out our available experts and their rates now.
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