Tag Archives: Team Dynamics

99-Spreadsheet modeling, charts & graphs, Excel resources, team dynamics

My Challenges with Excel

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C.S. Lewis (1898-1963), Fellow and Tutor in English Literature at Oxford University, and Chair of Medieval and Renaissance English at Cambridge, was an intellectual giant of the 20th century. In later life, reflecting on challenges he faced in his younger days, Lewis remarked:

“I could never have gone very far in any science, because in the path of every science the lion mathematics lies in wait for you. Even in mathematics whatever could be done by mere reasoning as in simple geometry I did with delight. But the moment calculation came in I was helpless. I grasped the principles but my answers were always wrong. Yet though I never could have been a scientist, I had scientific as well as imaginative impulses and I loved ratiocination*.”

To be candid, I have some apprehension when it comes to Excel . . . made all the more pressing because of how central excel skills are to the practice of finance. So when I consider my excel challenges I draw much encouragement from these thoughts of C.S. Lewis.

Although I have a deep passion for finance, and have worked in investment management for 10 years, my position at work has been more about interpreting and leveraging excel generated data, rather than performing the actual work of creating spreadsheet models myself.

The result is that up till now, my excel skills have languished.  Thus I’m grateful that our MBA program has forced me to improve. In this spirit, (and acting on the advice of professor Noonan) I’ve set out to build my own personal top 10 excel skillset, that will be useful to my financial career.  Some of these may seem rather obvious, but excel is my self-selected focus area and I figured that I could subject my list to public opinion and scrutiny, in the hope that collaborative discussion might occur. I also thought that some of this material might be useful for those considering a financial career.

Rough draft of “Top 10” excel skills for investment management and financial planning for high net worth individuals, families, trusts, and charitable foundations:

  1. Precision tree
  2. Sensitivity analysis, useful for evaluating insurance policies
  3. Goal Seek
  4. Historical market and financial instrument analysis
  5. Excel integration with Word and PowerPoint
  6. Configuring excel for pleasant appearance and functionality
  7. Mortgage / Bond / Annuity amortization schedules
  8. Learning to manipulate and efficiently sort data – this is hugely important for many areas within our business such as ranking client positions, asset allocation decisions, analysis of individual positions, and assessing performance in order to prioritize investment decisions
  9. Graphing portfolio performance vs. relevant market benchmarks
  10. Leveraging excel with proprietary finance software used by major financial enterprises. (our firm uses Advent)

When I reflect on the challenges of the first year of MBA school, I am glad that I have improved in several of theses areas and incorporated them into different assignments and projects. Our cohort has aided much of my improvement.

For example, during first semester, I was fortunate to be on a team with Shehzad Shabuddin, who was quite generous with his time and patient with helping me make progress on excel. Shehzad’s blog post, The Excel trap, reminds us of the dangers of reducing life to data and mathematics. Excel-ing in Real Estate by Bob Caperton and the article by Barry Slaymaker on MBA level excel skills were both particularly helpful. I’m also hopeful that I can persuade Joe Song to give me some Excel lessons between now and graduation.

One of the most powerful lessons I have learned in life (and a “key content” area of MP) is the importance of surrounding yourself with others whose complementary strengths have the capacity to offset your personal areas of weakness.  My next blog post will examine a leader who intimately understood just how powerful this principal is, and became a great, and most unexpected, actor in history.

*Ratiocination, noun. – the process of logical reasoning. [1520-30]

03-Planning the work of a team, 04-Managing a project team, 99-Applying business intelligence

Career Rocket Fuel in Three Stages

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http://www.fastcocreate.com/3027499/career-rocket-fuel-whether-youre-a-millennial-or-eyeing-retirement-heres-what-you-really-nee?utm_source=facebook

Recently, my boss shared this thoughtful article on career planning. Despite the unwieldy title, “Career Rocket Fuel: Whether You’re A Millennial Or Eyeing Retirement, Here’s What You Really Need To Get Right About Work,” it opened my eyes to a longer view of what constitutes a career.

The key takeaway for me is the thought of pacing. Author Brian Fetherstonhaugh suggests thinking of a career as a three stage process, with each stage spanning roughly 15 years. These days, people don’t stay with one company for their entire career. The article points out that it isn’t necessary to remain in one place if you have the structure to build toward something.

Stage One is a time to acquire valuable skills and experiences that are transportable to all types of work. These are the skills we are working on this summer—problem solving, communication, working with teams, reasoned decision making—not purely technical skills. Another goal in this stage is to build enduring relationships with people on all sides of us. Stage One is a time to figure out what you find interesting and what you could devote future years pursuing.

Stage Two is a time to focus in on the interests and hone the skills discovered in Stage One. It’s a time to elevate those skills to a level that differentiates you from the rest of the field. This is the time to take the skills with which have the most proficiency and become most proficient in your department, company, industry, etc.

Stage Three was the most revolutionary part of this article for me. This is a time to mentor the next generation and pass along the wisdom (hopefully) earned over a nearly full career. Thinking of coworkers in this stage made me realize how much value there is to gain by listening to people near the end of a successful career.

This article concludes with an interesting breakdown of how you might invest your time in each career stage if you wanted to optimize your return in each segment.

team dynamics, team roles

What makes great boards great

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This article from HBR applies to almost everything we’ve been doing in MP from a group standpoint, and yet at one of the highest levels of business responsibility.

In today’s corporate society, it seems that Boards of Directors are sometimes viewed or regarded as just “guys sitting around a table”.  But this article deals specifically with the fact of how boards need to work, because there were lots of “smart people” in some of the most successful companies, while at the same time some of the most disastrous and unethical ones.

This article closely reminds me of the colored hat activity we had in class.  Who’s a black hat, causing all the trouble… It reminds me of a couple of conversations we had in our fall and spring MP groups, since in the first meetings we had, we all discussed who was strong in certain areas, who was the black hat, etc, and what other hats we purposely wanted to try on.  Instead of being complacent individuals to go with the flow and not challenge major initiatives, board members need to be engaged, involved, and asking the questions, the real ones, not just agreeing or disagreeing to a topic.

The article also noted that even though fierce discussion and disagreement is necessary and just, once the group decision has been made, the most successful boards also put up a united front on the action.  There is no “I told you so”, or private dissention if a decision was good or bad.  The board unanimously backs the forward motion of the decisions of the company.

http://archive.excellencegateway.org.uk/media/FE%20Governance/What_makes_great_boards_great.pdf

03-Planning the work of a team, 04-Managing a project team, creativity methods, feedback, team dynamics, team roles, Uncategorized, work plans

Managing Virtual Teams

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We often have to work with people in different cities in my business, and sometimes even different time zones! It can be a huge challenge to coordinate work with people you usually don’t see on a day to day basis.  It seems like more and more companies are moving to teleworking, so I thought it would be good to go over some key tips on managing a virtual team:

1) Organize regular meetings with individuals as well as the team as a whole.

This doesn’t have to be in-person; a phone call or Skype can be just as effective. The main thing is you want to make sure everyone is on the same page. The team needs to feel cohesive and like they are all “in the loop” on what’s happening. We do daily “show calls” with all of our team members in Abu Dhabi, London and here in Atlanta. While this may not be feasible for every team, even a set weekly/monthly phone call can be good to foster communication and a sense of inclusiveness.  A phone meeting is also a good way to address any team problems out in the open.

2) Rotate locations: Try to make sure members spend some time physically with the team in their home base, even if all members can’t all be there at once.

This is a critical part of getting a team to work together effectively. Once you put a face with that voice on the phone, you form a  personal connection with that person. It’s also good to see how people function differently while working in the same room. This gives you the opportunity to confront any workflow or personnel issues. This would also be a good time to help the team bond through a social activity, games, etc.

3) Recognize cultural sensitivity.  Be aware of cultural differences on your team so you can head off any potential issues.

I work with people from a variety of backgrounds and walks of life. It is so important to be aware that people often have very different styles of communication and management.  A good way to head off issues is to make the team aware of the expectations for communication and conflict resolution. For example, a manager could instruct team members to mediate conflict themselves, before rushing to upper management to handle the situation.  Team building exercises and cultural awareness classes could also help.

The biggest takeaway I got from this article is the importance of having good communication!  It’s not easy managing a team flung across different cities or countries. But the team will work a lot more smoothly if everyone is kept in the loop, and any problems are dealt with quickly and transparently.

http://www.forbes.com/sites/iese/2013/06/20/managing-virtual-teams-ten-tips/

04-Managing a project team, feedback, team dynamics

Keeping Your Team Engaged

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If there is anything that I have learned during my career thus far it is that change is constant. Over the past ten months, my team has undergone two monumental restructures. Although I believe that both of these changes have been for the best, the change itself was not easy.

While recently reviewing “Leadership Sustainability” by Dave Ulrich, I came across several key takeaways that are simple yet very powerful. Even though I didn’t have this content as I went in to the recent restructures, I realized that the process that my team was following was very similar to several of the key principles identified in the book. However, there is one that we haven’t quite mastered as well as the others.

The book identifies five rules of the Leadership Code:

  1. Shape the future
  2. Make things happen
  3. Engage today’s talent
  4. Build the next generation
  5. Invest in yourself

They sound simple enough, right? I thought so, too.

Throughout the organizational changes that we’ve recently undergone, I’ve found that keeping my team engaged is proving to be harder than I initially anticipated. Through a series of meetings, surveys and conversations, I have identified a few areas that I believe are at the root of the issue.

The first area that I’ve identified is a strong sense of community. Even though the majority of my team does have a strong sense of community, for some, that community factor is missing. For these few individuals, they remain distant and do not take initiative to interact with other members of the team besides the required interactions for various projects that they are working on.

The second area that stands out is recognition. Each individual craves different forms of recognition and several members of my team were looking for additional recognition. I’ve found that complements and encouragement is one of the easiest ways to boost a team member’s confidence. However, for some, they feel most rewarded when they are recognized for their work in front of others. Therefore, I’ve been intentional lately to try to recognize people using a combination of the two. I’ve noticed that team members really appreciate this and will take action to try to remain in the spotlight when they know that they will be recognizing for their efforts.

The third area that my team struggles with from time to time is cultural differences. Our company has a very strong corporate culture that is conservative in nature. However, many members of our team have beliefs that differ from the cultural norms. I highly value these differences in thought and encourage members to always be themselves. However, that is much easier said than done and team members can easily become disengaged when the culture doesn’t align well with their own views.

I’m curious to know if other organizations struggle with keeping their teams engaged in the company and the work that they’re doing. If so, is it for similar reasons that I’ve described and what ways have you discovered that work well for keeping them better engaged?

04-Managing a project team, feedback, team dynamics

The Communication Loop

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Throughout my professional years, I have found myself in working situations where the majority of the people that I interact with are not in the same office as me. I imagine several of you have experienced a work relationship like this as well. Satellite environments have made me a huge proponent of closed loop communication.

Steve Adubato describes the impact of this tool in an article entitled Great Communicators Close The Loop. Proactively closing the conversation eliminates confusion as to what the next steps are for each party. While I know some people hate to receive “Thank you.” emails, I am not one of those. Those simple emails say so much. I read those two words as, “I received the document that you have provided, and it fulfills my needs perfectly. I will contact you back should I need anything further.”

When I receive no communication back, I am left in a state of confusion. Did my file go through? Are they too busy to respond? Is that all they needed?

Sometimes I imagine how this interaction would play out in person:

Christine: “Hi John. Here is the file you requested. Please let me know if you need anything further.”

John: (Grabs paper and walks away without responding)

Not an entirely beneficial exchange, but I know we all witness these types of passive conversations daily via email.

Steve also describes the importance of proactive communication. Don’t always force people to remind you that they are waiting on a deliverable. Bringing the topic up, explaining your work to date, and acknowledging a completion date all provide confirmation that you are hard at work on their task. People like to feel that their work is important to you, and these simple behaviors will reinforce that feeling.

Am I the only one that saves “Thank you.” emails as a sign of confirmed receipt? Do you all find yourselves frequently in email limbo, wondering if your document was received or if anything further is required of you?