Maintaining a top-tier reputation in professional services businesses depends primarily on people who are willing, able, and excited to perform. I call this the ‘will-skill-thrill’ Holy Trinity of people management: success = discretionary effort (will) + capability (skill) + excitement (thrill). This equation matters in M&A and restructuring, but also in other high-stakes, client-facing arenas, where human capital is the primary asset.
My recent research on excellence in professional services businesses, such as investment banking, identified five key drivers of the aforementioned Holy Trinity, listed below in order of decreasing importance:
1. ‘Fit’ (person—role match). ‘Will-skill-thrill’ issues frequently stem from staff not being well-matched to their roles. Before assigning well-defined tasks, ensure employees are both emotionally and technically prepared for their roles — most can’t handle ‘sink or swim’ circumstances.
2. Role clarity. When employees are unsure of what is expected of them, including how to meet those expectations, they face role ambiguity. Employees must know what is expected of them, which entails understanding the firm’s short-term and long-term goals with regard to clients. They also need to have up-to-date knowledge about the firm’s services and its clients. Training and mentoring employees intensely and systematically boosts their confidence and competence — and their loyalty to the firm.
3. Perceived control. When employees feel they have control over their work, including challenging situations, stress levels decrease and their performance improves. Perceived control diminishes when the firm’s rules, procedures, and organizational culture restrict flexibility or when decision-making authority resides elsewhere in the organization (for example, when approvals must come from other departments or senior management).
4. Role conflict. Employees often face role conflict — the feeling that they cannot meet all the demands placed on them. This conflict arises, for example, when management asks employees both to ‘sell’ and to ‘serve’ clients. Employees may struggle to satisfy both. Excessive paperwork, too many demands, and ‘role overload’ (serving too many clients) can worsen this issue, leading to emotional exhaustion, reduced job satisfaction, increased absenteeism, and, ultimately, increased turnover.
5. Teamwork. Teamwork is an essential organizational tool for enhancing both pleasure (thrill/will) and performance (skill). There are only two types of relevant people: those who serve the client, and those who serve those who serve the client. However, solitary brilliance is always a risk; collective effort is the best hedge against institutional risk.
Ignoring these key ‘will-skill-thrill’-drivers means sabotaging the firm’s performance. More details are available at www.pieterklaasjagersma.com/reports.