Out For Lunch

As you may have noticed, times have changed.  Today’s private equity market has evolved into a very different creature from what it was last year. But has your team evolved in the same way?

You might be one of those managers who is looking at your team, thinking you don’t have the right people, and as such is ready to introduce new people at the expense of others.  But these measures may not be the right way forward.

In all likelihood you have the right people for the job right there in front of you.  It’s just that some roles need to be changed.  In the words of Eric Morecambe, you’re playing all the right notes but not necessarily in the right order. 

Now’s the time to take stock of what you have in house, to identify the talent you have available and to match it with the competencies you need to succeed.  You’re probably already focusing more on portfolio management, investor relations or business development and you may need to shuffle your pack a little.  Assessment and redeployment is a useful exercise and will leave your business better equipped to tackle today’s tough market.

Many firms use techniques such as psychometric profiling, which is a useful tool in identifying people’s behavioural strengths and weaknesses.  But it’s no substitute for speaking to your people and finding out what makes them tick.

Dialogue is an essential part of the audit process.  I recommend taking each person out to lunch!  In a more informal environment you can ask them about their hopes and ambitions, their concerns and motivations, as well as find out where they think their strengths lie.  You might be surprised at what you learn, and you might learn you already have the right people in the team.

Now’s a great time to roll the dice.  A shake-up of the talent you have can invigorate the team and help people develop new skills that will benefit the firm tomorrow.  So don’t be afraid to speak to your people and find out what role they think they can play going forward.  Check your diary and get those lunches booked.