I guess I should start by confessing that I am a huge advocate of team working. I really believe in the power of a diverse team to deliver not just improved outcomes for clients, but also tangible benefits for the business (and there is lots of academic research to back this up). That’s probably not news to most of you reading this blog – after all, teamwork is one of the attributes we seek in new recruits, and it’s just the way we do business in the pensions industry. Perhaps the elixir is how to build teams effectively and keep them performing at a high-level, but to do this we have to go back to the start…

I believe trust is the crucial first step in team building – without this your team cannot realise its full potential. Trust allows team members to be open, share ideas and improve the work they deliver for clients together. It is also essential if a task is not going well; then the team needs to be able to share their thoughts without fear of recrimination. Without trust you won’t get full honest feedback and fixing problems will be much harder (and need much more of your time as a manager).

So how do we build trust? In part it is about team members getting to know each other’s strengths (and weaknesses) and opening up. Maybe this isn’t so easy in today’s hybrid work environment, so we need to encourage “team days”, bringing team members together for a training and collaboration. But the team should also have a shared purpose and clear parameters within which it works. As a manager you should encourage open dialogue and give constructive and honest feedback. You’ll need to meet with your team frequently to reinforce this approach and also through individual catch ups with team members.

We talk about diversity a lot in our industry and I frequently think about this in the context of team building. There is no doubt that diverse teams deliver improved client outcomes. Personally, I often test ideas with colleagues who I know think differently to me, and this never fails to result in a better overall approach. But diversity of thought will also bring disagreements on the best way to progress.

Perhaps one thing to think about is what role conflict plays in the team – don’t be afraid to embrace conflicts and encourage the team to acknowledge where they don’t agree. This can often lead to innovative solutions and an improved outcome for clients, but if you avoid discussing this openly, issues can fester and people will begin to stop honestly sharing their views. As with all things it is important to strike the right balance.

A really important aspect of team building is sharing success. Acknowledge everyone who contributed to a report, or project, and reinforce the shared purpose of the team. Client feedback is also crucial, particularly for those team members who are not client-facing. Nothing is more powerful for teams in our customer focused industry than sharing feedback direct form the pension scheme member or trustee.

When do you know you have everything working just right? You may notice it when the team starts solving problems without your input, or when they challenge you on a task, or issue (cheer when they do!). Ultimately you will see it in the results they deliver, their communication, and the support they provide each other. But as a leader your work is never done and your team will need (and deserve) your continued support and focus to ensure they continue as a high-performing group.

Amanda Burdge, Partner and Head of Investment - Quantum Advisory