That’s How We’ve Always Done It-THWADI
6 simple words where innovation, critical thinking and firm growth go to die. Unfortunately, those words are too often spoken in many businesses. The reason they are so problematic is they represent a culture that promotes the status quo and stifles growth. It conveys a lack of understanding of why things are done, consideration of whether something should be done and completely ignores if there is a better way to do something. It is also a clear signal to management that there is a lack of critical thinking skill. THWADI is often an indication of an underlying issue or issues. To unleash your firm’s full potential, you must identify the reason for this type of thinking and take proper corrective actions. Most common THWADI is based on one of the following root causes.
Your staff is maxed out, or close to it
We believe employees, in their hearts, truly want to be part of a winning team at work. And such, given the opportunity, employees contribute to firm growth by providing diverse perspectives and thoughtful contributions. Problems arise when your staff is operating at or above full capacity. Understaffing prevents consideration and implementation of new processes that expand capacity because no one has time to think. Critical thinking, the very skill needed to solve problems and innovate, is lost because your critical thinkers are too busy trying to keep up with their current workload and lack capacity for anything else. THWADI is easy, it’s the path of least resistance, but it ensures your growth will be limited to your current way of doing things.
Your staff lacks the training they need
It is human nature to do what is comfortable. Comfortable is what is known, what has been taught or experienced in the past. Employees who lack training will lack the ability, confidence and courage to speak up and suggest changes that may help your firm. New perspectives are incredibly valuable in business but are stifled when people do not feel they have been provided with the skills and knowledge needed to contribute in a meaningful way. Silence is simply THWADI in a more passive voice. “I will just sit here and do what I’m told, my co-workers OBVIOUSLY know something I don’t”. That is precisely the type of self-thought that holds back innovation.
A properly trained and developed staff also provides elasticity. This ability to re-allocate staff to meet short-term and unplanned increases in workload is incredibly valuable. Having a process driven training plan assures someone in your firm can step in and help. It can take months for an experienced new hire to get to a point where they can make a meaningful contribution to your firm. Remember, when you hire experienced candidates, you pay a significant premium for another firm to train new team members.
You have a culture problem
A positive culture can unleash firm growth potential in ways you never imagined. When you foster a culture of learning and cooperation, team members will work together to overcome impediments to growth. Whether it be developing new processes, finding technology solutions to help work more efficiently or chipping in to assist teammates in need, a culture of positivity overcomes many of the issues facing growing firms. However, if your culture is broken, it will make things more difficult. THWADI thrives in the absence of teamwork and innovation. THWADI is the status quo. Instead of a team working together toward a common goal, you have a group of individuals working toward their own goals. Culture starts with leadership, good or bad. The repair of a broken culture can only occur when leadership, with input from their teams, identifies issues, develops and communicates a plan to change the culture and then follows through on the plan. A positive culture is maintained when management communicates clearly, follows through on what it says and consistently protects the culture of the firm.
Break away from THWADI and Breakout
To thwart THWADI thinking, you need to identify why it has found its way into your firm and address each issue. Change can be uncomfortable, but without change there can be no growth. In fact, chaos is often a sign of rapid growth in a business. You and your employees should embrace change and chaos, when it is caused by growth. Most importantly you need to plan for change to avoid being overrun by your own success. Staffing and training combined with promoting a positive culture of learning and cooperation will act as the fuel to your growth fire. Anticipate your success with a well thought out talent development plan that includes career paths, training and professional development opportunities. Set and track firm goals and clearly communicate them to your team. Be sure to have regular employee reviews that set proper expectations and acknowledge progress. Taking these steps consistently will go a long way toward defeating THWADI and super-charing firm growth.
The Employee Training and Development Partner for Independent Financial Advisory Firms
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