Effectively Communicating in Finance
Professional communication is very important when working with numbers in the finance industry. Precision, or the lack of it, can affect people’s lives through the transmittal of information about financial issues. Managers and employees should use clear, effective communication to facilitate their daily job-related activities.
Prioritize tasks. Unless they want employees to make the decision of what to do first, managers should prioritize tasks so employees understand the order in which the work should be done. It is easy for some managers to lose track of everything they have asked employees to do, and then the employee can become overwhelmed without a sense of direction about how to proceed. It is up to the manager to determine the order of things to be done.
Maintain focus. Managers are often so busy that they sometimes forget to give employees needed direction, guidance, or support for certain tasks. When communicating with employees, information should be based on a main point, or focus, to be conveyed. Trying to cover too much territory at once can be confusing and frustrating.
Add details. It is important for managers to clearly explain what is needed, as well as why, when, and how, if applicable. A timeline is helpful, along with indications of available resources or assistance. Simply saying, “Finish this report,� may generate questions if the employee lacks the information needed or has not previously worked with a particular report format.
Answer questions. It may be safe to assume that most employees will have questions about a new or unfamiliar process, whether they ask them or not. Managers should patiently wait for employees to ask questions or even invite questions to make sure the process is clearly understood. Using certain formulas in a financial report may be expected by the manager but not assumed as the automatic selection by the employee. Managers should always welcome questions for clarity’s sake.
Offer feedback. When employees submit a report or similar task, the manager’s feedback will be helpful in evaluating the work performed by the employee. A casual comment like “Nice job” may be adequate, or something similar to “Next time, would you please check the final column of numbers?” suggests the need for a more thorough review.
Good communication builds solid work relationships and helps to ensure that work gets done correctly and on time. Clear dialogue using the above tips can help to facilitate effective communication strategies.
Jonah Engler is a Financial Expert based in New York City. A full time stock broker, franchise owner, coffee lover and investor; Engler helps startup businesses and franchise’s grow through smart financial planning.