Critical skill shortage 1: Communication

Last week’s article on the ‘Top 5’ critical skills in short supply in Banking and Finance generated a lot of interest.

As a result of your feedback, we’re going to spend the next few weeks looking at each of the 5 areas of skill shortage in turn – beginning with communication – and give you some practical tips for survival.

For a quick summary of what you can do right now,  see our earlier post ‘The five step skills shortage strategy’.

Without excellent communication skills in all your staff, you will find they can’t:

• build good relationships with clients
• provide customer service that meets your clients’ expectations and needs
• explain things well to clients
• understand what clients need
• sell your services and/or products
• work together productively

From just that short list, imagine what poor communication could be costing your business!  But how can you know?

Signs you might have a problem:

• customer complaints or (worse) losing clients who just leave without telling you why
• low levels of business referrals (see previous articles on this topic)
• lack of cooperation and teamwork, maybe some bullying
• careless and/or expensive errors
• losing good staff to competitors

What can you do about it?

1.  Be a positive role model

Communicate regularly and openly with your clients and staff.  Make sure this includes listening to what they have to say to you.

2.  Diagnose communication skills gaps

There are many tools and approaches on the market to help you do this.  We would be happy to help you find the right one for you.

3.  Fill the gaps

This may require drastic action that involves one or all of the following:

• putting poor communicators where they can do the least amount of damage
• improving the skills of your existing staff through training and coaching
• hiring staff with the communication skills you want

If there are communication problems in your team, I guarantee without your intervention things can only get worse.  What do you plan to do about it?