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Camilo Concha is the founder and CEO of LendingUSA, a point-of-sale fintech service that helps people finance significant life events.
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After decades of developing and directing a variety of businesses, one thing I’ve learned is that a team of engaged people is a true cornerstone of success. However, getting there can be difficult. It’s always been about mentorship for me.
If the pandemic has taught us anything about the workplace, it’s that relationships matter a lot. I’ve seen that supporting them in the short and long term can bring significant rewards for both individuals and businesses.
Employee retention is beneficial to your company’s bottom line.
When you take the time to figure out how much it costs to onboard a new employee, you’ll be better equipped to make long-term decisions about how to structure your team. I’m not just talking about the monetary expenditure; I’m also talking about the time commitment and lost productivity during the hiring process.
Even before considering compensation and perks, the price tag can be substantial when considering career fairs, online job boards, recruiters, HR teams, onboarding, and training.
Early on, I developed the habit of seeking for existing talent within our business. I consider how proactively making smart hiring decisions, providing excellent training, and promoting from within can boost our bottom line and help us establish strong and resilient teams that are rich in institutional knowledge. Win-win.
ADDITIONAL INFORMATION FOR YOU
The importance of actionable feedback cannot be overstated.
Leadership demands a combination of diligence and poise, as well as a level of relatability and willingness to listen to what your team requires to succeed. It’s critical to provide practical feedback once you’ve reviewed both sides of the conversation to reach the intended conclusion.
At LendingUSA, I want my employees to know that I am a true believer in what I preach. I want them to feel comfortable approaching me with career-related inquiries and concerns.
Our vice president of strategic initiatives, Lilia Lopez, was one of my first recruits 15 years ago, while she was still in college. We’ve formed a strong mentor/mentee connection over the years, and she claims that my style of clear, practical feedback has aided her growth.
When it comes to on-the-job expectations and mentorship, you don’t want to leave your team in the dark as a leader. When giving feedback, it’s critical to be courteous, constructive, and specific. Both parties benefit when their expectations are well defined. Isn’t that the whole point?
When you invest in your employees, they stay loyal.
When everyday business constraints mount, it’s tempting to spread yourself too thin as a manager or executive. When deliberate dialogues aren’t there, employee engagement often takes a backseat to day-to-day operations, in my experience.
I’ve been able to reap enormous long-term returns by investing strategically in the success of my direct reports. Outstanding leadership necessitates early and frequent “gut checks,” beginning with projects that play to each of my employees’ strengths and providing strategic growth opportunities.
Employees become more invested in the firm and more interested in their work when you take the time to nurture them and keep them challenged in a mutually beneficial way. What’s more, the best thing is that it’s completely free. Employees who feel heard and respected, in my experience, stay at firms longer.
Forbes Finance Council is an invitation-only group of successful accounting, financial planning, and wealth management executives. Do I meet the requirements?/nRead More

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