Social Assessment™ at Work in Financial Services

  • 3 Min Read

Financial services firms can use Social Assessment to better leverage mentorship and coaching.

With the right feedback framework, today’s financial services (FS) firms can make the most out of mentorship and coaching, which are critically important tools for training and retaining talent in the face of changing market forces.

Structured mentorship, coaching, and leadership programs play a pivotal role in helping new advisors develop the skills they need to build a career in the FS industry, attain the required designations, and reach desired benchmarks—millennials workers, for example, are keen to be coached, craving feedback 50% more often than other employees.

Facilitating expert feedback on key soft skills is especially important when it comes to developing leadership pipelines as younger FS employees step up to fill the growing leadership and knowledge gaps that are being left in the wake of widespread generational turnover. So too is facilitating regular feedback from organizational experts on demonstrations of technical skill and competency as today’s FS firms adapt to the increasing prevalence of fintech and digital disruption in the industry. Check out these four important skills new managers need to succeed.

Social Assessment in financial services

Social Assessment is a modern feedback framework that leverages modern social learning and next-gen collaboration tools to enable regular, trusted feedback from experts on demonstrations of skill or competency. It’s about encouraging iterative employee improvement, but in large FS organizations, it’s not uncommon for mentors and coaches to be scattered around the globe. Even an employee’s manager or peers may be half a globe away. Social Assessment using video allows young advisors to solicit just-in-time feedback from their peers, managers, mentors, and coaches, delivered in a highly personalized way. Here are a few ways video can be used for Social Assessment.

The immediacy of feedback delivered through Social Assessment not only delivers input directly at the time of need, it also spares the organization thousands of dollars in travel costs and lost productivity. Field reps can spend their time selling versus traveling across the country for training meetings. Social Assessment in financial services can also be used for process-centric learning. For instance, video can be used to document steps related to trades, paperwork or GIC renewals, for new technology training, and for regular “check-ins” with managers. Video-based feedback from high-performing peers can help sharpen the skills of a new hire and propagate industry knowledge and best practices across the organization.

Many financial services organizations host annual meetings and conferences where employees gather to learn in traditional ways. Even in these scenarios, Social Assessment can be used to maximize the training investment. Attendees can use video to summarize and reflect on the learning they have received, or submit videos of practice presentations or role-play of customer scenarios in advance to enable more individualized feedback during the meeting.

Here are 5 ways financial services firms can use Social Assessment.

  1. Rehears a customer interaction on a sales call.
  2. Keep technical skills sharp and up to date.
  3. Share coaching moments with employees to boost their morale.
  4. Walk through steps associated with a specific process, like a financial trade.
  5. Educate on topics like fraud or bribery.

Read our ebook “Social Assessment™: New Ways of Learning, A Modern Framework for Feedback” to learn more about Social Assessment and how to use it in the workplace.

Read the ebook