Congratulations! You’ve secured a great new financial management position. But once you’re made the cut and landed a management role, how do you handle the transition?
Managing those who were recently your peers can be awkward, so it’s vital to step into your new position with grace. Here are our top tips.
Recalibrate your relationships
Prepare to alter your relationship with co-workers. This doesn’t mean you have to start being the “guy everyone hates”, far from it, but you may have to let go of being the daily confidante of your peers. You can step confidently into your new role as boss by honoring old office friendships without overindulging them. Never play favorites with old friends.
Marco Maranzano, Vice President of the Banking division at Robert Walters advises, “Avoid office politics and gossip at all costs - always present yourself as a positive professional with something to offer. No more venting.”
Sit down with every member of the team you are supervising, one on one, to address any concerns and connect with each person personally. Assure them that you are dedicated to their well-being along with the well-being of the entire company and your department. Make sure to review their personnel files ahead of time so you’re prepared.
At the same time, sit down with your new manager and discuss his or her expectations of you, the strategic plans and goals of the department, and where that manager sees the most pressing need for improvement. Know what your performance expectations are up front.
Embrace your new role by recognizing what you’ll need to change about yourself to be successful. Being competitive might have gotten you the promotion, but being competitive isn’t necessarily the best way to manage a team.
Managing those who were recently your peers can be awkward, so it’s vital to step into your new position with grace.
Find a positive leadership style
Establishing authority does not mean barking orders or being bossy. Being negative and criticizing your charges is a quick way to alienate them. Be on their side, enable them, hold them up.
Honor the status quo
Incorporate as few major changes as possible. Don’t jump right in and rock the boat. You can make a few small changes right away to establish trust and authority, but save the big ones for later.
“Immediately changing everything is one of the worst things you can do as a new manager. Wait until everyone is on board with you and your vision before you start making major changes across the board.” - Marco Maranzano, Vice President, Banking.
You’re going to have a lot of new challenges. Find someone within the company who can help you navigate them. HR might be a good place to start to find the right mentor, but if you already have someone in mind, approach that person directly.
And be a mentor
And in return, be willing to be a mentor to others. After all, there’s a reason you landed this promotion. You have something to share.
“Center for Creative Leadership research has shown that mentoring can also benefit the manager who does the mentoring.” - 3 Tips For Surviving As A First-Time Manager, Forbes.com
Speak in “we”
You’re only as successful as your team, and some would say you’re only as successful as the weakest member of your team. So always speak in the “we” voice.
Making the move into a managerial role in finance? Read our top tips for managing financial employees.
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For more information, please contact:
Marco Maranzano, Vice President (Banking Operations and Finance)
212 704 9900