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The Business Case for Making Colleagues Happy

May 17, 2013

Are you part of a winning team? You are if you belong to a group whose members work hard, back one another up, take flak when necessary and aren't afraid to have fun.

RIA Central cites a Management Science study of heart-surgery teams to make the point that group cohesion results in stronger outcomes by making members measurably better at their assigned tasks.

For financial advisors, building motivated teams whose members understand and appreciate one another's contributions — from boss to administrative assistant — results in happier staff and happier clients. Bringing in bagels, springing for staff meals and cheerfully letting people call it a day when there is little or nothing happening builds goodwill that can lighten workloads and contribute to a practice's bottom line.

Between having some innocent fun and prospering financially, goodwill can lead to better record keeping and more accountability, because happy team members are likelier to attend to detail and admit to mistakes. And, overall, members of strong teams are more willing to pitch in as needed and work to resolve crises.

By Thomas Coyle
  • To read the RIA Central article cited in this story, click here.