Dealing with incompetent employees post IB exit?

After grinding in IB I left to a tech startup in a very robust vertical in the tech industry. I’m loving what I’m doing, I’m well comped, and have equity. No complaints there. I have just been working with employees who really don’t even understand the basics on excel and formatting. To add clarity, these are not technical roles like corp dev, they’re project managers on the sponsor side, so they’re not directly working for my company, but they’re investors in our company. I end up doing all the work for them because it takes way too long to teach them versus do it myself. It doesn’t go as far as excel but their critical thinking capabilities to dive deep and solve problems. I constantly find errors on their end, and feel like I’m playing a game of chess for my team to help renegotiate a better deal with the sponsors based off of some of their short falls. It’s not their whole team, it’s just one specific employee who I suspect is going to be on a pip soon. I don’t have a problem with stepping up, but as time has gone on, I’ve been taking up a lot of work and most of it I just end up doing myself because if I don’t do it no one else will and it’ll slow down the process anyways. These tasks aren’t even difficult tasks. I’m just seeing pure laziness on their end. How would you suggest navigating this? I’ve had candid conversations with my seniors, and they totally understand my frustrations and they do agree that this isn’t right.

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Based on previous WSO threads, here are some strategies to navigate dealing with incompetent employees post-IB exit:

  1. Proactive Management:

    • Proactively manage the workflow to avoid bottlenecks. Ensure that tasks are clearly defined and deadlines are set.
    • Regularly check in with the team to monitor progress and address any issues early.
  2. Training and Mentorship:

    • Invest time in training and mentoring the underperforming employee. While it may seem time-consuming initially, it can pay off in the long run.
    • Provide specific feedback and actionable steps for improvement.
  3. Delegation and Accountability:

    • Delegate tasks appropriately and hold the employee accountable for their work. Ensure they understand the importance of their role and the impact of their performance on the team.
    • Implement a system to track progress and completion of tasks.
  4. Communication:

    • Maintain open and honest communication with your seniors and the underperforming employee. Clearly articulate your expectations and the consequences of not meeting them.
    • Encourage a culture of feedback where team members can openly discuss challenges and seek help.
  5. Resource Management:

    • As a team leader, it is crucial to manage resources effectively. Understand the capabilities of your team members and assign tasks accordingly.
    • Promote the elimination of inefficiencies in the process to ensure smooth workflow.
  6. Escalation:

    • If the situation does not improve despite your efforts, escalate the issue to higher management. Provide evidence of the employee's performance issues and the steps you have taken to address them.
    • Discuss potential solutions, such as additional training, reassignment, or performance improvement plans (PIP).
  7. Focus on Team Morale:

    • Ensure that the rest of the team is not negatively impacted by the underperforming employee. Recognize and reward the efforts of those who are performing well.
    • Foster a positive work environment where team members feel valued and motivated.

By implementing these strategies, you can navigate the challenges of dealing with incompetent employees and ensure the overall productivity and success of your team.

Sources: Strategy& Ex Employee - Q&A, How can we do better?, Strategy& Ex Employee - Q&A, How can we do better?, The Work Always Gets Done

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Bro just left IB & got introduced to the real world (outside finance) where no one cares about Excel & unnecessary formatting. As someone who comes into IB from an unrelated profession, I abjure you my brother in Christ to get off your high horse : )

 

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