Staffers / deal leads, how do you keep high performers motivated?
I believe part of professional fulfillment and satisfaction comes from being intellectually challenged. I try to rotate staffing so everyone gets exposure to a range of deal types, companies and generally experience and learn new things. It's been helpful and the my guys seem to like that.
It's obviously been hard with crazy flow over the last two years and that aspect is fading. It's hard to feel fulffilled when you're just doing the same grunty work day in day out.
I want my guys to feel professionally fulfilled working here, as much as one can be I guess. Anyone want to chime on in how you keep young, smart and hungry juniors motivated and content? Would also love to hear from junior bankers on what would do that for you. Just need some fresh ideas. Or call me a fucktard and tell me to pay them more, that works too.
Pay and promos aside. For context, my guys are rockstars. We make sure they're paid / promoted / get adequate time off and all the things they deserve for their hard work.
bump
Give the best projects to the best juniors. Not to toot my own horn but I was a top bucket analyst and was compensated as such - but became extremely unmotivated when I saw great projects being handed off to mediocre analysts because of the desire to "give all the analysts exposure". I get it when we are all starting out as AN1s and staffers don't know who is good and who isn't, but after 8 months, it's usually pretty clear who is a top performer and who isn't.
Not to say that any analyst is above shitty internal work or long-shot pitches, but analysts are not all equal, and I think it's okay to favor some over others. Maybe it's like that in other groups, but in my group the staffer tried to dish out the shit and the good stuff equally, which I don't think is a good model.
What are your recommendations to analysts who want to be top bucket?
Being good at your job is key
Agree with this. Staffing on marquee deals is a good "reward" in itself.
Suck them off at performance meetings. Literally. A good blowey to get the blood flowing badda boom badda bing whose better than me????
-Ask them what they want, probably best place to start
- can you organise trainings? E.g. modelling, etc. Typically banks like that and have a budget for it
-create a good culture with drinks, dinner... Small, targeted to juniors, dinner etc.
-manage up a lot... And make sure they know it
-praise them 1 to 1 with MDS... And make sure they know it
-give them space to grow in the area they like (subsectors, part of the deals, etc.)
-avoid staffing over weekends, unless it is really needed
-always take their defense
-make sure they are supported with people below them to manage the grunt work
-monitor their hours, and make sure they are not overwork, give them holidays when needed, etc.
-be as fair as you can...
-make sure they become the guy on something and have continuity (e.g. same company, sector, etc .)
-include them in the coverage effort (how do you win the deal, rather than just putting s book together
These hit most of the ones that came to mind. Few others, many of which build upon things you said:
- I really appreciate(d) when my seniors noticed I was on particularly late and gave the gentle "hey if it can wait until tomorrow get out of here". It showed a) they noticed the effort, b) liked you enough to throw you a bone, c) they respected your ability to decide if it can wait... sometimes it just can't, and d) that the VP / ED / MD cares enough to understand your workload and noticed that something isn't jiving (One time I responded "ah yeah so and so asked me for this and this and it sounded kind of urgent" and the ED said "yeah don't worry that isn't that important" - just remember they have exponentially more insight into group-wide deal flow, even if only at a high level).
- Always BCC, forward positive emails, or outright provide email shout outs if you can. If it just doesn't make sense (oftentimes it doesn't), forward the "nice job, team killed it, lets get it done, etc." emails from your managers back down to your juniors (shows you appreciate the ongoing work, give them credit, etc.)
- Catch up with them and have those short 5-10 min heart to hearts. What did you like about that last deal, didn't like, anything cane be done better, etc. Will help staff them better in the future and will foster an environment where they feel they can just come to you. Have to coach this along properly so as to avoid a bunch of juniors coming to you to bitch and moan about things, but I think being able to act as a conduit between juniors and seniors can be super helpful for career growth. Again, don't be a complain heavy echo chamber but sending a "hey, been hearing the following sentiment from a bunch of the juniors, I agree / disagree, here's some thoughts on how we can address, let me know if you'd like to chat" message to seniors can go a long way in differentiating yourself.
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