Gain The Lead: How Fintech Leaders Can Cultivate Ownership Culture in a Rapid Growth Environment
Gain The Leadhttp://www.gainthelead.de
As a fintech leader, what does ownership mean to you?
It’s a prominent topic these days, especially as payment providers (and the broader fintech industry) shift to remote settings and home offices. Leaders and employees must adapt during times of change. Encouraging and proliferating ownership was already difficult before this seismic shift. Now it’s an even taller task.
Are your employees taking ownership over their responsibilities and designated projects?
Before we explore this question, let’s define ownership in this new business environment.
What Is Ownership in Today’s Ever-Changing Business Environment?
Ownership means being fully responsible for completing a task, from step one through the finish line. But what does being “fully responsible” mean? That can translate to planning, delegating, communicating, monitoring, and executing. No matter the task, someone who takes full ownership makes sure that everything happens from A to Z. For fintech leaders, ownership is easier to understand, buy into, and implement — it comes with the nature of their role. The challenge is conveying that ownership mentality to employees, particularly junior-level roles. However, that doesn’t mean it can’t be developed. It’s easy to define ownership, but how can we spot team development opportunities and enhance it?Identifying Team Development Opportunities to Build Ownership
Ownership isn’t a hard concept to wrap our heads around, but identifying ownership opportunities and bridging any gaps is another story. Let’s walk through a couple of common situations for payment providers. One of your employees misses the deadline of an important project. The employee says, “Well, I couldn’t do it because other departments weren’t communicating or contributing like they were supposed to.” Or maybe they say, “I couldn’t finish in time because I have so many other things going on.” These issues aren’t impossible to fix. However, in an environment with zero or low ownership, you might find out about these hurdles in the final moments before a deadline — or once it’s too late. But this scenario prompts two vital questions, particularly around communication skills and company-wide communication strategy: If other departments weren't doing their jobs, how long has the employee known that other departments were slacking? If the employee’s workload was full, how long has the employee known that capacity was an issue? These excuses often plague fintech companies, resulting in project delays, unnecessary costs, and wasted resources. However, in an environment of high ownership, these excuses don't exist because the process isn’t siloed or fragmented — the employee would rely on planning capabilities, communication skills, and delegation procedures to ensure the task is executed in full, regardless of unforeseen disruptions.How to Foster a Culture of Ownership as a Fintech Leader
Payment providers are competitive, so they tend to attract top talent. That said, ownership doesn’t come naturally for most people. It’s cultivated by the company’s culture and work environment. Therefore, as a leader, it’s up to you to employ effective communication strategies and foster a culture of true ownership. Let's look at what fintech leaders can do to make this happen.Step #1: Communicate what ownership means to your team
First, define what ownership means to you. Ask yourself:- What does ownership mean?
- What are some high-ownership behaviors?
- What are some low-ownership behaviors?
- How can I encourage or discourage these behaviors?
- Ownership means taking care of everything from A to Z, involving all other necessary stakeholders, and delivering on time.
- High-ownership behaviors could mean taking responsibility when things get off track by communicating the issues immediately. (Communication skills are invaluable in any organization.)
- High-ownership behaviors could also mean bringing calculated solutions to the table when there’s a problem, such as moving target dates depending on capacity or suggesting extra resources.
- Low-ownership behaviors could be neglecting problems or failing to raise concerns.