At Day Trade the World (DTTW™), we use a different model with other companies in the online trading space. Our model allows anyone in the world to create a trading office similar to those found in Wall Street or The City. In this, we provide real time data, software, capital, and hardware to traders who do their work as part of a team. Therefore, it is clear how the role of a team is very important.
In this article, We will explain a few things that you need to know about team recruitment and management of your trading office team.
The traders you recruit will mean how your trading office will perform. Therefore, you should do a lot of work to ensure that you get a good high-performing team.
Passion before work
First, you should reach out to people you know who are passionate about the financial market. Reaching out to people who don’t have this passion will not be a good thing for you. This is because you want a team that will be able to cope with the complexities of the financial market where breaking news lead to price action every day.
Second, you should conduct a good interview that asks all the good questions. One of the most popular questions is on stress management and how the traders cope with it. This is because the financial market is often a very stressful market where losses can happen.
The team training
Third, after getting the team, you should offer them training on the workplace. Some of the soft things that will be addressed in this step will be: time management, respect for one another, the reporting mechanism, and internet etiquette in the office.
» Related: How to find the perfect hire?
The way you manage the team will mean a lot to your company. Therefore, you need to do a few things to ensure that the traders do a good job and reduce the rate of turnover in the office. Research has shown that a workplace with high turnover leads to underperformance. Doing these things will help reduce this.
First, you should have the workplace guidelines posted in the office or in the office chat board. For example, if there are conflicts in the office, the guidelines will tell the staff how to deal with these conflicts. You should have guidelines on issues like cleanliness, the use of internet in the office, and the instruments that the traders should trade on.
You could use tools like Asana and Slack to share these useful guidelines.
Second, you should always be respectful to the traders. As you already know, mistakes happen all the time in workplaces. How you treat the traders will mean a lot for the future of your floor. For example, in case of a mistake, it is not always okay to fire the staff.
You can have other forms of punishments like suspension without pay or intensive guidance and counselling.
Take time with your team
Third, you should always have some time off to talk and interact with the staff. In this, you can set a monthly or weekly meeting where you sit down and talk about various issues. For example, you can discuss about family, friends and other social issues. Doing all this will help you bring the team together and create a good working environment.
Make your team comfortable
Another important thing you can do is to ensure that your team is comfortable. You can do this by moving to a better office or by buying better computers as the firm continues to grow. Further, you should also ensure transparency in the way the traders are compensated.
Team building events are an excellent way to boost work relations in any office space. Some of these events include office travels, office dinners, and interactive events, mostly after work.
In these sessions, the senior managers of the trading floor will get a chance to interact with the junior ones. Similarly, if there is a night and day shifts, these events willl help these participants to interact with each other.
Benefits of good working relations
There are several advantages of having a good working relationship among day traders. In our experience, we have found that some of the best performing trading floors are those where there is a harmonial relationship among traders. Some of the benefits of cultivating good relationships are:
- Work becomes fun - We all want to work in a fun environment. Having a good working relationship with colleagues will make work a good place to be at.
- Better results - As mentioned, colleagues who work harmoniously perform better and generate better results.
- Fewer conflicts - In most cases, people will always have conflicts with each other. Still, when there is respect and good relationships, the number of conflicts is reduced.
- Work-life balance - A trading environment where people are friendly will often lead to a better work and life balance.
- Low turnover - In most cases, a friendly working environment will be important In reducing employee turnover.
A good work relationship is an important part for any trading floor. Ideally, in most cases, floors where members are friendly tend to outperform those that are not friendly. Also, as shown above, there are other benefits of having good relations. In this article, we have looked at some of the top strategies that will help improve relationships.
External Useful Resources
- Discover more on Hbr