How to Create a Conducive Environment for Your Traders – Introduction
The technical skills about the financial markets are very important for a successful trading floor. Nonetheless, there are other skills that are so important for important for the business. Over the years, we have watched many trading floors fail not because they didn’t have good traders but because, they did not have a conducive environment. Therefore, it is very important for you to know ways you can use to create an excellent environment.
The Trading Floor Room
The first thing you need to do is to have a good trading floor that is located in a conducive environment. If you decide to create an office away from your home, you should do the best that you can to get an office that is in a good environment. You don’t want your trading floor to be in a noisy environment because it will be difficult for your staff to concentrate.
You will likely start with traders who know one another. These are people with a background that you know. They could be your close relatives or college partners. However, later on, the team will grow to include people who are not familiar with one another. A good thing to do is to organize regular team building events. These are events where the people spend time doing things other than trading.
Fortunately, markets are never opened during the weekend which makes it possible for you to organize such events during that time.
As we have mentioned before, it is very important for your floor to have strict policies. It is impossible for the firm to succeed without these policies. However, this does not remove the need for you to be friendly to the traders. Even when implementing the toughest guidelines, you should do the best that you can to ensure that you are friendly. For example, before you fire an employee, ensure that you give them a warning. Also, ensure that you use friendly language when terminating their contracts.
The traders will never feel good when they are not remunerated fairly. As the floor owner, you should always ensure that the payment terms are known to the traders in advance. After a month of good work, you should ensure that you give them bonuses. Doing all this will always give the staff the morale to go an extra mile. It will motivate them to be better stewards of your business even when you are not in.
Traders want to have roles where they are seeing growth. In your organization, it would be really bad when you are not growing professionally. To do this, you need to show the traders that they too can move up the corporate ladder. A good way to do this is to give them other roles. For example, you can give one the role of being the vice president. You can give the others a role of human resources and another one the role of finance. As they grow and become experienced, you can promote them. Doing all this will help your firm grow and your traders become more appreciative.