Delegation in the Workplace
Delegation in the Workplace
Delegation is an essential and tremendous part of the interdealer broker market. The main ingredient to building this business is having the top employees delegate power to quickly and efficiently expand. Planning also comes into play in the long scheme of efficiently delegating power in the interdealer market. In the next few paragraphs I will explain the interdealer broker market, the way in which the company uses delegation, and how delegation could be used more effectively in planning.
The interdealer broker market is made up of all the major banks in the world that mainly trade off the back of hedge funds and corporate orders. We operate as the middleman in matching up major banks. The majority of the business I built on relationships between the broker and the client. Successful desks are composed of knowledgeable brokers who are highly experienced, well managed and have stellar client relationships. You could be the most efficient broker there is but if you do not have excellent client relationships you will not succeed. Both factors together will guarantee true success in this business.
The company utilizes delegation in many different ways. For example, if delegation is properly executed it will help to expand the business significantly. When I first started working, the company was in its early stages of building and depended greatly on its managers properly delegating responsibilities. The top managers would start up various trading desk across the company, they would work on them until they were fully developed and turning a profit. Once the desks are developed the managers delegate power to another employee on the desk to run and over see day–to-day operations. This would allow the manager to start up a new desk and help expand the company. If done properly it will increase revenue in the long run for the company.
There are times in the past in which managers have slacked off which causes a domino effect. Employees can observe that a manager is not fully executing his position. This can cause employees to become lackadaisical and not perform to their full potential. They look for guidance and wait on the manager to call the shots. The business will never be able to thrive and expand under this type of work has environment. In turn more employees will be less effective. An effective manager will stay alert, scrutinize every last detail and make sure his employees do the same. The manager truly has a key position of authority and sets the overall tone for his employees. The manager acts as the backbone of his team. If he can set a great example it is likely that his employees will follow along with him and truly reap the rewards.
When a manger properly delegates power he brings out positive attributes of the group. A really skilled and experienced manager shows his commitment to keeping his power of authority in mind. A manager who delegates power effectively and efficiently has positive qualities such as confidence, pride, commitment and intelligence. Employees as a whole could intimidate one manager. For example, an eager employee will do above and beyond his share and make a positive impact on the group. It could be perceived as a posing a threat to the manager. It could then cause friction as if the employees showing off or is gunning for his position Many times managers fall into a cushy seat and neglect their responsibilities. I think this shows his or her lack of confidence as a manager. In the long run this would be detrimental for a growing business.
There are a handful of ways in which delegation could be used in planning. This is the key aspect of the interdealer market. As new areas develop we will need to keep up with the growing business. To do so we incorporate planning into the overall structure of the business. The beginning stages of the company included: limited desks. At this point everyone was able to be on the same page for the most part. As the company expanded it needed to properly assign roles to its employees to stay on top of a specific task.
Top managers delegated power to make sure we would have a full division that handled all future products. The largest aspect of getting