Strong middle managers in the financial services sector have the opportunity of a lifetime. But, are they up to the task?

 

It is not unusual to meet the management team of a bank, leasing/finance company, or investment company and quickly realize that the top management is old. It is not unusual for the management team to be mostly men in their late fifties, sixties and seventies. These seasoned professionals are calling the shots and, too often, they are on their way toward retirement in just a few years. The next level of management is typically in their forties or younger and they are following the lead of the top brass. They are learning from the experiences of their older mentors and shaping their decision-making processes to emulate their bosses. Then there are the field representatives and analysts (the worker bees). These younger professionals have a totally different concept of what should be done in business, how to use technology, and how to service business clients.  At times, the middle manager rightfully feels caught in the middle between ancient history and a Sci-fi movie. So what's a strong middle manager to do? Here are a few suggestions:

• Be an aggressive participant in the process. Learn from the past experiences of your mentors while looking toward the future with your younger worker-bees.
• Don't be afraid to be bold with your suggestions - follow you gut - be willing to take a career risk with determination.
• Think long term. Your mentors are thinking in quarters and perhaps even a year or two out into the future. You need to invest in plans for 3, 5, and even 7 years out.
• Recognize the challenges of your company and formulate solutions which you are willing to take ownership and execute.
• Be prepared to assume a leadership role, sooner rather than later.
• Have a total understanding of every aspect of your industry, not just the department that you manage.

The opportunities have never been greater for strong managers to start assuming the role of top decision makers.

Now is the time to take a huge step forward in your career  and to fill the void which is being created by top talent headed into retirement. These accomplished industry veterans deserve to leave the industry in the hands of a strong next generation of men and women who are true leaders.