In an effort to improve its practice management framework, a leading financial planning practice within the Genesys Wealth Advisers dealer group has installed a new human resources (HR) management tool.
Sydney-based practice Brown Bully, led by ex-Genesys Wealth Advisers managing director Ray Miles, is looking to bolster its people management procedures through the use of the People Management System.
Developed by Balance at Work, the system will include guides, forms, policies and template procedures they can customise and covers legislative requirements such as workplace relations, equal opportunity, harassment and bullying, occupational health and safety and other employment-related areas.
“I believe the industry needs to invest in this concept because we are in a war for talent. The battle to employ the right people and effectively induct, manage, develop and train them will prove costly if defined and consistent HR policies are not already in place”, Miles said.
The business development director at Balance at Work, Don Swanborough, said the system offers a practical solution for managing HR and industrial relations (IR) effectively.
“A lot of practices are growing and taking on staff, but very few have good recruitment and performance management systems in place. The emerging dynamics of the financial planning industry means advisory firms are getting scale and as a result are having people issues as they morph into larger organisations.
“From our experience, there has really been poor hiring and firing practices. This is because, at the end of the day, the principal doesn’t have a good written description of the role and goes on gut instinct, which does not work too well in the long term. The People Management System will provide a HR procedures regime within their business.”
The system is regularly updated with the latest HR and IR changes and is delivered online. The software has also been adopted by Financial Services Partners.
