Jefferies CEO Rich Handler sent an open letter to his firm’s senior-level bankers providing them with five ways to help make life better for the young analysts and associates, Dealbook reports.
In the last year, Wall Street banks have been criticised for the brutal workload their young analysts tend to take on. Many firms responded by cutting back the long-hours and requiring analysts to take weekends off.
Handler is taking it a step further and reminding his managing directors to appreciate and get to know their underlings.
“Between the work challenges and the personal obligations, it is very easy to forget, overlook, or take for granted our most precious and critical partners who enable the Jefferies world to keep revolving and our individual careers to continue to shine: our analysts and associates,” Handler wrote.
Here are Handlers five thoughts (via Dealbook):
1. It wasn’t that long ago (or at least it doesn’t seem it) that we were the ones that were so eager to help, learn and get the job done for no personal gain, except for the good of the team. Remember what that felt like and personally thank every person that is helping you get your job done today. Yes, a simple acknowledgment and thank you feels good to the recipient and makes a big difference.
2. Everyone wants a mentor, but few work endlessly to find a “mentee.” Pick an associate or analyst to whom you feel some kinship or relationship, or in whom you see a special spark, or perhaps you just like as a person … and get involved in his or her career and personal development. Someone did it for you. Never forget that. It’s time to give back, and every one of us has a little spare time.
3. If you don’t respect the need for some type of normal life balance in the lives of our associates, analysts and support team, shame on you. Now we all know there are periods of time or circumstances that call for time and effort beyond the normal call of duty, but we are not a fraternity or sorority that hazes or takes advantage of people because of the way it was when we were cadets. Waiting until the last minute to hand out work, creating unnecessary projects or deadlines, or just being insensitive makes you a jerk. We do not have or want jerks at Jefferies.
4. Every analyst and associate needs real client contact, as often as possible and practical. If he or she is up all night or weekend on a pitch book, tell her or him to sprinkle some water on their face, straighten out the scarf or tie, and join the team at the meeting. By the way, the clients typically love it.
5. Make it personal. Get to know our young folks as our potential long-term partners. Take an interest in where they grew up and the school from which they recently graduated. Understand their career aspirations and goals. Learn about their families and friends. Nobody gets into Jefferies unless they are amongst the best and brightest and every last one of our associates and analysts is special. Quite frankly, we should all wonder if we could get ourselves into our firm today if we were competing heads up with all of them. They are our future and if we don’t all take a personal interest in each of them, what does that say about our future?
Well said, sir. Well said.