Six Steps to Effective Delegation

Six Steps to Effective Delegation

Wikipedia tells us that, “Delegation is the assignment of authority and responsibility to another person to carry out specific activities. The person who delegated the work still remains accountable for the outcome of that work. Delegation is supposed to empower a subordinate to learn and to make decisions.”

Poor delegation causes frustration and confusion to all of the parties involved. Or, to say it another way: When done poorly, “It can be a living hell!” It also cheats your team out of opportunities to develop their skills, which ultimately hurts you, your team and your organization.

So how do you get started on the road to becoming an effective delegator?  First and foremost, you’re going to have to break out of your comfort zone and be willing to change. After that, following these simple 6 steps will get you going in the right direction:

  1. Define the task. Describe clearly what the output needs to be.
  2. Delegate to a person with demonstrated competence.
  3. Explain the task clearly, in writing if necessary.
  4. Invite/encourage questions and feedback.
  5. Give a schedule and deadline for completion.
  6. Periodically inspect what you expect.
     

A warning: The first time you follow this approach it may not go as smoothly as you might hope. That’s ok. Learn from the bumps in the road and apply that knowledge to the next time. Keep working at it and you will eventually master it.

Delegation, done the right way (and you can do it the right way), is one of the most effective tools available to a leader. So ask yourself: Do you really delegate or do you just collect other people’s problems? If the answer is you are a “collector” then stop right now, unless you enjoy being a victim. Your career, business and quality of life depend on it.

Chris Ruisi
Leadership
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Chris Ruisi is a nationally recognized executive coach and leadership expert, professional speaker, global talk radio show host and author who challenges business leaders to s ... Click for full bio

Top Picks in Asset Allocation

Top Picks in Asset Allocation

Written b: John Bilton, Head of Global Multi-Asset Strategy, Multi-Asset Solutions

As global growth broadens out and the reflation theme gains traction, the outlook brightens for risky assets


Four times a year, our Multi-Asset Solutions team holds a two-day-long Strategy Summit where senior portfolio managers and strategists discuss the economic and market outlook. After a rigorous examination of a wide range of quantitative and qualitative measures and some spirited debate, the team establishes key themes and determines its current views on asset allocation. Those views will be reflected across multi-asset portfolios managed by the team.

From our most recent summit, held in early March, here are key themes and their macro and asset class implications:

Key themes and their implications
 

Asset allocation views


For the first time in seven years, we see growing evidence that we may get a more familiar end to this business cycle. After feeling our way through a brave new world of negative rates and “lower for longer,” we’re dusting off the late-cycle playbook and familiarizing ourselves once again with the old normal. That is not to say that we see an imminent lurch toward the tail end of the cycle and the inevitable events that follow. Crucially, with growth broadening out and policy tightening only glacially, we see a gradual transition to late cycle and a steady rise in yields that, recent price action suggests, should not scare the horses in the equity markets.

If it all sounds a bit too Goldilocks, it’s worth reflecting that, in the end, this is what policymakers are paid to deliver. While there are persistent event risks in Europe and the policies of the Trump administration remain rather fluid, the underlying pace of economic growth is reassuring and the trajectory of U.S. rate hikes is relatively accommodative by any reasonable measure. So even if stock markets, which have performed robustly so far this year, are perhaps due a pause, our conviction is firming that risk asset markets can continue to deliver throughout 2017.

Economic data so far this year have surprised to the upside in both their level and their breadth. Forward-looking indicators suggest that this period of trend-like global growth can persist through 2017, and risks are more skewed to the upside. The U.S. economy’s mid-cycle phase will likely morph toward late cycle during the year, but there are few signs yet of the late-cycle exuberance that tends to precede a recession. This is keeping the Federal Reserve (Fed) rather restrained, and with three rate hikes on the cards for this year and three more in 2018, it remains plausible that this cycle could set records for its length.

Investment implications


Our asset allocation reflects a growing confidence that economic momentum will broaden out further over the year. We increase conviction in our equity overweight (OW), and while equities may be due a period of consolidation, we see stock markets performing well over 2017. We remain OW U.S. and emerging market equity, and increase our OW to Japanese stocks, which have attractive earnings momentum; we also upgrade Asia Pacific ex-Japan equity to OW given the better data from China. European equity, while cheap, is exposed to risks around the French election, so for now we keep our neutral stance. UK stocks are our sole underweight (UW), as we expect support from the weak pound to be increasingly dominated by the economic challenges of Brexit. On balance, diversification broadly across regions is our favored way to reflect an equity OW in today’s more upbeat global environment.

With Fed hikes on the horizon, we are hardening our UW stance on duration, but, to be clear, we think that fears of a sharp rise in yields are wide of the mark. Instead, a grind higher in global yields, roughly in line with forwards, reasonably reflects the gradually shifting policy environment. In these circumstances, we expect credit to outperform duration, and although high valuations across credit markets are prompting a greater tone of caution, we maintain our OW to credit.

For the U.S. dollar, the offsetting forces of rising U.S. rates and better global growth probably leave the greenback range-bound. Event risks in Europe could see the dollar rise modestly in the short term, but repeating the sharp and broad-based rally of 2014-15 looks unlikely. A more stable dollar and trend-like global growth create a benign backdrop for emerging markets and commodities alike, leading us to close our EM debt UW and maintain a neutral on the commodity complex.

Our portfolio reflects a world of better growth that is progressing toward later cycle. The biggest threats to this would be a sharp rise in the dollar or a political crisis in Europe, while a further increase in corporate confidence or bigger-than-expected fiscal stimulus are upside risks. As we move toward a more “normal” late-cycle phase than we dared hope for a year back, fears over excessive policy tightening snuffing out the cycle will grow. But after several years of coaxing the economy back to health, the Fed, in its current form, will be nothing if not measured..

Learn how to effectively allocate your client’s portfolio here.

DISCLOSURE:

This document is a general communication being provided for informational purposes only.  It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation. 

J.P. Morgan Asset Management is the marketing name for the asset  management business of JPMorgan Chase & Co and its affiliates worldwide. Copyright 2017 JPMorgan Chase & Co. All rights reserved.
J.P. Morgan Asset Management
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