'It's about allowing emotions to be heard and discussed,' says Harry Matheis
Harry Matheis of Matheis Financial Group has extensive experience solving workplace “people challenges” and developing reward strategies for diverse clients.
Daily processes in the administration of compensation and company-sponsored programs have become, for the most part, just “table stakes” …the key advisory skill in this area is providing the expertise required in today's world to find solutions for corporations to ongoing complex people issues at home and in the workplace.
In speaking to Investment News, Matheis shares some real-life examples,
“One case stands out because it’s near and dear to the work we do,” he explains. “This involved a large national company struggling with in-house administration of their compensation and benefits plans.”
The company had been handling these tasks yet had fallen behind on compliance, process and key metrics - Matheis and his team were brought in to help put the fire out.
“We started with a discovery process, essentially a gaps and issues audit, to identify the current reality,” he explains. “I often call the resulting report the ‘holy shit report’ because it outlines what’s wrong and what needs to be fixed. Once the report is presented to the company, it becomes critical to outcomes in ensuring confidentiality and commitment to ownership of task.”
“There was a serious compliance issue; exposing it would undermine the solution process and wouldn’t help us solve it. Our experience in these matters often finds in-house administration responsibilities tend to drift over time, resulting in task ownership, purpose and process challenges.”
“In this case, we first formed a committee of Plan Members responsible to the Planning process, focusing on developing a governance working document while building trust and commitment to the task. We had to put a veil of formality around the process and ensure everyone was on board, which wasn’t achieved in one meeting and took six months before any of the report's initial findings or data were presented to the committee.”
“After 18 months of work, the Committee review and recommendations provided the company with everything they needed to move forward,” adds Matheis. “Processes and compliance guidelines were in place, and the Committee still exists today, ten years later, ensuring the sustainability of these processes while regularly revisiting the important Plan Purpose.”
As a certified family business coach, Matheis works with corporations and family businesses, many of which have been clients for decades, to overcome organizational and intergenerational challenges.
“There’s no secret sauce. Just when you think you've seen it all, another challenge comes along. The key is to do no harm in the conversation and remember that emotion often trumps logic, especially in family dynamics.”
Here, Matheis says that creating a safe space for open conversations is absolutely critical.
“It’s about allowing emotions to be heard and discussed. My experience reminds me, ‘often what’s in the way…. is the way.’ Getting the issues out in a safe conversation is vital,” he says. He recalled a case involving a family business where behavioural issues and substance abuse were affecting succession plans.
“We identified the underlying issues and facilitated coaching for the individual, leading to a successful outcome two years later.”
Matheis is also deeply committed to lifelong learning and industry service.
“At a certain point in your career, you may ask yourself if this is all there is. You need to stay curious and have an open, growth mindset. I went back to university in my 30s and again for my FEA at age 60. It’s about being curious for finding answers by listening and staying relevant….and I will add, not just in business, but also in life”.
This passion for personal development also stretches into his approach to financial advising leadership and giving back to the industry in focus groups and speaking engagements.
“Mentoring is a big part of it. I have a mentor, and I am a mentee because I’m curious and never wanna stop learning. It’s a continuous process. If you’re healthy, curious, and love what you do, leaving the advising world without channelling all that experience and wisdom to others is a travesty. You have a responsibility to mentor others, give back and pass on your legacy.”
