I was interested to read that Asset Manager GLG Partners recently hired GB Cyclings Shane Sutton in an attempt to maximise the benefits they get from their fund managers and staff.
I’m sure you’re aware but Shane Sutton has been a key part of British Cycling’s hugely successful team that revolutionised the British Cycling team. Their approach was to make lots of small improvements in all aspects of their riders lives. A few examples:
- On major stage races the team started taking their riders own mattresses with them on the team bus to avoid any sleepless nights caused by poor mattresses in dodgy French hotels
- Encouraging team members to maintain the highest levels of personal hygiene to avoid picking up unnecessary infections
- Using advanced aerodynamics to save riders fractions of a % of effort
- Optimizing rider nutrition to the nth degree
- Cleaning tyres with alcohol spray to improve their stickiness to the track
The idea was that when you made multiple small gains which on their own were insignificant, added together the benefits could be huge. The success of the British team over the last 10 or so years obviously showed the approach worked very well.
No Shane Here!
It’s quite surprising really when you think of the vast sums of money spent on getting the best out of athletes in sports such as cycling or football yet the men and women that make the big money for their firms in the financial industry can expect little ‘help’ from their employers to go with their large pay cheques.
At my employer, aside from monetary compensation, there is little to no extra support provided to staff. Essentially we get paid (well) and are expected to perform with excellence at all times.
Sure we get private health insurance which fixes our desk bound bad backs and treats our work induced depression but these are reactionary measures not proactive ones.
Off the top of my head there are certainly a few things that would make dramatic improvements to my productivity at work:
Training. Seriously! Amazingly my firm has never sent me on a training course that teaches me the technicalities of my trade (Market Risk Management). I don’t have a degree in it, I didn’t study it at school and I certainly have no post graduate qualification in it. All of my skills have been learnt in the field, through trial and error or from colleagues.
I’ve never been offered any training courses to better me at my ‘chosen’ profession. The best I’ve had is the occasional fluffy soft skills nonsense that most big firms trot out every now and then (before stopping when they next have to reduce their cost base).
Can you imagine Manchester United not dragging Wayne Rooney away from his PlayStation to train on weekday mornings? Well I’m Wayne and the only time I kick a ball is on match day!
Truly performance related pay. See the bonus day game for more details.
Flexible Working. Ability to work from home freely ‘without guilt’ whenever I want would be a massive boost to me. I work long hours and travel far (through my own choice admittedly). Having the ability to decide from where and when I work would help me to stay motivated, improve efficiency and get the job done to a higher standard.
Work Share. I’d gladly work 3 days a week and take a pro-rated salary. Unfortunately management in my industry are stuck in their arcane ways and think that if you’re not sat at your desk for 50 or 60 hours a week you’re not doing your job properly.
Decent IT. Last month my email program was ‘upgraded’ from Lotus Notes to Outlook 2007! Working for a firm that has grown over many years via acquisitions generally means you’re stuck with crap IT systems. In my average working week I encounter computational limitations or technological deficiencies many many times. Give me more processors and I’ll be able to do a better job, simples.
Promote Exercise. There is a huge lack of bike parking at work. In a firm of many thousands I reckon there are parking for about 300 bicycles (max) which is pretty appalling (the one plus here is that there is a subsidised gym that costs just £20 per month).
Provide Healthy Food. I’m stuck in my office a hell of a lot. Unfortunately my current workload dictates that more often than not lunch is eaten at my desk. The only snacks on offer in the office are either made from chocolate or are some form of deep fried potato and you have to pay for them. Unlike many new tech companies which aim to provide their staff with food we’re left to our own devices.
How to Win The Work Game
My firm doesn’t really give a shit about me, this is very clear. The firm’s priority is the big shareholders not the low level workers like myself. By recognising this, I’m able to prioritise my well being and future over my employers. Here are some of the ways I try and keep the balance:
Me time. I have 3 re-occurring ‘meetings’ (lasting 1.5 hours) booked out in my diary every week. This time is used to either go the the gym or venture outside for a run. These meetings always take priority over conference calls or other real work distractions. Taking this exercise time ensures I get some proper exercise during the week, not just a quick 15 mins on a cross trainer like most of my colleagues. It makes me feel fresher, more alert and on top of my game.
Food time. I try to ensure I maintain a healthy diet despite the poor options available at work.
More me time. During quiet periods at work I work on personal projects. If I’m expected to be checking my Blackberry on a Saturday afternoon then it’s only fair I can use a quiet Friday afternoon for my own purposes from time to time. Personal projects might things like researching new investments, preparing my tax return spreadsheet or even writing posts for this site!
Learn. I ensure I take every opportunity to read and learn everything and anything at work that will help me become a better investor outside of work. As part of my job I get access to Bloomberg, Reuters and other news services from which I can improve my knowledge and investment skills. Through work I’ve also learnt to think of my own finances as if I were a business.
Whenever possible I’ll also take some time out to practise my photography of a lunchtime. When I quit work I plan to earn some income from my photography skills (I occasionally get a few paid gigs on the side now) so I’m always trying to improve may skills.
Don’t forget the money. Working in Finance means I’m well paid. As you can tell above it is about the only benefit I receive from my employer. I certainly don’t come to work for the pleasant work environment or the job satisfaction.
Every month I try to maximise the benefit to me by ensuring a savings rate north of 55%. Oh and naturally I’m always on the look out for new ways to to squeeze the cheese.
Just like a farmer I need to make hay while the sun is shining so while I’m in this high income phase of my life I’m building the money tree as fast as possible.
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