Returning to my first post lockdown conference was an interesting experience, highlighting how different our live conversations are from those on Zoom/Teams/Goto/your online tool of choice.
What has also been interesting is what we are talking about: other people not being there, or even at work.
“The Great Resignation” has become a ‘thing’ in 2021, a wonderful turn of phrase sparked by record resignation rates (especially based on US data, although similar patterns emerging in other countries). Historic average UK staff turnover rates are around 15%, but this average hides some huge disparities, with some sectors much worse hit than others.
My in room and on zoom conversations in recent week have featured discussions with employers, employees and students, and their stories add interesting angles to patterns provided by the data.
Some views from employees:
- Too many requests for unsocial hours/extra hours – but without a reason for the request. More like a ‘JDI’ (Just Do It) approach.
- The feeling that the underlying reason for the job is to make money for the bosses/shareholders.
- A conflict between the drive to provide magical customer experiences while providing below average employee experiences. Have you had a coffee in your employee rest area lately?
- Working environments which may be too driven by technology: for example delivery drivers with a target delivery time – and no allowance for rest (toilet) breaks.
Some views from employers:
- Much more difficult to recruit staff.
- When invited to interview, a significant proportion just do not turn up.
- When making a job offer, some potential employees merely ignore the offer.
- Employees who start a new role, and then simply leave because they get a better offer (one instance within the first 30 minutes).
- ‘Poaching’ our best employees – especially with HGV drivers.
And from students:
- How can I make a job, let alone career, choice if I will not be valued?
- Why are so many workplaces featuring such narrow demographics? Diversity and Inclusion: talked about, but in evidence?
- Is the work on offer ‘sustainable’ i.e. do I want to work for a business which is in, for example, fast fashion or hydrocarbons?
Recruitment issues in the UK right now are especially prominent in certain sectors such as logistics (especially HGV drivers), hospitality, care, and social care.
One common factor I would highlight in these sectors is the limited impact of technology. Despite much talk about self-driving vehicles, technology to get your online delivery over the last mile has improved but has not replaced people. Technology in hospitality & care/social care in some cases defeats the object.
I have also looked back to what now seems historic management theory, from Douglas McGregor’s 1960 book the Human Side of Enterprise:
- Theory X assumes that people dislike work and must be coerced, controlled, and directed toward organizational goals. Furthermore, most people prefer to be treated this way, so they can avoid responsibility.
- Theory Y—the integration of goals—emphasizes the average person’s intrinsic interest in his work, his desire to be self-directing and to seek responsibility, and his capacity to be creative in solving business problems.
His work was further developed with contingency theory in the 1970s, namely that the X/Y ideas were contingent upon the nature of the tasks. Predictable tasks (which may in the 2020s be replaced with technology) are more aligned to Theory X approach. Uncertain/problem solving roles need a more Theory Y approach.
When I put together employers’ and employees’ views, I am feeling that even 60 years later, too many organisations remain stuck to a Theory X view in an increasingly Theory Y world.
Could that be why they are resigning?
Coming Up…
Report Writing – I am training on this vital topic this coming Tuesday 26thfrom 9.15am. https://www.theia.org/events-training/event?eventtemplate=586-effective-report-writing-what-gives-impact-to-your-reporting#
Zero to Business Set Up in 60 minutes – my rapid run through of the essentials needed to set yourself up from a standing start, with BIPC Worcestershire. Free and open to all next Wednesday 27th at 10.00am 27.10 https://www.eventbrite.co.uk/e/zero-to-business-set-up-in-60-minutes-tickets-173459170047?aff=ebdsoporgprofile
I will also be attending the upcoming Professional Speaking Association meeting in Birmingham on November 1st: https://www.thepsa.co.uk/regions/birmingham-region/
Earlier that day is the CIPD Coventry & Warwickshire Special Interest Group for Self Employed practitioners – https://www.eventbrite.co.uk/e/online-assignations-group-getting-things-done-tickets-191723609477
CIPD L&D and the future of work: coming next month, November 23rd https://www.eventbrite.co.uk/e/leading-change-through-learning-development-tickets-187876763457?aff=ebdsoporgprofile
HR Hot Topics is Friday 12th November at 1.00pm – when Florajane Lynch from CIPD Coventry & Warwickshire will facilitate a discussion on the hottest HR Student issues. Qualifications, CIPD membership, and the future of work. To join – it’s free – by signing up here https://www.eventbrite.co.uk/e/online-cipd-cov-warks-hr-hot-topics-networking-meeting-tickets-174104590517?aff=ebdsoporgprofile
Buzzword of the Week – Yield
Definition – A measure of return from an amount invested in a security. It is usually calculated on an annual basis, though variations like quarterly and monthly are also used. Yield is calculated as: Yield = Net Realized Return / Principal Amount
For example, the gains and return on stock investments can come firstly in terms of price rise, where a stock is purchased at £100 per share and after a year is sold for £115. Secondly, the stock may pay a dividend, say £3 per share, during the year. The yield is the appreciation in share price plus any dividends, divided by the original price of the stock. The yield for the example would be:
(£15 + £3) / £100 = 0.18, or 18%
Alternate View – Crucial from an investor’s viewpoint. Remember to include capital appreciation, as yield is sometimes referred to for just dividends or interest – amounts paid to the investment holder. The other important element is the basic tenet that as yields rise, prices fall, and vice versa – especially the case with Bonds (both government and corporate),