What we can all learn from ABBA

This last week was again a short week, and being an extension of Easter it involved a short trip to London to see Hamilton, the musical, which together with my trip to the ABBA museum in the prior week, has made this a very musically themed fortnight.

Outside of widely popular songs, and great performances this did set me thinking. There was a common thread to greatness in just how hard, deliberate, and diligent people at the top of their game are in their work. 

I know it can look easy, like a natural talent, but once you scratch behind the surface you often find an almost obsessive compulsion to be the best in the field and intense focus… sometimes at the cost of other aspects of their lives too.  It almost seems to define success or at least be a close relation.

Basically, hard work matters… and yet you cannot do everything… so choices also matter and choices need to be made on where to focus.

Hard work and choices

This, of course, also translates back to work and our lives in business, it is not that dis-similar.… albeit, without the spandex and glitter (…maybe?!)

I mean, how many of us know people at work, brilliant in one area but not that rounded in others; businesses that aspire for huge growth but actually take more of a lifestyle type approach; or those with intense focus that burn out employees without the same mindset.

Just like in the world of celebrities, we are sold on the dream of having it all.

Success is often defined one-dimensionally, looking solely at achievements and not really acknowledging the consequences of getting there. 

Telling the whole story

We are all attracted to the story of the human genius, the amazing business with growth, and the perfect employee culture. Just like much in social media, it is not that it is untrue, it just does not necessarily tell the whole story. 

Getting there takes hard work, along the way there will be failures and disappointments, you will have to keep picking yourself up again and again, decisions need to be made professionally and personally to meet one goal, dropping other goals and aspirations to maintain focus.

Real-world trade-offs 

In truth we live in a world of trade-offs, our time and focus is limited.  A key is deciding what we want our trade-offs to be and more importantly being comfortable , on balance, with the decisions we have made (and if not changing them).

We are after-all, all on the same journey, just to maybe slightly different destinations. More transparency and honesty in our own journey can certainly help. Being human and talking about it can help others too.

To borrow a phrase… knowing me knowing you is the best [we] can do!

Have a good week everyone

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More than just cake…

Last week, I spent much of the time out of the country, in Sweden.

Apart from considerable overindulgence in excellent cakes, drinking coffee and sampling delicious local food creations (not to mention some rather ropey ABBA dancing exploits too), what really struck me was the money, the cash or more precisely the complete lack of it.

I was there for 4 days, did not use it and did not need it, not once. Now I do use contactless payments here at home, but this was my first overseas trip made without the comfort blanket of cash in my pocket. It did not exchange anything at all.

Cashless

It can be done, and thinking about this there are also interesting ramifications for the financial services industry too.

First off, obviously, this was not great news for travel money and foreign exchange companies – they lost out. No float, no fees and no gain from the spread between me buying and then selling back my unused currency.

However, it was great news for my bank and their associated payment networks. They got a large slice of my business and in the process some great data on my spending (and the fact I was away from home).

Yet here, and looking through the data, there is also a note of caution. Not all cards in fact are the same.

Transacting on my bank debit or credit card seemed to attract this ‘non-sterling transaction fees’, which was not present on my ‘fin-tech’ bank provider debt card.

In addition, I also noted that there are exchange rate differences (same day comparison) between products, with the traditional bank being less favourable. In total this represented around a 3% difference.

Over the course of a vacation these differences can add up and certainly being charged the fee, did not leave me with a sense of value for money. This being said, honestly, had this fee not been charged I would likely not have noticed and the poorer value for money could have been hidden in the exchange rate.

Reflecting on Consumer Duty

This again comes back to the proposals around the FCA Consumer Duty, due to be live in April 2023. Which of these products enabled me to achieve my financial objectives, provided fair pricing and acted in good faith?

I am sure all of them would argue they did, but by this simple comparison of a very straightforward example it can be seen how some complex issues of hidden fees, evidencing across a consumer journey can be opened up, and the balance this could have on profitability… and this before we get to anything more complex. This is something we are going to have to start to unbundle, especially once the final guidance is released in July.

And, as a wider question, as our money increasingly becomes digital, on our phone, and embedded into processes such as in BNPL, is our relationship with it changing? Are we perceiving value differently and how will this impact vulnerable or result in more financial difficulty?

After all, for some, it can be harder to spot poor value for money by transaction, on the phone, than simply finding less money in your pocket at the end of the week. The dynamics change.

Budgeting tools, transparency on fees and more comparison sites are all needed… maybe now more so than ever.

Have a good week everyone.

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Office fever?

This week the number of people with COVID in the UK seems to have exploded. About 5m, or 1 in 13, apparently have active COVID cases. It does seem as if everyone knows someone under the weather.

With so many being folks ill, it is of course having an impact. Many people are off work, with even flights being cancelled and with the getaway for the Easter holidays starting it has frustrated many plans.

But closer to home it is also impacting the contact centre industry. Reports of increasing absences and the pressure on service levels have been becoming louder, and certainly mentioned more often in many conversations.

With restrictions being largely been lifted it is not, I suppose, a surprise really. With lower levels of hospitalisation and mortality, I suppose this could be the beginning of us just starting to live with the virus. It does still seem to have come all in one big rush mind you.

Of course, the difference we have between now and before is our ability to work remotely. Most of us have done it, many of us are still doing it and this is now presenting new challenges.

If you are interested in finding out what others are doing, back in the office, what strategies they have, how has this changed, you can get access to our dashboard by completing the survey (anonymously if you wish) at the link below.

Hybrid/Remote working survey: An update

To work or not to work?

With the new variant appearing, for most, to be milder in symptoms, we also now have a conundrum. To we carry on working, pushing through COVID, or not?

In my own case, I felt ill, but not really ill enough to completely stop, and yet not really well enough to run at full speed.

Admittedly on day 3, I got bored and in the modern world of not wanting to fall behind, did peck away at emails, having odd calls to try to keep things moving.

In all honesty, looking back, I am not sure how effective it was… brain fog was certainly an issue… yet I did it because I could.

With my lateral flow tests angrily blinking positive (I mean it was so solid I could have drawn it in with a sharpie) for over 10 days it was most certainly a good thing for everyone else I was not in an office and working remotely. Staying out of circulation meant I could not give it to anyone else.

But what about those in Operations and contact centres, without the luxury of flexibility I have had.

In a contact centre you can typically self certify off ill for 5 days, needing a doctor’s note beyond this. Yes, these days you may be able to work remotely, however, it is one thing doing the odd email, something else completely talking with customers all day… do need you to be top of your game for every call.

With furlough stopped, no more free lateral flow tests and guidance to return to work if you feel okay, there is now pressure to be back with a lack of visibility over who is still infectious, yet returning to the office and maybe not performing at their peak.

Of course, also remember the situation pre COVID, where we all used to go into the windowless office, with that stinking cold, dosed up on Sudafed.

Hindsight is 20-20

In hindsight, it was not great, and goodness knows how many more people we all infected. Fortunately, there is a better way (remote work) and we now have the tools and habits to make this more likely to work.

Staying at home, working remotely, increasing flexibility around working hours (working in short bursts) and trying to re-allocate lighter duties all seem sensible. Indeed, some of the newer WFM tools and techniques can plan around this extra complexity too. We are in a better position now than we have been if we do it right.

Of course, you would hope we have learnt… although it is not convincing as yet, to whether we have… we will see how this one pans out.

If you have experience of working through COVID, returning to work too early, or suggestions on new ways of working to manage, let us know in the comments.

Have a good week everyone.

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