What follows is an email sent by a member of a high profile investment banking HR team to a colleague entitled, “Human Beings Matter”.
‘Nigel Jones (not real name) is concerned that our shareholders and clients are wising up to the fact that our employees feel that they are a major inconvenience. He feels that staff have become too ‘me’ (ie bonus) focused and suggests that we remind them that we must at least give the appearance that the firm is being run for the general benefit of our shareholders – not them. He also expressed concern that staff are openly treating our clients with contempt, making them appreciate that we don’t always have their best interests at heart when pushing deals or selling products (why clients should think we are different from any other firm, Heaven knows!).
Although I am happy for an e-mail to be sent from HR on this subject, I do worry that the staff will reactive in a rather negative way, as they often complain to us that the firm doesn’t do enough to make THEM feel like human beings.
As you know, we have already had a backlash after the last round of trader layoffs following the introduction of more algorithmic trading (the fact that the traders realised the game was up when they were told by the car park attendant that they didn’t have a space any more as they had been fired clearly didn’t help). There’s a fear that, as our business becomes more and more technology led and cost-driven, our staff will be treated less and less like human beings. With this in mind, I think that we need to stress that we are not just picking on staff – it is our aim to treat ALL our stakeholders with equal respect.
We need to make clear that there will always be a need for some staff (human beings) in our business – we will be making a heavy investment in compliance staff, for instance, in view of the large number of regulatory probes we anticipate coming our way. We will also need to beef up our in-house legal team. (someone has to be around to take service of the lawsuits). I guess the recent outsourcing of the cleaners and the offshoring of IT and Finance could be problematic (together with the research guys who were fired and replaced by less expensive hires in India). We’ll just have to hope that the staff don’t pick up on this.
Then there’s all that stuff about the impending merger. Rumours of drastic job cuts this end are rampant. We’ll need to finesse this, without giving the game away.
After the merger (and when the offshoring and outsourcing initiatives have been completed) we’ll need to take stock and launch an ‘Our Staff Matter’ charm offensive. We’ll probably be able to do this in small groups – and it shouldn’t take too long.
Can you let me have your thoughts ?’.
I think that perhaps the subject heading for this email “Human beings matter” should have had a tag line of say, “or at least we should pretend that they do”.
On a personal note, I’d like to reassure you that not all HR people are like that – honest!