Redefining Success
As we emerge from Lockdown, Anna Sofat asks how can we ensure both a more inclusive company culture and more equal society in a Post-Pandemic world?
Back in March, worrying reports surfaced that young, first-year bankers at Goldman Sachs had been pleading for an 80-hour week cap, warning that they’d quit their jobs unless their Industrial Revolution-style conditions improved. Averaging 95 hours of work a week, and barely subsisting on five hours sleep a night, it had begun to affect their physical and mental health, amid what was described as 'inhumane' and 'abusive' conditions. The bank claims it has now taken measures to address this kind of burnout among its employees. But it does seem to me to be symptomatic of a wider problem.
In the past week, lockdown restrictions have lifted even further. As the pubs start to fill up and the restaurants buzz and workers take that first step back into offices, I wonder whether we have we learned nothing from this past decade – or, more pertinently, the last 14 months? For all the heroic talk of wellness and treating our employees with sensitivity and empathy during a bewildering, horrifying and immensely saddening global pandemic, it seems business is still dragging its feet and offering only lip service when it comes to really making a difference to the lives of employees. And as we slowly move out of Lockdown, reset, and open up, the question remains: in terms of company culture and beyond, what sort of future do we really want?
For the financial sector, of course, money is still a huge driver. There’s also the prestige of working for a big name. To be the best, so the mind set goes, you have to be at your peak, match-fit, top of your game. And to put in all the hours you have. And for those who really want to get on, high salaries and feeling part of an elite tribe are great motivators to keep going – particularly for those who haven't come from moneyed backgrounds to begin with.
Personally, money was never a motivator for me, which in my early years was nevertheless very tough when I wasn’t making a profit. In the business world, of course, numbers are incredibly important. To grow, you have to make a profit, so you can reinvest it. And there’s nothing wrong with that. It's what you do with the money – that’s the important thing. There used to be a mantra, that you made your money and by the time you were 40 you gave something back. So, the theory went, by that stage you had the time and wherewithal to be charitable, and time to finally get to spend some valuable time with your family. There’s just one problem: life doesn’t work like that.
The sort of dedication and push we see at Goldman Sachs comes at a big price. What cost goals and success? All the money in your bank account can’t compensate for being a burned-out wreck in your mid-twenties. And who ultimately picks up the cost of all that mental and physical exhaustion? Answer – the NHS, but also partners, friends and families. Somebody's got to collect the bill. Instead, I believe employee wellbeing needs to be incorporated into shareholder reports and ESG benchmark, so we can all measure and put a value on the price of monetary success.
But, as we emerge, shaken, from this devastating era, we should go further. For example, we need proper gender parity, pay-wise. It’s a truism that women talking about their wealth, or what they're going to do with their money, still remains something of a taboo. And that’s partly why equal pay isn’t yet universal.
I remember there were only two choices for women in business like me in the 1980s. You remained feminine or you become macho, like Margaret Thatcher. But these days there’s a massive opportunity for women to shape the future differently as we gain seats of power. We’re already responsible for a lot of buying decisions, something we do without thinking. But as women we must remember that while we own our money, we also own the power we have. And, as we climb towards the light, it’s up to us to help reset the world, to engineer a more effective civic contract between society and people.
For example: a minimum living wage. Rather than spending masses of money on Universal Credit, how about giving everyone £20,000 for a roof over their head? The onus should be on the government to provide shelter for all. After all, the private sector isn’t going to build affordable housing.
In the US, President Joe Biden recently showed the way by raising the minimum wage to $15 an hour for federal contractors; while Unilever has pledged that all workers of companies in its supply chain will receive a living wage by the end of the decade – enough money to cover the essentials such as food, water, housing and clothing. As CEO Alan Jope says, “Ensuring people earn a living wage or income is a critical step towards building a more equitable and inclusive society.”
Going forward, it’s the kind of basic civic contract we need; an essential safety net to support not just our most vulnerable, but everybody. And then maybe the prospect of building back better can be more than just a pipe-dream.