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January 2017 / Issue 1
03
Find out how she
explored the whole
of America
YOLO, YONO OR
OHNO!
Getting to know
Generation Z...
HIRE THE RIGHT
TEAMS AND THEN
STAY OUT OF THEIR
WAY
Doing corporate culture
the Netflix way
07
KEEPING YOUR
TEAMS 'UP' WITH
SURPRISE AND
DELIGHT
Keeping the new
year positivity alive!
Find out how
Innocent Drinks and
Uber do it.
12
Once a month insights, features and interviews for
HR professionals in hospitality
02 12 14
31
50
Contents
03
07
09
Keepingyour
teamsUPwith
'surpriseand
delight
12
YOLO,YONOor
OHNO!
HIRETHERIGHT
TEAMSAND
THENSTAYOUT
OFTHEIRWAY
50 Broadway, St James, London,
SW1H
020 7152 4107
www.damgoodpensions.com
Getting to know
Generation Z
How can you keep the
Keep the new year
positivity alive? Find
out how Innocent
Drinks and Uber do it.
Doing corporate
culture the Netflix way
ISSUE1
16 Sandyford Place, Glasgow,
G3 7NB
0141 222 2045
info@damgoodpensions.com
23
15
09 09
03
The 'Pension Surgeon's
view!
04
January
06
03
08
09
02
ROBOvsHUMAN
11
KEEPING YOUR TEAMS 'UP' WITH
SURPRISE AND DELIGHT
It’s that time again...
The end of the first month of a new year which might feel like joyous
progress but for many, oooh let’s be specific and say 66%, you have, or are
about to crash off the wagon of good intention and watch your dreams of a
better you, a better life, being the shiniest happy person in the workplace
and ever getting into these jeans again, evaporate.
According to the latest research, only 44% of us make it into February with
our sparklingly positive New Year resolutions intact.
For the rest of us, it was just too hard. During an interview with a Personal
Trainer/Nutritionist on the subject of health and wellbeing in the
workplace recently, the following nugget dropped into the conversation:
“If you can stick with anything for three weeks, it becomes life changing.
It’s no longer new or something ‘other people do’ - it becomes you."
EMPLOYEE ENGAGEMENT
HR& HOSPITALITY
“Ifyoucanstick
withanythingfor
threeweeks,it
becomeslife
changing. It’sno
longernewor
something‘other
peopledo’ - it
becomesyou"
EMPLOYEE ENGAGEMENT
03
Find out how Innocent Drinks keep their teams 'UP' (page 6)
of ‘surprise and delight’ is in its
impulsiveness.
Each person in your hotel is (or
should be) trying to deliver an
experience that goes above
and beyond the expectations of
any guest so that a) that guest
genuinely has a great time b)
tells everyone about the great
time they had and c) comes
back again to have another
great time.
Great experience.
Ambassadors. Loyalty.
Exactly what you want to be
creating within your teams –
everything that recruitment and
retention is built around.
We know (and we’re pretty sure
you do too) that employee
benefits programmes, reward
and recognition are the
bedrock of employee
engagement and in creating a
positive, healthy and happy
company culture but
sometimes it’s the little things -
the 'make someone's day
things, the quirky things, the
free things, the 'make someone
smile' things that you can do to
engage your teams in
delivering the best
performance.
The ‘surprise and delight’
things.
We’ve gathered a few bits and
bobs over the page which we
found really interesting and
quite inspirational to surprise
and delight you, so you can
surprise and delight your
teams.
And there it is. The secret for
the successful adoption of
good habits.
It’s about pushing through that
three-week period (that we’ve
all come through), not giving
up, exerting the most
phenomenal amounts of
willpower and determination
and once you’re into week four,
hey – you’ve practically done it.
You might not have achieved
your goal yet, but you’ve made
a good intention become a
positive habit.
Sohowdoesallofthisrelate
totheworkplace?
Well, because lots of these new
year good intentions might just
be about to get kicked to the
kerb in your teams. And that’s
when the negativity creeps in,
and starts to breed, and you
know what happens next.
You can stop that dead in its
tracks.
How?
We’re the employee benefits
specialists, so we could talk
until we’re blue in the face
about that but we won’t. What
we will give you is this.
Surprise and delight!
It’s the very essence of what
every hospitality business is
trying to do for each guest and
it shouldn’t be any different in
the workplace. Yes there can
be a longer term strategy for
this but sometimes the beauty
Yes there can be a
longer term
strategy for this
but sometimes the
beauty of ‘surprise
and delight’ is in
its impulsiveness
PAGE 10 HR& HOSPITALITYEMPLOYEE ENGAGEMENT
04
PAGE 13 HR& HOSPITALITYEMPLOYEE ENGAGEMENT
The formula for successful
'surprise and delight' - how to
make employees feel special
and important and evoke the
sense of ‘going the extra mile’
'How to surprise and delight
your employees'
CEO Magazine
Read: http://bit.ly/2ksDyy9
Find out how the 'Sexy Power
Suit' and the 'Lift of
Loooooove' surprised and
delighted staff at Innocent
Drinks.
Watch: YouTube
https://youtu.be/OfY48B3uU94
Get your ‘Surprise and Delight’
framework here, find out why a
low cost approach works and
look at how Uber did it.
'Surprise and Delight (Then
reap the social reward)' Fistful
of Talent
Read: http://bit.ly/16hH9bF
05
EMPLOYEE ENGAGEMENT
I A M
C O N V I N C E D
T H A T
C O M P A N I E S
S H O U L D P U T
S T A F F F I R S T ,
C U S T O M E R S
S E C O N D A N D
S H A R E H O L D E R S
T H I R D -
U L T I M A T E L Y
T H A T ' S I N T H E
B E S T I N T E R E S T
O F C U S T O M E R S
A N D
S H A R E H O L D E R S
R I C H A R D B R A N S O N
06
YOLO, YONO OR OHNO!
G E T T I N G T O
K N O W
G E N E R A T I O N
Z
A common assumption made by employers is that employee benefits are of interest only to older
employees and younger people don’t really care too much. You're expecting us to follow that with “no of
course EVERYONE is fascinated by pensions”. They're not. Life, business and your employees are more
complicated than that but there is more than a grain of truth in the idea that our view of benefits changes
as we get older.
CHANGING WORKFORCE
07
They’re part of a new breed – it goes way beyond
Generation Y, which they're most likely to be part
of. Their breed is Generation YOLN (You Only
Live Now)!
The bright young things. The really bright ones,
breaking the mould and turning the world on its
head a bit.
It’s real, it’s a movement, it’s been shaped by
global recession, war, terrorism, technology and
the knowledge that you can lose everything very
quickly, so why bother having anything at all?
When we did our 2015 research at DAM, we found that 71% of our respondents would like their
employer to give them a pot of money for their employee benefits which they can use to ‘buy’ the perks
they would most value.
CHANGING WORKFORCE
And here’s the latest thing, about these bright
young things…
They are the antithesis of many parts of
Generation X who defined success as a good job,
a pension, a partner, a family, a nice house in a
nice area, nice holidays and a future where you
can grow old, retire comfortably and generally
have a nice successful life where everything’s
dinky doo and pretty safe and stable.
Generation YOLN don’t give a monkeys about
any of that stuff because in their world, things are
here today and gone tomorrow so why ‘keep
Sunday best for a Sunday’ – let’s blow the lot
now, have some fun, make some memories,
travel, experience life, laugh, be happy, break
free, live. Today. For the moment.
Because you could be dead and buried in a
week.
Tomorrow might not come.
They want whatever it is they want, right now.
This minute. They don’t want to have to wait, and
ponder, and save up and build mild excitement
over a long period of time.
They want the rush, now.
CHANGING WORKFORCE
08
They won’t plan a holiday. They’ll just go.
They won’t plan a meal. They’ll just see how they feel,
where they are, and what they feel like having.
When you ask them “What are you up to this
weekend?”, they won’t know, because they won’t
commit (unless they have to) – they’ll keep things
open until they’re sure that they have enough of the
right options on the table to pick the best one.
Because life is short. And they know they’re pretty
great – they have confidence, so they want the best for
themselves in terms of what life can offer, or rather,
what they can get out of life.
T H E Y
W A N T T H E B E S T
F O R
T H E M S E L V E S I N
T E R M S O F
W H A T L I F E C A N
O F F E R
They are energetic, exciting, creative, positive, clever
people who treat life as it should be treated – as a
precious thing. They just make the most out of it in a
short term way, because that’s what they’re all about.
Mostly. They’re not limited to Generation Y, there are
X-ers in there and there will be a scattering of 21 year
old Z-eds too.
So how does that all stack up for you as an employer,
trying to keep these people engaged, motivated and
loyal so that you can reap the rewards for your
business by having people like that working for you in
the first place?
It’s not an easy one, because you can bet that they will
rent rather than buy, spend rather than save and live
now rather than wait.
For anything.
When we talk about Generation YOLN, you can be sure
that there are a good few in that 71% we mentioned
earlier.
Because choice is important to them.
09
W E L I V E I N A
W O R L D
C H A R A C T E R I S E D
B Y
V O L A T I L I T Y
A N D
U N C E R T A I N T Y
CHANGING WORKFORCE
There is nothing wrong with either but if you’re going
to launch an employee benefits programme, you need
to know your camps, so you need to listen, have your
finger on the pulse of change and look at future trends
and insights.
Employees are no longer a homogenous group. It’s a
giant mix of Generation X, Y, Z (and YOLN and most
definitely sometimes, OH NO!), they all want different
things (and some of them want it right now!). We
know, we spoke to them and we asked the questions.
They gave us the answers.
The landscape is changing. Every day.
Be the future.
Understand their world, understand them and bring
them closer to you.
10
You can educate them on the benefits of pensions and mortgages and that helps (a lot…and you
need to be doing that to get the return on your employee benefits programme and because you
have a duty of care as an employer) but ultimately, they will want to have control over their own
choices of benefits because they build their lives differently from previous generations.
We live in a world characterised by volatility and uncertainty and you can probably divide people
into two camps – the ones who are ‘careful’ in their approach to life and financial planning because
the future is uncertain and you never know what could happen next and the ones who want to live
now and make the most of their lives while they can.
T H E Y T R E A T
L I F E A S I T
S H O U L D B E
T R E A T E D
- A S A
P R E C I O U S
T H I N G
CHANGING WORKFORCE
ROBO vs HUMAN
- THE 'PENSION SURGEON'S' VIEW
Technology will never replace the experience of 1:1 pension meetings.
Before you say "Of course he would say that...he's not a Millennial or
Generation X-er (and he advises on pensions)"... hear me out.
Financial advice in all forms is important – whether it be in a decision
regarding paying back debt, saving for your future, protecting your loved
ones and buying your first house. Technology is here to stay, there is no
doubt and it certainly plays a role in assisting with the financial advice
experience.
In health terms I read about how you can now check your sugar levels and
other physical attributes with online technology (even mobile apps). This is
definitely an important development in monitoring and recording data.
However, you still need to have the diabetes nurse explain what the
indicators mean for you on recording high levels of sugar and the dietician
to explain and recommend a suitable personal diet/exercise programme. In
my opinion the need for social (face to face) interaction in many sectors of
industry will remain.
EMPLOYEE ENGAGEMENT
HR& HOSPITALITY
“The need for
social (face to
face) interaction
in many sectors
of industry will
remain."
FINANCIAL EDUCATION
11
Responses don’t allow
immediate further investigation
or follow up in that moment in
time not to mention the “gut”
reaction to a specific question
which can tell a lot about how
comfortable an individual is
with, for example, a certain type
of investment.
My experiences of pension 1:1
meetings has also allowed an
individual to identify further
areas in which they require
assistance. Whether it be their
mortgage, life cover for spouse,
Will writing or help with tax
issues (even reclaiming higher
rate tax relief).
I accept an individual can make
a request for such support but
the trust built up in the 1:1 and
the discussion lead chat opens
up these issues allowing
resolution to take place.
A financially assured and stress
free individual will certainly be
a more productive one. I have
been called many things, but I
did think the comment from
one of my clients who
introduced me to another
colleague as the 'Pensions
Surgeon quite apt. We do offer
and provide financial surgery to
resolving the most suitable
outcome within the financial
health check market.
Happy as always to perform
some DAM pain free surgery
and to discuss your company
pension requirements if that's
on your to do list.
Whilst not being a complete
luddite towards technological
advancements (I have lived
through the introduction of the
computer over last 30+ years)...
- technology will enhance the
experience allowing interactive
projections and modelling
scenarios during your meeting.
However, I genuinely believe
nothing replaces a face-to-face
meeting.
You immediately build up a
warmth and credibility from
that first meeting – that smile or
handshake. Something I don’t
believe the technology can
fully replicate just yet.
A 1:1 meeting is more than just
that. It allows an individual to
open up and chat about all
aspects of their life and
circumstances.
Financial advice is not a
straightforward exact science
with predictable scenarios.
Thankfully we are all different
or the world would be a less
colourful place.
Many unique aspects combine
to complicate financial
situations – stage of life and
personal aspirations to name
just two. Obtaining aspects of
an individual’s lifestyle,
financial background and
circumstances are crucial to
enable an understanding to be
established which ultimately
will lead to a suitable
recommendation.
Whilst technology can allow
questions to be posed from afar
they don’t get under the skin of
a specific case.
You immediately
build up a warmth
and credibility
from that first
meeting – that
smile or
handshake.
Something I don’t
believe the
technology can
fully replicate just
yet.
PAGE 10 HR& HOSPITALITY
12
FINANCIAL EDUCATION
Alex Keddie
Corporate Benefits Consultant
alex@damgoodpensions.com
HIRE THE RIGHT PEOPLE
AND THEN STAY OUT OF
THEIR WAY
C O R P O R A T E
C U L T U R E
T H E
N E T F L I X
W A Y
The whole point of creating a great place to work is to keep hold of the best teams and attract fresh,
new and exciting talent to growing even better teams.
Not news really. CHANGING WORKFORCE
13
CORPORATE CULTURE
For any employee benefits programme, that has to be
your end goal and result. If you haven’t managed to
create a great place to work, then something’s not right
somewhere else.
Here’s the thing. You can portion off a sizeable chunk of
your budget to develop an employee benefits
programme, because it’s what all your competitors are
doing and it’s all very ‘now’ and it’s the thing to do
BUT…if you have a company culture which is just a bit
‘off’, then anything you layer on top of that is going to
feel like an ‘epic fail’.
There are companies that operate within the same
sector, offering the same types of employee benefits
and spend similar amounts of money investing in
their people who fall into two camps – the good
guys and the bad guys. They offer the same
services but they have very, very different
reputations when it comes to company culture
and what it’s actually like to work there.
So what’s your company culture? Do you have
one? Is it great? Is it horrendous?
Taking employee benefits right out of the
equation for the moment (we rarely say
that…we’re employee benefits advisers), look at
your organisation for what it is, in the cold light of
day. Is it really a great place to work? Is it even a
good place to work? How can you develop a
better culture and lock your employees into
investing their entire (work) being into your
mission, rather than headlock them into turning
up at the office day in, day out to dance to your
tune whilst gritting their teeth?
You develop the best ‘them’, that’s what you do.
If you can bring out someone’s best version of
themselves at the workplace, your business will
vibrate with success. Good culture.
If you bring out someone’s worst version of
themselves at the workplace, they will grudge
every minute they spend with you and take
everyone around them down with them in their
spiral of toxic negativity. Bad culture.
CORPORATE CULTURE
14
Every employee in your organisation should come to
work every day feeling excited, proud, with belief in
your organisation, your mission and the way you do
things. That’s what makes the difference between one
of your team doing a job, and doing an amazing job.
But how do you transform a terrible culture into a great
one and actually, can you even do that? Does that
mean you have to change the way people are? Yes
probably.
Right at the top. If you’re considering introducing an
employee benefits programme, you need to be really
up front and honest about what’s going down in your
company culture, because that’s going to be a key
factor in determining how successful your employee
benefits programme will be.
If you can bring out
someone’s best
version of themselves at
the workplace,
your business will
vibrate with success.
Good culture.
If you bring out someone’s
worst version of
themselves at the
workplace, they will
grudge every minute they
spend with you and take
everyone around them
down with them in their
spiral of toxic negativity.
Bad culture.
You wouldn’t move a lovely, brand new piece of
furniture into a pigsty of a room and sit back and think
“Yeah, that works really well – much better”. You do the
tidying up and the groundwork before bringing in new
stuff. Create the right environment to introduce new
things.
Gone are the days when we manufacture the desired
corporate culture. It doesn’t work like that. It just falls
apart. What’s happening now is that there’s a shift to
‘being real’, or ‘getting real’.
Be honest about who you are and what your values as
a company actually are and if they don’t stand up as
being honest values, you need to change them. Values
need to be believed to be lived and breathed. Too
many companies have values that sound great, but
aren’t real because people in the organisation just
don’t behave that way, and they aren't lived at the 'top'.
So if people don’t behave that way, they’re not
believing what the company stands for and they’re not
bought in to helping that organisation to fulfil its
mission statement. Communication needn’t be awful.
15
B E H O N E S T A B O U T W H O Y O U A R E
A N D
W H A T Y O U R
C O M P A N Y
V A L U E S A C T U A L L Y A R E
You wouldn’t move
a lovely, brand new
piece of furniture
into a pigsty of a
room and
sit back and think
“Yeah, that works
really well – much
better”.
CORPORATE CULTURE
16
Communication works when the structure bit is structured really, really well, accessible to all and
when there are enough opportunities for informal communication. Fairness and respect can be
achieved by treating employees like grown ups.
Look at how Netflix revolutionised company culture, stating that it hires only “fully formed adults”,
allowing the people they employ to work with freedom and responsibility, right down to unlimited
holiday time, expenses that do not require any approval and getting the job done in a timeframe that
produces the best results, rather than sitting in the office putting in exhausting facetime (waste-
time!). The culture of “freedom and responsibility” is detailed in the legendary ‘Netflix Culture Deck’
(definitely worth a read).
T O
T R U S T
A N Y T H I N G
A N D
A N Y O N E
R E Q U I R E S
T H A T H U G E
S H I F T I N
M I N D S E T
And we know that Google is the best company to work
for in the UK because of its “cool culture” and “amazing
people” but did you know that it was also down to the
level of trust given to employees? See the theme
emerging? We’ve started to hear the phrase ‘hire the
right people and then stay out their way’ more often in
recent years.
So yes, there is a movement here and maybe the key to
developing a healthy, progressive, enviable company
culture is more about trust than we might have thought.
It’s certainly seems to be the way things are going. To
trust anything and anyone sometimes requires that huge
shift in mindset, and perhaps this is what organisations
should be looking at first before considering adding or
subtracting any element that makes it a great, or not so
great place to work.
They do say that trust is the foundation that everything is
built on. Even corporate culture and the success of
employee benefits programmes (well, we said that bit…)
Food for thought!
CORPORATE CULTURE
L E A D
F R O M
T H E B A C K -
A N D
L E T O T H E R S
B E L I E V E
T H E Y
A R E I N
F R O N T
N E L S O N M A N D E L A
08
Produced by Davidson Asset Management
Editor: Mhairi Clarke
We hope you enjoyed reading!
Please do feedback your views on the magazine to
info@damgoodpensions.com
TheDAMTeam!

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To be a successful..... What to do?To be a successful..... What to do?
To be a successful..... What to do?
 

Hr & Hospitality Magazine issue 1

  • 1. January 2017 / Issue 1 03 Find out how she explored the whole of America YOLO, YONO OR OHNO! Getting to know Generation Z... HIRE THE RIGHT TEAMS AND THEN STAY OUT OF THEIR WAY Doing corporate culture the Netflix way 07 KEEPING YOUR TEAMS 'UP' WITH SURPRISE AND DELIGHT Keeping the new year positivity alive! Find out how Innocent Drinks and Uber do it. 12 Once a month insights, features and interviews for HR professionals in hospitality
  • 2. 02 12 14 31 50 Contents 03 07 09 Keepingyour teamsUPwith 'surpriseand delight 12 YOLO,YONOor OHNO! HIRETHERIGHT TEAMSAND THENSTAYOUT OFTHEIRWAY 50 Broadway, St James, London, SW1H 020 7152 4107 www.damgoodpensions.com Getting to know Generation Z How can you keep the Keep the new year positivity alive? Find out how Innocent Drinks and Uber do it. Doing corporate culture the Netflix way ISSUE1 16 Sandyford Place, Glasgow, G3 7NB 0141 222 2045 info@damgoodpensions.com 23 15 09 09 03 The 'Pension Surgeon's view! 04 January 06 03 08 09 02 ROBOvsHUMAN 11
  • 3. KEEPING YOUR TEAMS 'UP' WITH SURPRISE AND DELIGHT It’s that time again... The end of the first month of a new year which might feel like joyous progress but for many, oooh let’s be specific and say 66%, you have, or are about to crash off the wagon of good intention and watch your dreams of a better you, a better life, being the shiniest happy person in the workplace and ever getting into these jeans again, evaporate. According to the latest research, only 44% of us make it into February with our sparklingly positive New Year resolutions intact. For the rest of us, it was just too hard. During an interview with a Personal Trainer/Nutritionist on the subject of health and wellbeing in the workplace recently, the following nugget dropped into the conversation: “If you can stick with anything for three weeks, it becomes life changing. It’s no longer new or something ‘other people do’ - it becomes you." EMPLOYEE ENGAGEMENT HR& HOSPITALITY “Ifyoucanstick withanythingfor threeweeks,it becomeslife changing. It’sno longernewor something‘other peopledo’ - it becomesyou" EMPLOYEE ENGAGEMENT 03 Find out how Innocent Drinks keep their teams 'UP' (page 6)
  • 4. of ‘surprise and delight’ is in its impulsiveness. Each person in your hotel is (or should be) trying to deliver an experience that goes above and beyond the expectations of any guest so that a) that guest genuinely has a great time b) tells everyone about the great time they had and c) comes back again to have another great time. Great experience. Ambassadors. Loyalty. Exactly what you want to be creating within your teams – everything that recruitment and retention is built around. We know (and we’re pretty sure you do too) that employee benefits programmes, reward and recognition are the bedrock of employee engagement and in creating a positive, healthy and happy company culture but sometimes it’s the little things - the 'make someone's day things, the quirky things, the free things, the 'make someone smile' things that you can do to engage your teams in delivering the best performance. The ‘surprise and delight’ things. We’ve gathered a few bits and bobs over the page which we found really interesting and quite inspirational to surprise and delight you, so you can surprise and delight your teams. And there it is. The secret for the successful adoption of good habits. It’s about pushing through that three-week period (that we’ve all come through), not giving up, exerting the most phenomenal amounts of willpower and determination and once you’re into week four, hey – you’ve practically done it. You might not have achieved your goal yet, but you’ve made a good intention become a positive habit. Sohowdoesallofthisrelate totheworkplace? Well, because lots of these new year good intentions might just be about to get kicked to the kerb in your teams. And that’s when the negativity creeps in, and starts to breed, and you know what happens next. You can stop that dead in its tracks. How? We’re the employee benefits specialists, so we could talk until we’re blue in the face about that but we won’t. What we will give you is this. Surprise and delight! It’s the very essence of what every hospitality business is trying to do for each guest and it shouldn’t be any different in the workplace. Yes there can be a longer term strategy for this but sometimes the beauty Yes there can be a longer term strategy for this but sometimes the beauty of ‘surprise and delight’ is in its impulsiveness PAGE 10 HR& HOSPITALITYEMPLOYEE ENGAGEMENT 04
  • 5. PAGE 13 HR& HOSPITALITYEMPLOYEE ENGAGEMENT The formula for successful 'surprise and delight' - how to make employees feel special and important and evoke the sense of ‘going the extra mile’ 'How to surprise and delight your employees' CEO Magazine Read: http://bit.ly/2ksDyy9 Find out how the 'Sexy Power Suit' and the 'Lift of Loooooove' surprised and delighted staff at Innocent Drinks. Watch: YouTube https://youtu.be/OfY48B3uU94 Get your ‘Surprise and Delight’ framework here, find out why a low cost approach works and look at how Uber did it. 'Surprise and Delight (Then reap the social reward)' Fistful of Talent Read: http://bit.ly/16hH9bF 05 EMPLOYEE ENGAGEMENT
  • 6. I A M C O N V I N C E D T H A T C O M P A N I E S S H O U L D P U T S T A F F F I R S T , C U S T O M E R S S E C O N D A N D S H A R E H O L D E R S T H I R D - U L T I M A T E L Y T H A T ' S I N T H E B E S T I N T E R E S T O F C U S T O M E R S A N D S H A R E H O L D E R S R I C H A R D B R A N S O N 06
  • 7. YOLO, YONO OR OHNO! G E T T I N G T O K N O W G E N E R A T I O N Z A common assumption made by employers is that employee benefits are of interest only to older employees and younger people don’t really care too much. You're expecting us to follow that with “no of course EVERYONE is fascinated by pensions”. They're not. Life, business and your employees are more complicated than that but there is more than a grain of truth in the idea that our view of benefits changes as we get older. CHANGING WORKFORCE 07 They’re part of a new breed – it goes way beyond Generation Y, which they're most likely to be part of. Their breed is Generation YOLN (You Only Live Now)! The bright young things. The really bright ones, breaking the mould and turning the world on its head a bit. It’s real, it’s a movement, it’s been shaped by global recession, war, terrorism, technology and the knowledge that you can lose everything very quickly, so why bother having anything at all? When we did our 2015 research at DAM, we found that 71% of our respondents would like their employer to give them a pot of money for their employee benefits which they can use to ‘buy’ the perks they would most value. CHANGING WORKFORCE
  • 8. And here’s the latest thing, about these bright young things… They are the antithesis of many parts of Generation X who defined success as a good job, a pension, a partner, a family, a nice house in a nice area, nice holidays and a future where you can grow old, retire comfortably and generally have a nice successful life where everything’s dinky doo and pretty safe and stable. Generation YOLN don’t give a monkeys about any of that stuff because in their world, things are here today and gone tomorrow so why ‘keep Sunday best for a Sunday’ – let’s blow the lot now, have some fun, make some memories, travel, experience life, laugh, be happy, break free, live. Today. For the moment. Because you could be dead and buried in a week. Tomorrow might not come. They want whatever it is they want, right now. This minute. They don’t want to have to wait, and ponder, and save up and build mild excitement over a long period of time. They want the rush, now. CHANGING WORKFORCE 08 They won’t plan a holiday. They’ll just go. They won’t plan a meal. They’ll just see how they feel, where they are, and what they feel like having. When you ask them “What are you up to this weekend?”, they won’t know, because they won’t commit (unless they have to) – they’ll keep things open until they’re sure that they have enough of the right options on the table to pick the best one. Because life is short. And they know they’re pretty great – they have confidence, so they want the best for themselves in terms of what life can offer, or rather, what they can get out of life. T H E Y W A N T T H E B E S T F O R T H E M S E L V E S I N T E R M S O F W H A T L I F E C A N O F F E R
  • 9. They are energetic, exciting, creative, positive, clever people who treat life as it should be treated – as a precious thing. They just make the most out of it in a short term way, because that’s what they’re all about. Mostly. They’re not limited to Generation Y, there are X-ers in there and there will be a scattering of 21 year old Z-eds too. So how does that all stack up for you as an employer, trying to keep these people engaged, motivated and loyal so that you can reap the rewards for your business by having people like that working for you in the first place? It’s not an easy one, because you can bet that they will rent rather than buy, spend rather than save and live now rather than wait. For anything. When we talk about Generation YOLN, you can be sure that there are a good few in that 71% we mentioned earlier. Because choice is important to them. 09 W E L I V E I N A W O R L D C H A R A C T E R I S E D B Y V O L A T I L I T Y A N D U N C E R T A I N T Y CHANGING WORKFORCE
  • 10. There is nothing wrong with either but if you’re going to launch an employee benefits programme, you need to know your camps, so you need to listen, have your finger on the pulse of change and look at future trends and insights. Employees are no longer a homogenous group. It’s a giant mix of Generation X, Y, Z (and YOLN and most definitely sometimes, OH NO!), they all want different things (and some of them want it right now!). We know, we spoke to them and we asked the questions. They gave us the answers. The landscape is changing. Every day. Be the future. Understand their world, understand them and bring them closer to you. 10 You can educate them on the benefits of pensions and mortgages and that helps (a lot…and you need to be doing that to get the return on your employee benefits programme and because you have a duty of care as an employer) but ultimately, they will want to have control over their own choices of benefits because they build their lives differently from previous generations. We live in a world characterised by volatility and uncertainty and you can probably divide people into two camps – the ones who are ‘careful’ in their approach to life and financial planning because the future is uncertain and you never know what could happen next and the ones who want to live now and make the most of their lives while they can. T H E Y T R E A T L I F E A S I T S H O U L D B E T R E A T E D - A S A P R E C I O U S T H I N G CHANGING WORKFORCE
  • 11. ROBO vs HUMAN - THE 'PENSION SURGEON'S' VIEW Technology will never replace the experience of 1:1 pension meetings. Before you say "Of course he would say that...he's not a Millennial or Generation X-er (and he advises on pensions)"... hear me out. Financial advice in all forms is important – whether it be in a decision regarding paying back debt, saving for your future, protecting your loved ones and buying your first house. Technology is here to stay, there is no doubt and it certainly plays a role in assisting with the financial advice experience. In health terms I read about how you can now check your sugar levels and other physical attributes with online technology (even mobile apps). This is definitely an important development in monitoring and recording data. However, you still need to have the diabetes nurse explain what the indicators mean for you on recording high levels of sugar and the dietician to explain and recommend a suitable personal diet/exercise programme. In my opinion the need for social (face to face) interaction in many sectors of industry will remain. EMPLOYEE ENGAGEMENT HR& HOSPITALITY “The need for social (face to face) interaction in many sectors of industry will remain." FINANCIAL EDUCATION 11
  • 12. Responses don’t allow immediate further investigation or follow up in that moment in time not to mention the “gut” reaction to a specific question which can tell a lot about how comfortable an individual is with, for example, a certain type of investment. My experiences of pension 1:1 meetings has also allowed an individual to identify further areas in which they require assistance. Whether it be their mortgage, life cover for spouse, Will writing or help with tax issues (even reclaiming higher rate tax relief). I accept an individual can make a request for such support but the trust built up in the 1:1 and the discussion lead chat opens up these issues allowing resolution to take place. A financially assured and stress free individual will certainly be a more productive one. I have been called many things, but I did think the comment from one of my clients who introduced me to another colleague as the 'Pensions Surgeon quite apt. We do offer and provide financial surgery to resolving the most suitable outcome within the financial health check market. Happy as always to perform some DAM pain free surgery and to discuss your company pension requirements if that's on your to do list. Whilst not being a complete luddite towards technological advancements (I have lived through the introduction of the computer over last 30+ years)... - technology will enhance the experience allowing interactive projections and modelling scenarios during your meeting. However, I genuinely believe nothing replaces a face-to-face meeting. You immediately build up a warmth and credibility from that first meeting – that smile or handshake. Something I don’t believe the technology can fully replicate just yet. A 1:1 meeting is more than just that. It allows an individual to open up and chat about all aspects of their life and circumstances. Financial advice is not a straightforward exact science with predictable scenarios. Thankfully we are all different or the world would be a less colourful place. Many unique aspects combine to complicate financial situations – stage of life and personal aspirations to name just two. Obtaining aspects of an individual’s lifestyle, financial background and circumstances are crucial to enable an understanding to be established which ultimately will lead to a suitable recommendation. Whilst technology can allow questions to be posed from afar they don’t get under the skin of a specific case. You immediately build up a warmth and credibility from that first meeting – that smile or handshake. Something I don’t believe the technology can fully replicate just yet. PAGE 10 HR& HOSPITALITY 12 FINANCIAL EDUCATION Alex Keddie Corporate Benefits Consultant alex@damgoodpensions.com
  • 13. HIRE THE RIGHT PEOPLE AND THEN STAY OUT OF THEIR WAY C O R P O R A T E C U L T U R E T H E N E T F L I X W A Y The whole point of creating a great place to work is to keep hold of the best teams and attract fresh, new and exciting talent to growing even better teams. Not news really. CHANGING WORKFORCE 13 CORPORATE CULTURE For any employee benefits programme, that has to be your end goal and result. If you haven’t managed to create a great place to work, then something’s not right somewhere else. Here’s the thing. You can portion off a sizeable chunk of your budget to develop an employee benefits programme, because it’s what all your competitors are doing and it’s all very ‘now’ and it’s the thing to do BUT…if you have a company culture which is just a bit ‘off’, then anything you layer on top of that is going to feel like an ‘epic fail’. There are companies that operate within the same sector, offering the same types of employee benefits
  • 14. and spend similar amounts of money investing in their people who fall into two camps – the good guys and the bad guys. They offer the same services but they have very, very different reputations when it comes to company culture and what it’s actually like to work there. So what’s your company culture? Do you have one? Is it great? Is it horrendous? Taking employee benefits right out of the equation for the moment (we rarely say that…we’re employee benefits advisers), look at your organisation for what it is, in the cold light of day. Is it really a great place to work? Is it even a good place to work? How can you develop a better culture and lock your employees into investing their entire (work) being into your mission, rather than headlock them into turning up at the office day in, day out to dance to your tune whilst gritting their teeth? You develop the best ‘them’, that’s what you do. If you can bring out someone’s best version of themselves at the workplace, your business will vibrate with success. Good culture. If you bring out someone’s worst version of themselves at the workplace, they will grudge every minute they spend with you and take everyone around them down with them in their spiral of toxic negativity. Bad culture. CORPORATE CULTURE 14 Every employee in your organisation should come to work every day feeling excited, proud, with belief in your organisation, your mission and the way you do things. That’s what makes the difference between one of your team doing a job, and doing an amazing job. But how do you transform a terrible culture into a great one and actually, can you even do that? Does that mean you have to change the way people are? Yes probably. Right at the top. If you’re considering introducing an employee benefits programme, you need to be really up front and honest about what’s going down in your company culture, because that’s going to be a key factor in determining how successful your employee benefits programme will be. If you can bring out someone’s best version of themselves at the workplace, your business will vibrate with success. Good culture. If you bring out someone’s worst version of themselves at the workplace, they will grudge every minute they spend with you and take everyone around them down with them in their spiral of toxic negativity. Bad culture.
  • 15. You wouldn’t move a lovely, brand new piece of furniture into a pigsty of a room and sit back and think “Yeah, that works really well – much better”. You do the tidying up and the groundwork before bringing in new stuff. Create the right environment to introduce new things. Gone are the days when we manufacture the desired corporate culture. It doesn’t work like that. It just falls apart. What’s happening now is that there’s a shift to ‘being real’, or ‘getting real’. Be honest about who you are and what your values as a company actually are and if they don’t stand up as being honest values, you need to change them. Values need to be believed to be lived and breathed. Too many companies have values that sound great, but aren’t real because people in the organisation just don’t behave that way, and they aren't lived at the 'top'. So if people don’t behave that way, they’re not believing what the company stands for and they’re not bought in to helping that organisation to fulfil its mission statement. Communication needn’t be awful. 15 B E H O N E S T A B O U T W H O Y O U A R E A N D W H A T Y O U R C O M P A N Y V A L U E S A C T U A L L Y A R E You wouldn’t move a lovely, brand new piece of furniture into a pigsty of a room and sit back and think “Yeah, that works really well – much better”. CORPORATE CULTURE
  • 16. 16 Communication works when the structure bit is structured really, really well, accessible to all and when there are enough opportunities for informal communication. Fairness and respect can be achieved by treating employees like grown ups. Look at how Netflix revolutionised company culture, stating that it hires only “fully formed adults”, allowing the people they employ to work with freedom and responsibility, right down to unlimited holiday time, expenses that do not require any approval and getting the job done in a timeframe that produces the best results, rather than sitting in the office putting in exhausting facetime (waste- time!). The culture of “freedom and responsibility” is detailed in the legendary ‘Netflix Culture Deck’ (definitely worth a read). T O T R U S T A N Y T H I N G A N D A N Y O N E R E Q U I R E S T H A T H U G E S H I F T I N M I N D S E T And we know that Google is the best company to work for in the UK because of its “cool culture” and “amazing people” but did you know that it was also down to the level of trust given to employees? See the theme emerging? We’ve started to hear the phrase ‘hire the right people and then stay out their way’ more often in recent years. So yes, there is a movement here and maybe the key to developing a healthy, progressive, enviable company culture is more about trust than we might have thought. It’s certainly seems to be the way things are going. To trust anything and anyone sometimes requires that huge shift in mindset, and perhaps this is what organisations should be looking at first before considering adding or subtracting any element that makes it a great, or not so great place to work. They do say that trust is the foundation that everything is built on. Even corporate culture and the success of employee benefits programmes (well, we said that bit…) Food for thought! CORPORATE CULTURE
  • 17. L E A D F R O M T H E B A C K - A N D L E T O T H E R S B E L I E V E T H E Y A R E I N F R O N T N E L S O N M A N D E L A 08 Produced by Davidson Asset Management Editor: Mhairi Clarke We hope you enjoyed reading! Please do feedback your views on the magazine to info@damgoodpensions.com TheDAMTeam!