Tag: Work life balance

Did you know:

• 46% of the workforce planning to move because they can now work remotely.
• Remote job postings on LinkedIn have increased over 5X since the pandemic.
• Weekly meeting time has more than doubled for Teams users since February 2020.
• There was a 40.6b increase in emails delivered in Feb. 2020 vs. Feb 2021.

According to research conducted by Microsoft, the year 2020 introduced dramatic workplace shifts that are here to stay.

I’ve provided the key excerpts below:

1. Flexible work is here to stay

Over the past year, no area has undergone more rapid transformation than the way we work. Employee expectations are changing, and we will need to define productivity much more broadly — inclusive of collaboration, learning, and wellbeing to drive career advancement for every worker, including frontline and knowledge workers, as well as for new graduates and those who are in the workforce today. All this needs to be done with flexibility in when, where, and how people work.

Satya Nadella, CEO at Microsoft

2. Leaders are out of touch with employees and need a wake-up call

“Many business leaders are faring better than their employees. Sixty-one percent of leaders say they are “thriving” right now — 23 percentage points higher than those without decision-making authority. They also report building stronger relationships with colleagues (+11 percentage points) and leadership (+19 percentage points), earning higher incomes (+17 percentage points), and taking all or more of their allotted vacation days (+12 percentage points).”

3. High productivity is masking an exhausted workforce

“Self-assessed productivity has remained the same or higher for many employees over the past year, but at a human cost. One in five global survey respondents say their employer doesn’t care about their work-life balance. Fifty-four percent feel overworked. Thirty-nine percent feel exhausted.”

4. Gen Z is at risk and will need to be re-energized

“Sixty percent of this generation — those between the ages of 18 and 25 — say they are merely surviving or flat-out struggling right now.”

5. Shrinking networks are endangering innovation

“…companies became more siloed than they were before the pandemic. And while interactions with our close networks are still more frequent than they were before the pandemic, the trend shows even these close team interactions have started to diminish over time.”

When you lose connections, you stop innovating. It’s harder for new ideas to get in and groupthink becomes a serious possibility.

Dr. Nancy Baym, Senior Principal Researcher at Microsoft

6. Authenticity will spur productivity and wellbeing

Before the pandemic, we encouraged people to ‘bring their whole self to work,’ but it was tough to truly empower them to do that. The shared vulnerability of this time has given us a huge opportunity to bring real authenticity to company culture and transform work for the better.

Jared Spataro, CVP at Microsoft 365

“Compared to one year ago, 39 percent of people say they’re more likely to be their full, authentic selves at work and 31 percent are less likely to feel embarrassed or ashamed when their home life shows up at work. And people who interacted with their coworkers more closely than before not only experienced stronger work relationships, but also reported higher productivity and better overall wellbeing.”

7. Talent is everywhere in a hybrid work world

This shift is likely to stick, and it’s good for democratizing access to opportunity. Companies in major cities can hire talent from underrepresented groups that may not have the means or desire to move to a big city. And in smaller cities, companies will now have access to talent that may have a different set of skills than they had before.

Karin Kimbrough, Chief Economist at LinkedIn

The Consequence: Employees are More Willing to Quit

I didn’t receive much guidance growing up. I fumbled my way through school not really knowing where I was headed. The only career advice I received was “be a doctor or lawyer”. I became neither.

I didn’t know much. But I did *know* (or so I thought) that working hard would pay off.

I busted my tail through college and university, and later two masters degrees while working full time. School teaches you that hard work is the key to success. It’s a reward system that I became addicted to and could manipulate to my advantage. Work hard, study hard and get my dopamine fix through my good grades.

I was a great student!

In school I was consistently near the top of my class and I figured I was on the right path to success. Unfortunately, school doesn’t really prepare you for the corporate world.

In the corporate world, hard work will only take you so far. In fact, it can be counterproductive at times. It is in the first phase of your career that hard work matters the most.

During the early stages of your career, you need to learn a lot and prove yourself. Nobody knows you so you must deliver a lot to succeed. This means taking on and learning as much as humanly possible. It means working long days until what once took you 3 hours to complete eventually takes 30 minutes.

Junior employees are ditch-digging foot soldiers. The only thing that matters is how well you can take orders and use the tools provided. Call this Phase I of your career.

Once you become a master of your tools (physical or intellectual), you start to add value. You generate your own processes, interpret and analyze information and communicate recommendations to senior staff. This is the point of your career where those who create value can progress quickly, often by jumping from company to company.

Call this Phase II of your career.

So now you’re a middle-manager in some corporate behemoth. This is where many careers fizzle out. Why? Not because people can’t handle their new positions. No, it’s because they keep applying the same strategies as they did in Phase I and II of their careers.

It is in this third phase that the marginal benefits of hard work start to decline. Sure, a hard worker will be valuable to the team. You will get a decent paycheque and occasional recognition. But working super-hard during this third phase of your career could counterintuitively limit your upward mobility.

When you’re working hard, your time is gone. You’re busy managing multiple projects at the same time with little remining time to think. And by the time you have a moment you’re too drained to be productive.

Doing a lot is not the same as doing the things that matter.

Often, time to ruminate is needed to prioritize the work that has the biggest impact. Executing on 3 high impact projects very well will get you noticed far more than doing 15 low impact activities moderately well. People are remembered for their pinnacle work, not for all the shit they shoveled for the firm.

Another reason to work less hard as you rise in the ranks is so you always have spare capacity. When the big boss has an urgent request, the person with spare capacity can more easily and quickly jump into action and save the day. Meanwhile, people bogged down by meaningless tasks miss those opportunities to shine in front of senior executives.

Perhaps most importantly, unfortunately for the introverts out there (e.g. me), managers who aren’t glued to their desks make connections and get noticed. I’m talking about facetime. Networking. Schmoozing.

Of course, meeting people for lunch or coffee requires time. But networking is critical to career progression so you better make the time. Namely, you better reallocate time from completing meaningless tasks to making meaningful connections with people in your company and industry.

Won’t people think you’re slacking?

Nope. You have to be pretty blatant about it to get noticed. So much work within a corporation is qualitatively measured, it’s almost impossible to keep track of individual capacity. In a corporate environment, determining whether someone is operating at 70% or 100% capacity is an impossible task. Usually, it’s not worth the time and effort to figure out to any degree of certainty. Moreover, if business leaders care about results (as opposed to busyness) the person operating with spare capacity will actually appear like they’re working harder than the rest.

Once you’re in that middle management phase of your career, my suggestion is to set your own agenda as much as possible. Without disregarding your boss’s requests, this means setting time aside for business and career priorities.

If X, Y and Z are critical to your company’s success, don’t waste too much time on A, B and C. Many people mistake activity for productivity. This is why bureaucrats love meetings. Meetings feel productive even though they accomplish nothing.

Many middle managers work like crazy without reward. If you prove you’re an indispensable shit-shoveler that’s who you’ll remain.

NEWSFLASH: Working at Goldman Sachs is hard.

This is according to a recent survey of Goldman Sachs junior analysts. I won’t go through the entire survey, but the following slide basically sums up the findings. Junior analysts work about 100 hours a week and don’t sleep. As you can guess, these working conditions have had a big impact on their social lives, health and well-being.

Are you surprised? I’m not.

This is Goldman Sachs. The premiere shop in one of the toughest industries, investment banking. Despite grueling working conditions, the company has fresh grads clamoring to work there. A two-year analyst stint at Goldman can set up a 22 year old grad for life. It’s a stamp of approval and proof someone has the stamina and intellect to do anything. This is why Goldman Sachs has no shortage of eager applicants.

What do analysts at Goldman Sachs make?

Junior analysts are paid well. According to data from Wall Street Oasis, Goldman pays its first-year investment-banking analysts an average of $123,500 a year, including base salary and bonuses.

Tweets by dumb_wealth

A 22 year old kid isn’t going to make that kind of money somewhere else.

Starting at $100k+, if one continues down the path they would easily net $500k annually within a few years.

All of this information is well documented.

If you join the army don’t be shocked when you’re asked to wear a uniform.

Any business student applying to the analyst program at Goldman Sachs (or any i-bank, for that matter) should know what they’re getting into. These aren’t drunks crimped at naval ports to become crewmen on ships. These Goldman analysts voluntarily chose to fill out an application form, interview and sign on the dotted line. They are also smart, connected and educated. They knew.

And guess what? If it sucks so badly, they can quit. This is a free society.

Despite the working conditions of every investment bank being common knowledge within b-school hallways, every once in a while the press gets ahold of news like this:

“XYZ investment bank analyst working 100hrs a week and doesn’t have time for a life.”

Shock-the-Monkey News Corp.

Well, this isn’t news. The world of investment banking (and many other professions) has always been extremely intense and demanding. 100 hour weeks are the norm – especially when you’re green.

I know I couldn’t handle it and would hate it. I don’t believe in sacrificing my life for money. I’d trade my time for passion, but producing the next corporate spin-off, while interesting, isn’t my idea of pleasure. I’d prefer to limit that kind of shit to 10 hours a day max. Others have a different life plan, and that’s OK.

That’s why I never worked in i-banking. It’s also why I never joined the navy.