You will recall that my grades in my section of The Bank had a re-organisation in summer. That was itself six months after we were told that a re-organisation was coming. Part of the re-organisation was closing offices in Chester, much to the traumatic dismay of almost everyone there. Those with children were having nothing to do with London schools (here “London” means “London commuter zone”), which would, they rightly feared, turn their children into illiterate crack addicts or make them wear burquas. Those whose partners had the higher-paying job in the area weren't moving either. This left about twenty people who were interested in moving to London.
Well, it's five months later and the management still hasn't settled the relocation offer. The latest rumour is that The Bank will pay a premium for two years but if the taker leaves before three years then they will have to repay some of it. You may think that doesn't quite show the required generosity of spirit that an organisation with free cash flows in the billions could afford. You may think that a professionally-run organisation would have had the relocation package in place before making the announcement: after all, it should be part of their standard terms and conditions of employment, right? That, at least, is what some HR professionals of my social acquaintance tell me. In the meantime, anyone who was thinking of moving to London is getting more reluctant by the day. The lack of love and co-operation with which they are being greeted by other parts of the organisation when they try to do their jobs isn't making a good impression on them either. You may think that the organisation would want to get people down and settled in quickly, so it can get on with the difficult task of re-building morale and letting everyone establish their networks.
Oh yes, the morale is shot – at least in my part of the business. The results of the summer staff satisfaction survey sucked so badly that they weren't released. I was privy to a handful of the results. The third quarter survey has closed and I await the lack of announcement of those results with great expectations. Management has done nothing to raise morale – in fact, they are in chronic denial about how bad everyone is feeling. They send out weekly missives describing their meetings for the week and praising selected troops for their sterling efforts. Because everyone is really convinced by that.
The whole exercise has made me appreciate just how effective the old-fashioned re-organisation was. That's the one where the guy at the top decides who he wants to get rid of, then the guys he's keeping decide who they want to get rid of, then the guys those guys are keeping decide who they want to get rid of... and so on. HR is brought in to fill in the P45's, make offers that will dissuade solicitors from taking on employee grievances, and back-fill the due process paperwork. One day names are called, one of the salesmen tries to hit a manager, one of the girls breaks down and cries, rumours fly, no-one else does any work for the day and the announcement is released around midday. It's cheap and nasty, but it leaves most people unaffected because you don't actually change anything except a few reporting lines, and who cares about those? It's a little tougher to do when you have to negotiate with the Union and make announcements to the Stock Exchange, but frankly, what the hell do you employ HR, PR and all those other R's for if not to make it all look legit while you get on with the job? The Bank did it in a manner that was supposed to be “open” but the decisions were still made by a bunch of guys locked in a conference room passing the dutchie on the left hand side and the results bore no relation to anything anyone wanted.
My thought last week was this: five months is way too long to be incompetence. Expecting ordinary white-collar workers to commit for three years is some kind of fantasy, and a claw-back provision is evidence of a very mean spirit or a recognition that people will find those three years unbearable enough to want to leave. No. Something is going on in the Upper Political Stratosphere. It might have been the recent Competition Commission announcement, but if it was, why wasn't the final re-lo package announced afterwards? So it wasn't that. I'm out of options as to what might be going on. But then, The Bank is the ultimate insider business: only the Board and a few Ministers know what's going on. Everyone else is a spectator, a bag man or a messenger girl. Which itself makes for feelings of dignity and worth all round.
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