LONDON â€" There was a time not long ago when the image of pajamas evoked ideas like innovation, creativity, even freedom. Unshackled from the grind of the everyday workplace, employees or entrepreneurs could use a loose-fitting approach to unleash productivity.
But for London’s financial district, the pajama theme is a messier, grumpier vibe intruding into the workplace.
Falling earnings, lower bonuses, job cuts and more regulation have hurt morale at banks and other financial institutions, leading some employees to behave at work as if they were still at home wearing pajamas, said Sonia Inniss, a business coach who is advising senior executives.
“Things usually displayed in a private place are taken to the workplace, and it can happen at all levels,†Ms. Inniss said in an interview. While frustration was kept quiet before, it now sometimes results in inappropriate behavior at work, like encouraging colleagues to show dissent, she said.
Because of the financial crisis, the general thought is, “I’ve given them my all but who still cares about me?†said Ms. Inniss, who has been helping executives of Britain’s biggest companies to make decisions for the last 25 years.
Many bankers would like to quit and either set up their own financial firm, like an advisory boutique or investment company, or leave the banking industry. “The sense of being stuck is really affecting people,†Ms. Inniss said. “They are thinking, ‘Oh no, I’ve got another 20 years of this.’â€
But few leave because banking still pays better than many other industries. At Barclays, for example, investment bankers received an average bonus of about $84,000 for last year. That is more than double the average annual pay for full-time employees in Britain, according to the Office for National Statistics.
Ms. Inniss, who attended business school and worked in a merchant bank before co-founding Consultants at Work, said the financial crisis left many top executives wondering how they can retain talent and keep staff motivated when many parts of the business are not growing and the firm just cut jobs. “That’s very painful,†Ms. Inniss said.
Increasing the long-term incentive plan for employees is not the right answer, Ms. Inniss said. “That’s a blunt instrument†because another employer can also offer money, she said. “Retaining talent successfully involves getting to know the motivation of individuals more precisely than is commonplace.â€
“Executives tell me, ‘I want to have better debate with my staff and understand what’s going on further down in the organization,’ †Ms. Inniss said.
Her advice: “You can only be a leader if you have followers and you can only have followers if you make yourself available. Ask yourself what are people not telling you and don’t wait to hear what is going on inside your business from others who are outside. Go and find a nonthreatening way to ask.â€
That could keep the pajama attitude at home.
