Connect with us






It is the second time in two years that a Briton has won the Tour de France. But it’s no accident of fate that put Bradley Wiggins, then Chris Froome on the winner’s podium. A whole range of factors feed into a winning performance, but one of the keys to the success of the UK’s cycling team is the use of what coach David Brailsford calls “aggregated marginal gains”.



This approach focuses on how small improvements to a range of areas (a cyclist’s diet, their equipment, and their sleep patterns) add up to a bigger performance improvement. The beauty of this approach is that it takes a holistic view of performance. It starts with the individual and works outwards to identify the tools and techniques that will support them as they improve.

It’s a theory that could successfully be applied to any industry, but it is especially apt for financial services, with its high concentration of knowledge workers or so-called ‘clevers’.

For the marginal gains theory to apply, managers need to look at every aspect of the working day to identify where small, interlinked adjustments might add up to improvement — and what is slowing people down. A new report, “Maximising the performance of your employees through the aggregation of marginal gains”, found that UK managers and non-managers alike are wasting up to one-tenth of their week on fruitless meetings, email overload, duplicated work and poor communication.

When asked, the majority claimed they could be 50 per cent more productive if they adopted the marginal gains approach at work.

So where could tweaks be made to improve performance? Here are eight areas where small adjustments could yield bigger rewards:

Clearer goals: Unclear goals and conflicting targets that pit one department against another will undermine overall business outcomes. Worse, performance reviews aren’t treated as ‘business critical’: at one financial services organisation, 48 per cent didn’t undertake regular appraisals, and among the 62 per cent that did, only 10 per cent felt it was carried out to an adequate standard.

There is also the option to replace annual appraisals with continuous reviews as happens at some high performing organisations. Board members must acknowledge the importance of performance reviews and of capable managers. This can be a challenge in industries such as financial services: highly valued people who operate on strong subject matter expertise or good networks are more likely to be allowed to opt out of effective people management.

Targeted training: Both managers (38 per cent) and non-managers (45 per cent) feel they’d perform better if they had more appropriate training. This is particularly relevant in retail FS operations, where there’s an increasing focus on all aspects of the customer journey. In the future, organisations will need to realign the relevant people if they are to keep pace with the fast changing environment and technology.

Look at how projects are managed – they can be a great way to provide people with hands-on training and acquire new skills and competencies. Offer multi-channel options, and make it easy for people to access the tools to learn independently. Give accreditation to training so that people see its value to their career progression.

Process: Managers find themselves monitoring too many ‘non-critical’ metrics, and too much bureaucracy and complexity can leave people confused as to accountabilities (potentially very serious in such a heavily regulated sector).

Lee Timmins

Lee Timmins

Start by simplifying internal processes and metrics – some may be meaningless in real performance terms. Ask individuals to identify five things (no more) that make their job a success. Think about how adjustments will affect teamwork as a whole, and prioritise demands to free up the highest performers to handle the most complex cases. It’s almost customising work design for each individual. This calls for capable managers, who understand each team member’s capabilities and align their personal objectives accordingly. Not everyone is the team’s Sir Chris Hoy, but those who aren’t ‘high potential’ should feel equally valued and motivated. Acknowledge people’s different responsibilities and their contribution.

Accessing information: making information available in a timely fashion is vital for the sector. Yet managers (37 per cent) and non-managers (42 per cent) complained that they couldn’t easily get to the information they needed. Many felt they were also churning out unnecessary reports. So how can you empower people (and processes) with information? There are now a number of technology tools available at low cost that can be tailored to fit a person’s needs and access level at work. Content management systems and cloud-based software and platforms make it easy to store and share information. There’s no excuse for information being locked away on individual PCs any more. Consider allowing people to bring their own devices (BYOD), as they feel necessary — the majority claim this would help them gather and sort the information they need. Of course, they need to adhere to security and HR policies (and companies need to be active in promoting these – don’t count on people to seek them out).

Collaboration: Because of their global nature, poor collaboration can have far-reaching consequences in financial services organisations. As a result, large institutions are moving towards centralised IT services. Used properly, these can create an entirely different and more global working dynamic. The right tools will enable people to work together, whether that means a project forum on LinkedIn, an enterprise social network, cloud technology, software as a service or BYOD. Let early adopters lead the way, setting up interest groups and using social networking to collaborate. These don’t have to be expensive or complicated. One bank switched from traditional fraud alerts via beepers to an internal Facebook group. It just made more sense.

Communication: A perennial problem, Atos Consulting research found that bad email habits had, ironically, hampered communication across companies. But pointless memos and poor messaging add to the ‘organisational fog’. These could be better targeted to readers rather than the blanket email from the board that may mean nothing on the shopfloor. Instead, take advantage of multi-channel communication tools – from blogging to video to IM – to tailor your messages to the audience. Again, it needn’t be super-elaborate. Do what works for you. There are lots of small acts that can improve communication: a company Wikipedia entry; or a CEO video blog.

Someone needs to keep an eye on the quality of output, but small tweaks can yield a wider shift in attitudes and move people from hoarding information to a more collaborative approach.

Environment: It’s no secret that poorly designed offices can sap motivation, but it’s not just time spent in the office that is a problem. Commuting time is seen by one in five as a major drain on their efficiency.

Yet, moving people, Yahoo! style, away from remote working is not always the answer. Sometimes more flexibility is required – an allowance for both individual and collaborative spaces is the way of the future, according to architecture firm Norman Foster Associates. One City-based organisation saved money and boosted morale by introducing flexible desks and more communal work spaces. But expect significant resistance to physical office changes: it’s worth testing on a receptive group to prove the concept in a small way.

Culture and practice: Micro-management and presenteeism are culturally embedded at many firms, with managers paying lip service to flexible working but preferring the ‘command and control’ style of old. Many managers are entrenched in ‘the way we do things around here’ and may not even be aware of what’s possible with todays technology, let alone what a new generation of working people expects from their job in terms of flexibility and trust.

This is essentially about the corporate culture. Ask yourself ‘what do I need to get from my employees and how do we achieve it?’ Work-life balance considerations and a long commute, for example, might encourage the uptake of more flexible working. Cultural shifts can come unstuck, though, unless changes in behaviour are linked directly to performance reviews and skills training.

A big force for change is the need to retain under-30s, whose average tenure in London is just 19 months in a company. Knowledge workers in such a dynamic sector can be notoriously hard to replace, and while their predominant motivation for leaving may be money, many also claim their career is not being managed by the organisation.

Consider flexible/mobile working on an individual basis: not everyone will want it, and only a small percentage of employees will suit remote working. You may have to force yourself to think differently and team managers will probably need training, if only to understand what’s possible. Use a range of tools – online chat, face-time — to give managers a sense of proximity without presence.

Use the tech – sentiment analysis, data modelling – to get a feel for what’s really going on, where and how people are communicating. Monitoring is an essential part of marginal gains — and it relies on managers who recognise the potential of individuals and can unlock it. You’ll also need persistence. Excellence, as Aristotle said, is not an act but a habit.

The writers are Lee Timmins, Senior Vice President at Atos Consulting, and Kristofer le Sage de Fontenay, Head of Financial Services at Atos Consulting


Honda’s part self-driving Legend a big step for autonomous tech



Honda's part self-driving Legend a big step for autonomous tech 1

TOKYO (Reuters) – Honda Motor Co Ltd on Thursday unveiled a partially self-driving Legend sedan in Japan, becoming the world’s first carmaker to sell a vehicle equipped with new, certified level 3 automation technology.

The launch gives Japan’s No.2 automaker bragging rights for being the first to market, but lease sales of the level 3 flagship Legend would be limited to a batch of 100 in Japan, at a retail price of 11 million yen ($102,000).

Still, the new automation technology is a big step towards eliminating human error-induced accidents, chief engineer Yoichi Sugimoto told reporters.

The Legend’s “Traffic Jam Pilot” system can control acceleration, braking and steering under certain conditions.

Once the system is activated, a driver can also watch movies or use the navigation on the screen, helping to mitigate fatigue and stress when driving in a traffic jam, Honda said in a statement.

It can alert the driver to respond when handing over the control, such as vibration on the driver’s seatbelt, the carmaker said. And if the driver continues to be unresponsive, the system will assist with an emergency stop by decelerating and stopping the vehicle while alerting surrounding cars with hazard lights and the horn, it added.

The announcement comes after the Japanese government awarded a safety certification to Honda’s “Traffic Jam Pilot” in November.

Global automakers and tech companies, including Google parent Alphabet Inc’s Waymo and Tesla Inc, have been investing heavily in autonomous driving.

Yet even as the technology advances, regulations on autonomous driving differ from country to country. Audi unveiled an A8 sedan with level 3 technology in 2017 but regulatory hurdles have prevented it from being widely introduced.

Honda has no plans to increase production or sales of a level 3-equipped Legend for now, its operating officer said on Thursday.

($1 = 107.3400 yen)

(Reporting by Eimi Yamamitsu; Editing by Shri Navaratnam and Emelia Sithole-Matarise)

Continue Reading


Airbus to avoid redundancies in Germany, France, Britain



Airbus to avoid redundancies in Germany, France, Britain 2

BERLIN (Reuters) – Airbus will make no forced redundancies in France, Germany and Britain, the European planemaker said on Thursday, as it reached an agreement with a German trade union to protect jobs until the end of 2023.

A spokesman for Airbus, which has been hit hard by slumping demand for aircraft in the coronavirus crisis, said other measures – such as voluntary redundancy programmes, early retirement or internal transfers – had been agreed instead.

Negotiations started later in Spain, the spokesman said.

Airbus has been struggling to reach targets to cut staff as part of a restructuring plan affecting up to 15,000 jobs, especially at its headquarters in France and in German plants, sources had earlier told Reuters.

The IG Metall union and works council representing Airbus workers in Germany said they had agreed with the aircraft manufacturer on an overall package to safeguard employment and sites in the country until the end of 2023.

About 1,300 employees at Airbus Germany and 1,000 at Premium Aerotec, a subsidiary that makes large plane components, took voluntary redundancy between November and February, Holger Junge, head of the group works council, told a news conference.

“Production figures have stabilised,” Junge said. “But we have not overcome the crisis.”

Airbus agreed to avoid further job cuts through short-time work and reducing hours by up to 20% from 2022, he said. Airbus employs about 55,000 people in Germany.

In January, Airbus stuck to ambitions for a partial recovery in jet production later this year, although there is speculation that it may have to delay that due to extended coronavirus lockdowns in Europe. [nL1N2JJ1DU]

(Reporting by Christina Amann and Alexander Huebner, writing by Emma Thomasson, editing by Thomas Escritt)

Continue Reading


Shell changes senior UK leadership in global overhaul



Shell changes senior UK leadership in global overhaul 3

By Ron Bousso

LONDON (Reuters) – Royal Dutch Shell is changing the senior leadership of its operations in Britain as part of a global overhaul to cut costs and shift away from oil and gas to renewables and power.

Under the changes, which have been announced internally, country chair Sinead Lynch will become Shell’s global head of low-carbon fuels, a company spokeswoman said.

Lynch, who joined the Anglo-Dutch company in 2016 following its acquisition of BG Group, will be replaced by David Bunch who currently runs Shell’s retail business across Europe and South Africa. Bunch joined Shell in 1997.

The changes will take effect in August when Shell rolls out project Reshape, its biggest restructuring in decades as part of plans to reduce carbon emissions to net zero by mid-century and build a large low-carbon and power business.

Under the overhaul, Shell will cut 9,000 jobs, or more than 10% of its workforce.

As part of the management changes, Steve Phimister, head of Shell’s oil and gas operation in the North Sea since 2017, will be replaced by Simon Roddy, currently deputy managing director at Shell’s Nigerian onshore oil and gas joint venture SPDC.

Phimister’s new role in the company has yet to be announced.

Shell has gradually reduced its oil and gas operations and refining business in recent years but Britain remains an important market. The North Sea will remain one of nine main oil and gas hubs, the company said last year.

Shell also has a large retail network in the country and plans to significantly boost its electric vehicle charging point network. In January it agreed to acquire Ubitricity, the largest public EV charging network in Britain with over 2,700 points.

Shell’s European rivals including BP and Total have also set out ambitious long-term plans to slash greenhouse gas emissions and build large renewable energy businesses.

(Reporting by Ron Bousso; Editing by David Clarke)

Continue Reading
Editorial & Advertiser disclosureOur website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.

Call For Entries

Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate

Latest Articles

Newsletters with Secrets & Analysis. Subscribe Now