Waiting for payday has been a universal and shared experience around the globe for over a hundred years with almost everyone in paid work typically waiting between 1 to 4 weeks until they receive the rewards of their endeavours.
This concept was so ingrained within our working life that until recently it has rarely been questioned. The problem though, is that whilst workers wait up to a month to be paid for their work, the reverse is true for purchasing where consumers are mostly required to pay in advance or on delivery.
Personal budgeting is one way of bridging this divide, but for minimum wage employees, an unexpected car repair or appliance failure can easily torpedo your careful planning.
The economic meltdown in 2008 put further strain on the financial well-being of workers across the world and pushed many into the arms of the payday loan market which grew rapidly as a result.
Whilst its advocates promoted the loan as a means of bridging the gap between payday, the reality was the eye-watering interest rates simply compounded the problem and forced many workers further into debt.
However, today organisations are starting to re-evaluate how and when their employees are remunerated in the emerging New World of Work. Some companies such as Wagestream provide tools and services to enable employees to get access to a proportion of their salary before payday avoiding the need for them to rely on expensive short-term loans.
The New World of Work will continue to challenge and change the way we work and the often-heard response “Because this is how we’ve always done it”.
The office attire, colloquially referred to as being “suited and booted”, has been the default and often mandatory office uniform from as far back as the 19th Century. It gained a new life in the 1980’s with the concept of power dressing as a means of projecting authority and power but today, according to a survey by Travelodge, only 1 in 10 workers wear a suit to work.
This dramatic shift has less to do with fashion changes, rather a reflection on the changing attitudes to organisational structure and colleagues in the work environment.
Historically, you could often ascertain someone’s seniority by the clothes they wore, and this was often encouraged to distinguish management from employees. But this visual reinforcement of the hierarchical structure and decision making is outdated in the New World of Work.
Hierarchical structures functioned well in a world where change happened slowly, and decisions filtered down from the top. But today, change is happening fast, not just in terms of business models, but also in terms of technology and markets. Old hierarchical structures struggle to identify and adapt fast enough to remain relevant and competitive.
The trend is for Managers and CEO’s to be more embedded and collaborative with their teams to enable them to identify and guide the company through rapid changes.
Breaking down corporate barriers also means leaving behind the paraphernalia that divides and instead adopting behaviours and appearance that unites teams and helps foster open debate and discussion.
Unsurprisingly many CEO’s are ditching the suit and choosing Jeans and T-shirts to reflect a more open and approachable style. Breaking away from the office dress code makes a clear statement that the organisation embraces individual thought rather than uniform group-think.