Month: March 2020

Lifestyle Management – corporates can benefit, too!

Usually, when we talk about lifestyle Management, our minds instinctively jump to how it can benefit the individual. Which is natural enough really; after all, there are many obvious ways that a personal concierge can make life easier, and altogether more enjoyable, for busy individuals. What’s perhaps slightly less obvious is that lifestyle management can benefit businesses, too – and in a big way. How? Well that’s the subject of this post – we’re going to look at how corporate customers can also benefits from personal concierge services, by using them to balance the demands of work and life for executives, employees and customers. The rewards, in terms of increased productivity, improved staff retention and higher client loyalty can be huge.

To see why this should be the case, consider a few basic, if rather disconcerting, statistics. Take, for example, the fact that, according to a recent (2018) study, the average worker in the UK admits to spending around 3 hours a day, not counting lunch, on chatting with colleagues, engaging with social media, and carrying out other ‘personal business’. It doesn’t take much imagination to see how this could affect business performance. Or take the fact that, in 2019, 59% workers reported some level of workplace stress, resulting in the loss of an estimated 12 million working days. Although some of this stress was found, inevitably, to result from the pressures of the workplace, much of it was also from sources outside the workplace – anxieties concerning the tasks and chores of home and family.  The pressures of home life, in other words, often distract employees, and prevent them from giving maximum attention to their job. It makes sense, therefore, that relieving staff of some, or all, of these sources of stress, is likely to improve staff – and therefore, business – performance. This is where a Corporate Concierge, from a company such as ReQuest, can help.

How it works

At ReQuest, we can act as an extension to your organisation, to help your staff and selected clients improve their work/life balance through a wide range of concierge and assistance options. Once we’ve agreed which services of ours you’d like to use, the rest is easy: your employees or customers (or any other personnel you decide are eligible) simply contact us by phone or email with their request. Our concierge or Lifestyle Management staff will take care of their request in a professional and efficient way. The result is that your employees feel less stress and anxiety about issues outside of work, and feel more appreciated and valued, leading to significant increases in staff productivity, morale and loyalty. This, in turn, leads to improvements in many aspects of company performance, such as enhanced customer service, higher profits and much more.  In short, by employing the bespoke services of a Corporate Concierge company, companies can reap a wide range of benefits – including gaining a competitive advantage over their rivals.

Who can benefit from a Corporate Concierge?

The answer to this is straightforward – almost any type of company can realise real and significant benefits in investing in a Corporate Concierge service – especially when that service is provided by a company such as ReQuest. Our Lifestyle managers have such vast experience in providing client support, that we can add value to almost any kind of business operation.

If you’d like to explore the possibilities of using a corporate concierge in more depth, we’d be delighted to talk to you. We can design a package which is perfectly matched to your needs, whatever they may be. So, if you want to take your business performance to the next level – give us a call!

Loss aversion – don’t miss out because of it!

Suppose you and a couple of friends enter a competition. Which of the following two outcomes would you prefer: (a) you win £1000 but both friends win £2000 each, OR (b) you win £500 but each friend only wins £100. It’s a no-brainer, right? Any half-sane person would choose (a). After all, you get twice the amount of money! Surprisingly, though, many studies show that most people prefer (b). Strange, but true.

Actually, it’s not so strange: it’s a well-known phenomenon in the world of psychology. It’s an effect called ‘Loss aversion’, which means that there is a human tendency to hate losing more than we like winning. In the above example, you may get more money, but you perceive yourself to be ‘losing’ to your friends, so you opt for (b), where you ‘win’ – even though you get less money.

It may seem weird, but loss aversion is very powerful. In fact, according to various studies, we find that losses hurt about twice as much as gains make us feel good. And it’s an effect which shows up in almost every aspect of life. In consumer behaviour, for example, shoppers react more negatively to a price increase (losing) than they react positively to a price decrease (winning). And in personal relationships, it generally takes at several kind comments (wins) to make up for one critical comment (loss).

And loss aversion doesn’t just effect our behaviour, it affects our ability to perform, too. A good example of this is in golf. An analysis of millions of putts has shown that golfers are roughly twice as likely to hole a putt for par (missing would represent a loss) than they are to hole a birdie putt (which represents a gain). It’s estimated that, without loss aversion, Tiger Woods would have won approximately $3.5million more, over his career!

Why are we so afraid of losing? Well, essentially, it’s an expression of fear that has its roots in human evolution. Millions of years ago, when proto-humans had few possessions, the main ‘loss’ they could sustain was that of their life. A bad decision (e.g. to attack an animal for food) could result in death, so they learned to be risk-averse and weigh decisions very carefully. Today, the result of that adaptive pressure is a negative emotional response to loss. As Charles Darwin once said, “Everyone feels blame more acutely than praise.”

But if this is true (that loss aversion is a negative emotional response to loss), does it help if you’re wealthy? Answer – no. Being wealthy doesn’t help. For rich people, the pain of losing their fortune exceeds the emotional gain of getting additional wealth, so the rich often become vulnerable, anxious and over-cautious. Ironically, the more we have, the more vulnerable we are. Having accumulated wealth implies that we have more to lose than to gain.

And yet, this is a misperception: a result of an unconscious cognitive bias (loss aversion) that is causing poor decision-making (like choosing option A at the beginning of this piece). The reality is that, often, we will be better off if we are aware of the emotional impact of loss aversion, and take action to counteract it. Loss aversion is not a rule that must be obeyed – it is an unconscious process to be overcome!

And that’s the point of this article. It’s that we could all benefit from being aware of how loss aversion can pressure us to make a wrong decision. In the current context (Lifestyle Management), this particularly applies to relatively wealthy people. If you consider yourself among their number, it’s easy to leap to the conclusion (assisted by loss aversion) that taking on a personal Lifestyle Manager would lead to monetary losses and no significant gain. But, very often, the opposite is true: very significant gains in lifestyle quality are there to be had.

So if you’ve been considering taking on a personal Lifestyle Manager, and have decided against, ask yourself: what’s the reality here? Am I a victim of loss aversion? Am I missing out? There’s a good chance that you are!

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