Remember the 1972 Woody Allen movie Play it again, Sam, in which Tony Roberts’ character obsessively leaves phone numbers for his office workers so they can reach him no matter where he goes? The same character just wouldn’t get the same laughs today because, in effect, the corporate world is now entirely populated by Tony Roberts clones. Or so it seems.
We now live in an age when beepers and cell phones ring at every restaurant, movie theater and shopping mall, and people feel the need to be accessible wherever they go. The pace also seems to be getting quicker. Between time at the office, conferences, roadshows and daily queries from sometimes not-so-friendly shareholders, IROs are moving at breakneck speed.
Never mind the utopian visions of last century, office hours are getting longer, not shorter. The simple nine-to-five world is becoming a thing of the past. For all technology does to aid communications, it also keeps the average IRO plugged in all day, every day, and many will tell you their work time extends long past the five o’clock whistle. Furthermore, when people get into the habit of working long hours, it can be hard for them to slow down.
A report issued in the fall of 1999 by the United Nations’ International Labor Organization concluded that Americans work the longest hours of all the industrialized nations. In 1997, the latest year of data, they clocked an average of 1,966 hours. Furthermore, during the time period 1990 to 1995, they went from working 88 hours a year less than the Japanese, on average, to 63 hours more. Americans can no longer caricature those Japanese office workers who devote their whole life to the corporation. The new caricature may be the wired American worker, decked out in Gap khakis, whose lunch break consists of a granola bar on the way back from the water cooler. And this American model is clearly gaining popularity in Europe and the rest of the world.
While some pride themselves on the amount of weekly work hours they clock, many do not. Work trends aside, many people value their downtime and see it as a necessary counterpart to office time. IROs, by virtue of the increasing demands they face, are acutely aware of the need to manage their time efficiently. In an age when the lines between work and leisure increasingly blur, the need to delineate the two becomes increasingly important.
Investor Relations magazine recently looked into how IROs unwind. We asked what is your favorite pastime outside of work, and why do you enjoy it? So, sit back, take a few minutes to relax, and enjoy this round-up of IROs’ favorite pastimes.
Maximizing leisure
Overall, IR practitioners say they remain intensely focused even when out of the office. They apply some of the basic IR principles to their vacations and try to ‘maximize leisure time.’ Most respondents prefer activities that are both enjoyable and challenging. Several respondents say they like to do things that include their partners and families. As Barbara Hasenstab, vice president of investor relations and corporate communications at Associated Estates Realty Corporation, says, ‘Golf is one of my pastimes because I can be outdoors with my husband and friends while exercising at the same time. It’s relaxing as well as challenging and I can compete against myself to continuously improve my score. I also enjoy spending time with my two teenage daughters.’
Even retired IROs display the same discipline and drive that marked their working lives. Mike Cooling, the recently retired head of Reuters’ corporate relations, currently spends two days a week working at London consultancy Grandfield, which leaves him plenty of time to indulge his passion for military history. He’s currently researching a book on the US Civil War.
The demanding schedules of IROs often leave little time for family life. Around half of the respondents mention catching up with family as a priority. Susan Hardy, vice president of investor relations at Houghton Mifflin Company, summarizes the role of quality family time: ‘I spend time with my family, since I see them so little during the week. Their unconditional acceptance is a wonderful recharge for me and I get tremendous satisfaction from helping my children grow and mature.’ Pierre Hirsch, former North American IRO for the Broken Hill Proprietary Co and now IR manager for Intraware, echoes these sentiments and says family time is his ‘highest priority’ away from work.
There were a few responses that stood out for their uniqueness. For example, Denise Warren, director of investor relations at the First American Financial Corporation, says that when she’s out of the office she likes to relax by ‘milking goats and riding horses.’ According to Warren, ‘The first is methodical and restful – for both me and the goats – and the second is always challenging, just like my job!’
Mark Leahy, director of investor relations for Immunex Corporation, has rather ambitious plans for his leisure time. When he’s not responding to shareholders, Leahy says, he likes to ‘build: either adding to my current home, building a second home, or remodeling’. And when he’s not hammering away, Leahy says he enjoys ‘tennis and biking, walking or spending time with my wife and kids.’
Paul Taylor of Anadarko Petroleum Corporation also provides an unusual response. In listing his favorite pastimes, Taylor makes it short and sweet, simply saying: ‘My worm farm and golf.’ Meanwhile, David Weiss, executive vice president and chief financial officer of Beazer Homes USA, stands out as one of the only respondents who express an interest in the arts. Weiss does double duty as CFO and IR contact, and when away from the boardroom, he enjoys ‘theater, music and film’. As Weiss says, ‘These are among the most important things in life.’
In fact, we see that IROs like to keep their heads on straight, even during play time. For example, Louis Murray, SEI Investments Company’s vice president of corporate communications and assistant secretary, says even when he’s off-duty, he enjoys ‘talking with analysts and shareholders.’ This response may be shocking for others, including the respondent who prefers to spend time ‘beer-drinking in my favorite pub because it tastes good and pubs play good music and have a relaxing atmosphere.’
Zen-like attitude
And then there are those in the community who approach their leisure activities with a Zen-like attitude. Dave Hogan, investor relations manager at Delhaize America, says, ‘As boring as it may seem, I like the simple pursuits such as taking long walks and spending time with the lawn and garden. I find these to be relaxing and non-competitive, just what I need after a full day in the corporate IR environment.’ Reading also ranks high on Hogan’s list of favorite pastimes.
Several respondents cite gardening and yard work as their favorite leisure activity. According to one, ‘I enjoy it for several reasons: I like to see things grow and flourish; I see the results of my labor immediately and I find that very gratifying; and when I garden or do yard work, it frees my mind from all the other things that I think about.’
Other tantric pursuits include Warren Bimblick’s reading of books that ‘have nothing to do with anything.’ Bimblick, vice president of investor relations at Primedia, enjoys ‘books written in peculiar dialects, books about Japanese mythology, books about Middle Eastern minorities, and books about eras gone by.’ When asked why he enjoys such esoterica, Bimblick answers appropriately, ‘Because the mind can’t exist on investor relations alone.’
For Thomas Richlovsky, senior vice president and treasurer at National City Corporation, downtime provides an opportunity to ‘expand his knowledge of the broader world.’ In order to do this, Richlovsky spends some of his spare time reading and traveling.
And then there are those who like to skip town on the weekends to ‘get away from it all,’ as Trecia Warren of Morrison Management Specialists says. For her weekend escapes, Warren likes ‘fishing, biking and camping’. Richard Vandervoort, vice president of strategic business development and investor relations at Corn Products, chooses ‘beach time in San Diego’ where he has a second home.
Sometimes a hobby can help others within the company unwind. Peter Barnes-Wallis, financial communications director and 31-year veteran of Rolls-Royce, is a blues guitarist who played in a semi-professional soul band as a teenager – ‘In a past life,’ he laughs. He takes little convincing to climb on stage and show off whenever a blues band is playing, say at events surrounding air shows, and he started the tradition of gathering the Rolls-Royce team together at the end of the big Paris air show for a makeshift concert and sing-along. Last year his chairman showed up unexpectedly and joined in, and this year there will even be printed song sheets. ‘It’s a good way of winding down at the end of what’s normally a tough week,’ Barnes-Wallis comments. ‘And it’s good for the team spirit.’
Away from work, which he concedes is demanding for anyone who works closely with top management, Barnes-Wallis relaxes by playing guitar a few hours a week. His Christmas gift last year was a vintage Hoffner President made in 1958, bringing the number of guitars in his collection to six. ‘It’s all about recapturing lost youth – especially buying old guitars. It’s probably the adult equivalent of trainspotting,’ he jokes.
A balanced approach
Based on responses to the survey, IROs seem to be ahead of their peers in realizing the importance of down time. Overall, most respondents say they are trying to balance their professional and personal demands. Family, exercise and healthy competition appear to be top priorities, while travel and reading also register as favorite pastimes. In terms of physical activities, a number of respondents say they like to play golf because the sport is seen as competitive while being ostensibly social at the same time.
Undoubtedly, the fast pace of the business world has lead IROs to relax through simple pleasures. This comes as no surprise; the corporate culture seems to be inundated with new products and exercise techniques that focus on simplicity and ergonomics. Leisure time also offers a chance to escape the pressure of the financial world. Sajid Malhotra, vice president of investor relations at NCR, summarizes the crucial role pastimes play in the lives of some of the most successful IR professionals. He says, ‘I enjoy high tempo, one-on-one sports because there are decisive winners, unlike the work environment where there are not always clear winners.’ In short, today’s professional climate may not offer the carefree leisure time the past once did, but, by setting personal time, it’s possible to attain a little piece of mind.
