I thought I would share some musings on differences in the UK economic and social environment as different generations grow up, and the effect it might have on their approach to the future.
I hasten to add that all the characters here are completely made up. This is a deliberate caricature based on some of my own observations but I hope it’s thought provoking at least.
Ok, so meet Peter, he’s got 20 years experience and is currently head of Subsurface at Big Oil Co.
He was born in 1976 so he’s 42 now. He graduated in Geology in 1999. He was taught computing on a Vax mainframe.
The University computers still ran DOS, not Windows. He had to go to the library to research material for his dissertation. When he started work Geology and Geophysics were separate departments and colour pencils were still being used to colour in seismic renderings.
This is what the UK economy was doing throughout his whole time in education.
The prevailing attitude of the time was “we have worked out the formula”. Mankind rocks! You do this, you get that. Put money in the stock market, it goes up. “The end of boom and bust!” (link).
Companies were run by “Command and Control”. You start at the bottom and you work your way up. You do your time. You wear a suit to work.
Peter started work in 1999 and the world turned upside down! This is the FTSE 100 during his career.
So pretty much the day Peter left full time education the formula stopped working! Don’t get me wrong here, I don’t mean the laws of physics stopped working. I just mean the accepted wisdom he was infused with during his education didn’t hold true anymore.
Peter has now lived through his 3rd downturn in the Oil & Gas industry. The ups and downs of the cycle are driven by macro economic trends completely out of his control. The industry itself is slow to change.
Peter recognises the signs of cynicism appearing in his attitude. He fights them because he know’s cynicism kills enthusiam! He is looking for ways to genuinely make things better. He’s still got 20 years before he retires. He needs to prepare is company for the future and that means recruiting great talent. How can he attract them to an industry that’s still talking about how to do that same things it was 20 years ago, and thinks it’s funny when the person opening a “Hackathon” jokes that they can’t spell the word and don’t know how to turn on their iPad thing (link).