News on 30 October 2000
Morgan Stanley is trialling the use of 'lifestyle managers'
to help its staff retain their work-life balance.
According to a report in the Daily Mail, "they will tend to the uber-bankers'
every need, so long as it is legal and ethical, from walking the dog to
organising their wedding."
Personal and corporate concierge services are growing in the United States
but Morgan Stanley is using a British company Ten UK (short for Time Energy
Network) set up two years ago.
According to Ten's web site (www.tenuk.com)
it is the 'ultimate lifestyle and home management service and the first
and largest of its’ kind in Europe'. Ten began by providing its service
directly to individuals, £1,000 will cover your household. The service
claims 900 pre-qualified suppliers and makes its money from negotiated
discounts. Each member gets an account manager and only if you need your
personal manger to leave the office on your behalf, say for a shopping
trip, do you pay more.
The Ten UK service is being trialled with nine corporates in London, a
spokesperson told i-FM, most but not all in the City, with a potential
customer base of tens of thousands. Unlike most US concierge services,
which are call centre based, Ten offers a more personal service and all
members are encouraged to meet their account manager. Two of the most
popular services are home repairs and holiday booking.
Ten expects future growth to come largely from corporate deals and other
third-party arrangements as helping employees manage their lives becomes
an important factor in recruitment and retention.
According to the Mail Goldman Sachs uses US-based lifestyle managers Les
Concierges (www.lesconcierges.com)
and UBS Warburg is considering a similar scheme.
Watch this space for reports on the free concierge trial underway at the
i-FM office – excuse me that's my cappuccino and biscotti I think!
