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Economics
Football
Redemption
3 min read

From transferring footballers to AI talent, we over-value each other

Building our value on cashflow crumbles our self-esteem


Jamie is Vicar of St Michael's Chester Square, London.

Three Manchester United footballers with their arms around each others backs.
Mert0804, CC0, via Wikimedia Commons.

Premier League footballers not only have millions of pounds, but millions of accountants. Yes, that's right: I've had my morning coffee and the editor didn't miss that sentence. There are millions of armchair accountants. You know, the bean counters many of us effortlessly transform into when it's transfer season. 

Pick your channel - everyone seems to be asking 'is Rasmus Højlund really worth that much?' Your heart mightn't bleed for him - as he is handsomely compensated - but at least spare a thought for him and the crushing weight of critics and their expectations of his performance.  

Footballers aren't alone. Whether it's bankers' bonuses, the excesses of the offers to top AI engineers… OpenAI CEO Sam Altman claims that Meta have offered his employees bonuses of $100 million to recruit them. Other recent valuations of companies have raised $1 and $2 billion. The Economist says that AI valuations are 'verging on the unhinged’. 

Armchair accountants actually look a lot like jurors. But who are we to judge? The figures might seem silly money, but the stakes are higher than fantasy football or Monopoly. In Build the Life You Want, Arthur Brooks and Oprah Winfrey call out the way we objectify people at work over performance or pay:  

'It’s pretty easy to see why we shouldn’t objectify others. Less obvious but equally troubling is when the objectifier and the person being objectified are one and the same—when you objectify yourself.'  

Building our value on cashflow, Instagram likes and the like crumbles our self-esteem and all the health and social issues that come with that. In the arena of our own workplace, they write that self-objectification 'is a tyranny. We become a terrible boss to ourselves, with little mercy or love.’ 

You only have to peer into the comments section any any online article (not just sport) to see how callous and unforgiving apparently polite, middle-class society has become. It's hard not to have the sneaking suspicion that our devaluing of others thinly veils the way we've devalued ourselves. 

The way out of this is to detach our value from our pay and work. So, take Rasmus Højlund, transferred to Manchester United in 2023 for £64million. I would argue his worth is a lot more than £64 million. But that is because his performance, for this exercise, is irrelevant. This is not a new notion. For millennia, the Christian notion of grace is not only the entry-point of faith, but the operating system, with perfect performance already having been achieved by a saviour. The 'ultimate price', paid by God, is of such immeasurable worth and value that Rasmus, or any of us, are worth significantly more than £64million. 

But then the problem arises that Christians can still struggle with feeling like an expensive disappointment, unable to live up to the spiritual 'transfer fee'. Is it really worth me accepting the biblical claims of the price paid by Jesus on the cross if I just pile on guilt? Well, if you feel like a star signing, you've probably missed the point. But equally, if you feel like a flop, there's the need to recognise that value and worth was never rooted in your performance in the first place. There's a very different set of rules. It's not a zero-sum game of competition where players and managers are ruthlessly eliminated. The Bible paints the picture of a God not so much ruthless as he is reckless. 

When Jesus tells the parable of the prodigal son, squandering his father's wealth, only to be welcomed, restored and celebrated with open arms, the word 'prodigal' that's been attached to this parable even more appropriately describes the father: 'recklessly extravagant' and 'having spent everything'. Whatever our own estimations – or those of others – actually don't matter. £64million might feel like an absurd and unreal amount of money – but it isn't Monopoly money. Those figures have actually been transferred. And just because we can't see or feel the price that has been paid, doesn't make it any less real or consequential. Not only is your guilt traded away from you, but your rights to self-judge. 

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Identity
6 min read

Identity is more than mere branding, ask WH Smith

It's not just nostalgia that's being generated by the retailer's demise

Roger is a Baptist minister, author and Senior Research Fellow at Spurgeon’s College in London. 

Cyclists and pedestrians pass in front of a WH Smith store front.

So, alas, no more WH Smith on the British High Street. Then, to add insult to injury, the chain of shops will be rebranded by the private equity firm, Modella Capital, as TG Jones. A move to ensure the stores retain “the same sense of family”. 

Really? 

I was surprised. Not by the news. We’ve seen so many once famous names disappear, another one is hardly noteworthy. But no, I was surprised by my reaction when I heard. 

I’m not quite sure what the emotion was. It nestled somewhere between 

“NO!” 

and, 

“They can’t be serious!” 

Somewhere between warm-hearted nostalgia and gob-smacked incredulity. 

I have loved Smith’s since forever. As a boy, in a small market town in Norfolk, the kiosk at our railway station was where I went to buy my Commando war story comics. As a teenager it was the music and video department I frequented. Then, newly married it was photo albums followed by all the school supplies of pencil cases and folders our growing family needed every August. Our memories exert a powerful influence on us. 

But the nostalgia goes deeper than that. It is a British institution. WH Smith and Sons, as I originally knew it, began life in 1792 in a news vending shop established by Henry and Anna Smith in Little Grosvenor Street in London’s Mayfair. 

Their grandson, William Henry (of the WH) joined the firm as a partner in 1846 and was responsible for their expansion through railway stations. Taking advantage of the boom in rail travel their first news stand was opened at Euston Station in 1848 by securing exclusive rights to operate with North Western Railways. This was swiftly followed with a similar deal with Midland Railways. 

Across the years innovative entrepreneurship has been part of who they are. They pioneered wholesale warehouse distribution through their sites in Birmingham, Manchester, Liverpool and Dublin. 

Then, along the way, in 1966 they introduced a 9-digit code to improve their book reference system. Eight years later their Standard Book Numbering (SBN) system had been universally adopted as the internationally recognised ISBN classification on the back cover of every published book. 

Their company history also includes novel initiatives like a circulating library, a travel agency, the DIY chain Do It All, a 10-year ownership of Waterstones, satellite TV with their own sports channel in the mid-1980s, and more recently, in-store post offices and the online personalised greeting card brand, Funky Pigeon. 

Smiths is a company that is deeply embedded in the life of our country. It’s deeply embedded in my life story too. Of course I’m going to feel nostalgic about it. But, do you know what, I can’t remember the last time I went into one of their iconic shops and actually bought something! 

And that’s probably it, at least in retail. Any nostalgia on my part is, at most, only of the wistful variety. 

As important as our personal history and heritage are in helping us understand ourselves, life is provisional, and our identity can change. 

While the High Street shops do remain a going concern, it is their travel hub network in airports across the world that make the serious money and will retain the WH Smith branding. Hence, the change of name to TG Jones and the source of my “gob-smacked incredulity”. 

Now it is easy to understand how a move from WH Smith to TG Jones makes a lot of sense. Modella Capital were swift to affirm that it is “business as usual”. All the stores will remain open, doing what they do now, with all the staff retained. Two initials and one of the most common surnames is replaced by two initials and one of the most common surnames. 

Now the juxtaposition of Smith and Jones is very tempting in its offer to reference specific 1970s or 1980s TV shows. From a marketing perspective it is so cheesy, at least to anyone over 60. But to put that aside: what is in a name? 

WH Smith is a 233-year-old company and remained in the hands of the family until 1972. It has a heritage that has real substance behind it. It is the genuine fruit of all that has gone before. TG Jones is a fiction. A necessary invention to fill the gap, to provide a new name in place of an original that has migrated elsewhere. As Charlotte Black, chief strategy officer at Saffron Brand Consultants observed: 

“It feels incredibly close, a poor mirror of WH Smith and not necessarily very well thought through … I would say it feels hasty – an ‘insert here’ strategy – and a bit of a missed opportunity.” 

Ultimately, it’s about identity. Superficially it appears that a genuine history is being supplanted by pure fabrication. Any “sense of family” in TG Jones is vacuous because TG Jones never existed. There is no back story. 

WH Smith, on the other hand, does have a back story. Yet, having been a company run by shareholders since shortly after the second world war, how real is the “sense of family” there either? This is not the proverbial ‘mom and pop’ store. It is actually a corporate leviathan. There might be a sense of rootedness in the name, but a “sense of family” disappeared a long while ago. 

Now, with the name gone, the High Street shops have even lost that sense of rootedness, however tentative it had become. Where does that leave their identity? I’m sure the branding consultants and marketing departments have been all over this. However, identity is not established just by saying that something is so. 

Thinking about Smith becoming Jones then sent me down a rabbit hole of thoughts. So, bear with me here. 

We all know about identity because we all have one. 

At any given moment in time we are the product of a complex interplay of things. From our families and where we grew up, to the choices we’ve made and those that are foist upon us. The experiences we’ve had shape us. They make us into the people we are and help define our identity. 

Yet nothing is set in stone. There is something intrinsic to life that is dynamic, ever-changing and open to all kinds of possibilities. It is dynamic and multi-dimensional and alive to endless possibilities. 

In this sense, life is not deterministic, and our identity is not fixed. How we see ourselves and how others see us can change. As important as our personal history and heritage are in helping us understand ourselves, life is provisional, and our identity can change. 

That change can be evolutionary or revolutionary, it can come from inside ourselves, or result from our responses to what comes at us from outside. Life is a constant process of becoming who we are. Our choices matter. They have consequences. Nothing stands still. 

The possibility of turning life around, the opportunity of making fresh starts and hopeful visions for a better future have proven to be the bedrock of human resilience. The essential ingredients to ‘pick yourself up, dust yourself off, and start all over again’, to quote the famous 1930s standard. They’re also foundational insights that underpinned what Jesus stood for and taught. Proven across the range of human life, activity and ingenuity 

But back to TG Jones, I think I’m with Charlotte Black, the renaming is hasty, ill-thought through and a missed opportunity. Maybe the name will go the same way as Royal Mail’s abortive makeover as ‘Consignia’ in 2002. Identity is more than branding; we will know it by its fruit. 

In the meantime, when the new regime has established itself, I may swing by to see what they’ve done with the old place. 

Celebrate our 2nd birthday!

Since March 2023, our readers have enjoyed over 1,000 articles. All for free. This is made possible through the generosity of our amazing community of supporters.
If you’re enjoying Seen & Unseen, would you consider making a gift towards our work?
Do so by joining Behind The Seen. Alongside other benefits, you’ll receive an extra fortnightly email from me sharing my reading and reflections on the ideas that are shaping our times.
Graham Tomlin
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