Work-life balance remains priority despite crunch.
Our research, ‘A Longer Term View: Looking beyond the current crisis’, reveals that seven out of ten (72%) banking and financial services employees feel their companies are facing up to the challenge of work-life balance. It seems employers are placing a high value on ensuring their workforce achieves a good balance, despite the ongoing financial crisis continuing to turn City hairs grey.
The figures show that almost all employers in the sector are addressing the issue, with only 4% ignoring it altogether.
There’s a growing realisation that employees with a good work-life balance are more engaged in their working life
However, the figures also reveal a worrying trend amongst City employees to work longer hours. Despite the effort by employers to ensure their people can achieve a good work-life balance, around a quarter (26%) are still working 50 hour weeks, with a worrying 7% putting in 60 hours a week.
Flexible working practices are the key tool being used by employers to ensure their people are able to take a break. Seven out of ten banking and financial services companies now offer their staff some form of flexible working. That’s compared with just 55% in 2007, marking a significant shift in working practices.
The key driver behind the trend seems to be a growing realisation that employees with a good work-life balance are more engaged in their working life. Around half of all employers believe flexible working in particular leads to a more productive workforce. It also helps to lift the cloud of the current crisis – half of those offering flexible working have seen lower staff turnover and three quarters have seen happier employees.
Alison Burgin, executive director at Badenoch & Clark, comments: “These figures show that the tables are turning. Employers are now fully bought into the work-life balance argument, but the long-hours culture remains unbroken. The processes are in place and things like flexible working are on offer – the challenge now is to encourage workers to allow themselves to switch off from work.
“The temptation, especially in the current climate, is to burn the candle at both ends and simply put the hours in. However, all this leads to is burnt out employees and poor quality work. It’s a message employers have realised; it’s about time employees followed suit.”
Download the key findings:
A Longer Term View: Looking beyond the current crisis
(PDF 330KB)
About the research
The research quoted above comes from a Badenoch & Clark report entitled ‘A Longer Term View: Looking beyond the current crisis’. It is based on responses received from over 900 financial services professionals, gathered through telephone and face to face interviews. The research covered employees as well as line managers across a broad range of financial services sectors, businesses and levels of seniority in both London and Scotland.
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