Financial workers feel pressure to work long hours

by 26 Aug 2010

They may deal with money every day but it is work-life balance financial services workers want, not more dollars in their pay check.

According to new research by specialist financial recruitment firm Robert Half, employees in the financial services sector are feeling so overworked that increased salaries and other financial rewards are no longer enough to keep them satisfied.

The 2010 Salary Survey found that although more than half (56 per cent) of Australian financial services employees are satisfied with their current salary or benefits package, the majority (54 per cent) work more than 46 hours a week, with 10 per cent working more than 55 hours.

The survey also found 42 per cent often or always feel the pressure to work additional hours.

Kevin Jarvis, director of Robert Half, said: “Now that business is picking up again, skeleton staff have been left to shoulder the burden of increased workloads.”

“They’re being offered quick fix financial rewards in compensation for the additional hours they’re putting in, but this is failing to keep them happy.”

Although money remains high on an employee’s priority list, financial services employees ranked extra holiday entitlements (34 per cent) and flexible hours (33 per cent) as the top two benefits that could influence them to accept a lower salary, demonstrating the impact these benefits have on overall job satisfaction.

“While some employees can justify putting in long hours in return for a big pay cheque, others are saying it’s not enough,” added Jarvis.

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