GUEST COMMENT: Time for bankers to get their lives back

Over the past year, it has been nearly impossible to ignore the barrage of negative headlines about the financial world.

Regardless of this, many of the best and brightest MBA students choose the finance sector post graduation. Banking is an exclusive, competitive world, and banks have always been eager to snap up young talent.

The individuals who went into banking were often highly compensated in comparison to other industries. But with the high pay came high stress.

As anyone who has worked in the industry will know, banking is incredibly demanding on its employees. Hours are all-consuming and responsibility is high, with any mis-step creating a potential domino effect.

Stress in short and manageable bursts can be good and productive, but working long, excessive hours over a continuous period is not. No matter that the company you work for provides on-site 24-hour services such as a gym or cafeteria: the physiological effects of both chronic and negative stress will be detrimental.

Rather than pushing employees harder than ever through the downturn, now is the time for banks to encourage key personnel to recharge. This need not mean taking a long break: health studies have found that workers are better rewarded with short, consecutive breaks throughout the year than with one long absence. If an employee has been working overtime on a difficult project, a few days of rest may be a welcome reward.

Organisational structure is also an issue. If employees are expected to perform tasks not necessarily implied in their contracts, others will follow. Pressure to overwork can become systemic.

The financial sector is one of the most challenging industries to work for, especially at present. However, gruelling schedules and workloads will not make the current situation any better. If banks are able to implement effective work-life policies, employees are more likely to go the extra mile of their own free will.

Professor Steven Poelmans is academic director of the International Center of Work and Family, and professor in the department of Managing People in Organizations at IESE Business School.