Are we finally seeing a serious shift towards more work-life balance in banking?
Contrary to popular opinion, Australian employees are among the hardest workers in the developed world, notching up an average 44-hour week, according to a recent survey from Ernst & Young. In many banking roles the hours are longer still.
As a consequence some banking candidates are choosing jobs offering additional lifestyle benefits or/or fewer working hours.
“Around 20 to 25 per cent of job seekers are citing a better balance between work and life as their prime motivation for switching careers or firms,” says Victoria Biggs, co-founding partner, Platinum Pacific Partners.
She argues that bankers are less willing to work long hours now that bonuses have been reduced. Some have even moved to boutiques and corporates because of a perception that they offer better working conditions.
Apart from family-friendly arrangements, such as flexible hours and time off in lieu, there are a number of exemptions in the fringe benefits tax rules that allow employers to provide tax-free benefits, says Peter Bembrick, partner, tax consultancy and compliance, HLB Mann Judd. These include free annual health checks, flu vaccinations, stress management programs, health and fitness programs and in-house gym facilities.
Daniel Connors, manager banking and financial services, Robert Walters, says some work-life policies – such as gym memberships and shorter working weeks – are even being written into some employment contracts.
A senior workplace relations lawyer says banks are always looking at innovative ways to address work-life balance. “This not only helps to attract and retain staff, but provides legal reasons for benefits centred on anti-discrimination legislation provisions that give employees a right to request more flexible arrangements, and a requirement that any hours worked above 38 a week must be reasonable,” says Tim McDonald, workplace partner, Moray Agnew.
These laws mean it makes legal sense to have work-life balance policies, however adopting them doesn’t necessarily mean that legal rights are being created, according to McDonald.
