Banking and financial service professionals are having to work harder to pay the bills, with the vast majority (94%) working beyond their contracted hours on a weekly basis and almost half (47%) either not leaving the office or taking a break at lunchtime according to Morgan McKinley’s Working Hours and Flexibility reports.
20% of professionals employed in the banking and financial services sector claim to work beyond their contracted hours by ten hours or more on a weekly basis in order to meet deadlines and cope with workloads. 31% of employees feel it is expected of them to work overtime, yet they are not rewarded, with only 8% stating they receive compensation for the extra hours.
62% of respondents outlined that they are available on mobile devices outside working hours, checking emails first thing in the morning, as well as staying online commuting home and in the evening. 56% of the UK banking workforce expect flexible working when looking for a new job. 71% are offered flexible working by their current employer, with 79% of that proportion making use of the opportunity.
David Leithead, Chief Operations Officer at Morgan McKinley UK, commented: “The way in which we all work has changed dramatically. Employees have increased access to flexible working but end up working a greater number of hours every week. It is becoming a widespread dilemma.”