INTHEBLACK June/July 2024 - Magazine - Page 24
F E AT U R E
Overwork is entrenched
in workplace culture
in the accounting and
finance sectors for
several reasons.
Excessive working hours
can affect employee
wellbeing, leading
to burnout and
reduced productivity.
Dismantling the culture of overwork
will require an industry-wide
conversation that incorporates
a genuine commitment to healthy
work–life balance.
The
culture
of overwork
Long working hours are deeply entrenched in the culture of accounting
and finance firms, despite the risks to employee wellbeing and
productivity. Businesses must face the overwork challenge in
an industry with regulated deadlines and high market expectations.
Words Susan Muldowney
In September 2022, consulting giant
EY commissioned an independent review
of the workplace culture and practices in
its Australian and New Zealand member
firms, which became one of the most
detailed examinations of workplace
culture undertaken in the Australian
professional services industry.
Led by former Australian sex
discrimination commissioner Elizabeth
Broderick, the review included input from
4500 current and former employees of EY.
The findings were released in July 2023,
and, while they show that the majority
of employees feel safe in EY Oceania
24 INTHEBLACK June/July 2024
workplaces, excessive working hours
have emerged as a key trend that affects
individual wellbeing, team cohesion and
employee retention.
The review found that 31 per cent of EY
employees work 51 or more hours in a week,
at least one week out of every four. It also
found that about 10 per cent work 61 or
more hours in a week, at least one week
out of every four.
Excessive working hours have long been
viewed as “business as usual” for accounting
and finance firms worldwide, but the link
between overwork, burnout and mental ill
health cannot be overlooked.
