INTHEBLACK June/July 2024 - Magazine - Page 27
“We would love to have a bit more flexibility from
the tax system in terms of lodgement windows and
lodgement processes, but long hours are currently
the nature of the beast, and 10-hour days are
not uncommon.”
PHIL MCCANN FCPA, MCCANN FINANCIAL GROUP
Matt Cowdroy, founder of consultancy
Think Productive, says excessive working
hours can reduce productivity.
“We are not superheroes,” he says.
“We cannot just keep grinding away at
10 or 12 hours a day. If we are working long
hours, we are not getting enough sleep, so
our brains cannot detox, and we do not get
the recharge we need. As a result, energy
levels start to fall and so does productivity.”
STRIKE A BALANCE
Excessive working hours affect mental health
and productivity in the finance sector and are
not sustainable, Wallage says.
Some efforts to improve work–life balance
can actually worsen the problem, she says.
“A lot of organisations offer gym
memberships and health checks, but this is
just more ‘stuff ’ that employees need to fit
in around their working hours,” she says.
“We need to see more managers and
companies putting policies in place around
reasonable workload, fewer back-to-back
meetings, meeting-free days and breaks
throughout the day to recharge.”
Wallage adds that leaders must be role
models of sustainable working practices.
“If you can see that your boss has got
boundaries and role models flexible
work practices, then that is a pretty good
indication that it is OK for you to do
the same,” she says.
McCann says careful planning and
a supportive work culture can help to
alleviate the stress of long hours.
“We have a nurturing culture where
we provide training and support for people
and they understand that long hours are
part of the job during peak reporting
seasons, but we reward them for it by
helping them to develop their careers.”
At EY, solutions to overwork require what
Hillman describes as “experimentation”.
The firm has accepted all 27 recommendations
from the independent culture report
and has initiated a staff-run task force to
test solutions.
“We are removing margin as a performance
indicator at the moment, but teams need to
report every month on where they are against
the estimates for the job,” she says.
“We are also experimenting with
providing time in lieu, and we are focused
on everybody recording their hours,” Hillman
adds. “We have also engaged an external
organisation where employees can access
independent advice on addressing
concerns in the workplace, including
managing workload.”
Addressing the problem of overwork also
requires a close examination of work practices
and project management, Hillman says.
“We need to understand the quantum
of the problem. Are we under-scoping our
jobs? Are our teams lacking the capability
we need? Are our clients changing the scope
of work midway in a program? What is
actually going on so that people are having
to work ridiculous hours to deliver on
an engagement?”
Technology like artificial intelligence can
also alleviate workloads by taking on more
of the repetitive tasks, she says.
“We need to look at non-value adding
activities for our staff, so that they are not
bogged down with a bunch of administrative
tasks,” she says.
“We are looking at a range of pilot
initiatives and I think it is really important
that our staff lead the experiments,”
Hillman adds.
“We have accepted every recommendation
from the independent report, and we
absolutely hold ourselves to account for
the agreed outcomes, but it is time for
the whole industry to address the issue
of working hours.”
READ
an INTHEBLACK
article on
7 ways to achieve
a healthy study
and work balance
READ
an INTHEBLACK
article on how
to switch off
work without
feeling guilty
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