Employees in the financial services sector are feeling so overworked that increased salaries and other financial rewards are no longer enough to keep them satisfied, according to new research released today by specialist financial recruitment firm, Robert Half.
Robert Half’s 2010 Salary Survey found that although more than half (56%) of Australian financial services employees are satisfied with their current salary or benefits package, the majority (54%) work more than 46 hours a week, with 10% working more than 55 hours.
The survey also found 42% often or always feel the pressure to work additional hours.
“Now that business is picking up again, skeleton staff have been left to shoulder the burden of increased workloads,” said Kevin Jarvis, Director of Robert Half.
“They’re being offered quick fix financial rewards in compensation for the additional hours they’re putting in, but this is failing to keep them happy,” he said.
Although money remains high on an employee’s priority list, financial services employees ranked extra holiday entitlements (34%) and flexible hours (33%) as the top two benefits that could influence them to accept a lower salary, demonstrating the impact these benefits have on overall job satisfaction.
“While some employees can justify putting in long hours in return for a big pay cheque, others are saying it’s not enough,” said Jarvis.
According to Jarvis, the importance placed on salary evolves throughout an employee’s career.
“While younger workers tend to be driven by financial benefits, older workers, particularly those with families, are more attracted to jobs that offer flexibility.”
Finance bosses should consider bringing in temporary staff to help ease the pressure of their staff during peak work periods, where longer hours are necessary.
“Bringing in temporary labour not only helps take away the burden of increased workloads, it can also keep staff satisfied,” explained Jarvis.
Document: Flexibility over Salary