Some are even on call 24/7.
According eFinancial Careers, money makes the world go round. Now there is concrete evidence that it never sleeps.
A recent survey of professionals in Singapore’s financial services industry reveals that 78% are working over and above their contracted hours. A large percentage does so to coordinate with offices overseas, meaning regular early mornings and late nights.
In fact, 40% of professionals are working longer than their contracted hours three or more times a week just to coordinate with overseas stakeholders. The main activity requiring their involvement comprises conference calls connecting participants in other countries.
The Money Never Stops survey by global career site eFinancialCareers found that nearly 3 in ten (30%) of people are working 51 to 60 hours a week and 11% work more than 60 hours a week.
Even when they are not in the office, 43% of professionals in financial services are contactable at all times of the day and night, and during their weekends and holidays.
Over a third of people (37%) have been woken up during the night by a phone call from a colleague or client, two thirds (64%) have had their annual leave disrupted by work and over three quarters (78%) have their weekends disrupted by work.
George McFerran, Managing Director APAC at eFinancialCareers, believes that the working culture in Financial Services is closely linked to the market to market nature of the industry. He said: “Financial Services is a truly global industry and many organisations are now operating around the clock. In a
hub like Singapore, from where business is being done all over the world, it’s important to coordinate with colleagues overseas. When transactions are taking place in different time zones that can mean working longer hours or always being on call, but we’re also seeing many employers
operating global shift systems to ensure 24/7 cover. ”
According to the survey results, a quarter (25%) of people working in financial services operate on a shift basis. At the start of their day a colleague in a different country hands over to them, and at the end of the day nearly a quarter (23%) hand over to someone else. The same proportion (23%) say they are employed to work unconventional hours to service clients and stakeholders in different time zones.