Better Work-life Balance for Staff in Financial Services Industry

April 10, 20189:14 am2151 views

Singaporeans working as employees in the financial services industry are found to have improved work-life balance, said the latest research conducted by Robert Half. There is a better stability between professional and personal lives of those in the industry, as more than two in three (68 percent) Singaporean CFOs say the work-life balance of employees in their organisation has improved compared to the last three years.

The survey revealed that almost one in three (29 percent) say their staffs’ work-life balance has remained the same over the same time period, while only 3 percent say it has decreased. A vast majority (91 percent) financial leaders acknowledge the positive impact of work-life balance on overall workforce performance, thus they understand their business stands to benefit from improving the professional and personal balance of their staff.

Managing Director of Robert Half Singapore, Matthieu Imbert-Bouchard stated that obtaining work-life balance is not only highly beneficial for employees to reduce stress and boost job satisfaction, but it also brings advantages for companies that go beyond improved productivity. In today’s war for talents, organisations which actively promote work-life balance initiatives will stand out as an employer of choice.

According to the press release revealed at Mar 26, almost all (97 percent) Singapore’s financial service employers are actively encouraging a positive work-life balance for their staff. Among the most popular initiatives offered are additional leave or holidays (47 percent), flexible working hours (41 percent), company restrictions on use of mobile devices outside of office hours (29 percent), on-site amenities such as childcare and gyms (27 percent) as well as restricting working hours (25 percent).

Regarding this, Mr Imbert-Bouchard said, “Flexible working arrangements and working from home are great ways for companies to allow their staff to work productively around family and personal commitments. By investing in mobile and agile technologies, as well as embracing advanced communications methods, employers can offer their staff a viable alternative to being in the office.”

“To continue to promote proper work-life balance, employers should also discourage the ‘workaholic’ attitude and restrict employee access to the workplace outside of regular office hours. Whilst some overtime  may be  expected  during  peak  times  on  the  business  calendar,  financial  services  workers should  not  be  encouraged  to  sacrifice  their  personal  and  family  commitments  for  the  sake  of their careers,” he concluded.

Besides those popular methods to endorse better work-life balance for employees, the survey also noted three other recognised strategies that can be used by employers to help their staff get a better work-life balance:

See: Vodafone Launches International Future Jobs Programme to Provide Career Guidance in the Digital Economy

  1. Job Sharing

This initiative allows two part-time employees to share one full-time job. Through a job-sharing arrangement, each employee can manage their own working schedules around personal commitments and necessities while companies can take advantage of having more diversed workforce, higher productivity, and alternative perspectives and ideas on projects.

  1. Compressed working week

This arrangement will attract employees who require the benefits of part-time work without sacrificing salary. Simply, the employee has the freedom to complete their usual number of contracted hours in less than five days. For example, four 10-hour days instead of five eight-hour days.

  1. Permanent part-time arrangements

Having permanent part-time arrangements gives employees the opportunity to work a reduced number of hours each week on a permanent basis –usually between 20-29 hours. Under these arrangements employees are still entitled to company benefits, including annual leave on a prorated basis.

Read also: London Firm Allows Staff to Set Their Own Salaries to Counter Pay Gap

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