One in three finance professionals say pay reviews are the main cause of workplace conflict
Finance professionals in the US and Belgium admit to working the longest hours
Flexible working hours is the most common ënon-traditionalí benefit received by finance and accounting professionals
Pay and performance cause conflict
According to the latest Financial Directions Survey released today by specialised financial recruitment firm Robert Half International, pay reviews are the most common cause of conflict between employees and their boss. Globally, 32 per cent of workers believe pay reviews are the major cause of workplace conflict. This is closely followed by performance reviews (19 per cent) and not being considered for promotion (19 per cent).
Conflict over pay is most often seen in the UK (51 per cent) and Ireland (48 per cent), as opposed to Belgium (21 per cent) and The Netherlands (19 per cent), where it is less likely. The survey found that workers in Germany (28 per cent), Luxembourg (26 per cent) and Canada (24 per cent) are more likely to see conflict arise over performance reviews while workers in Italy (29 per cent) and the US (25 per cent) are more likely to get frustrated at not being considered for promotion.
Ian Graves, Managing Director Continental Europe, Robert Half International, said:
ìIssues over pay and career progression are clearly a cause of stress for finance professionals. Managers need to take a consultative approach and communicate openly with employees about performance and expectations. Employers should aim to work with their staff to set clear goals and objectives and avoid dispute at review time.î
Excessive working hours
The survey, which also looks at average working hours, shows that the majority of accounting and finance professionals (57 per cent) work between 36 and 45 hours per week. 13 per cent of respondents admit to working between 46 and 55 hours per week and four per cent say they regularly work more than 55 hours per week. Finance professionals in Ireland (31 per cent), Belgium (19 per cent) and the US (15 per cent) are more likely to work between 46 and 55 hours per week, while workers in France (five per cent) and the UK (seven per cent) are less likely. The majority of finance and accounting workers in the UK (54 per cent) work between 36 and 45 hours per week.
Alarmingly, eight per cent of finance professionals from the US and seven per cent from Belgium say they regularly work more than 55 hours per week. Workers from France and Luxembourg are the least likely to work these hours, as are finance professionals from Canada, Australia and the UK ñ all polling less than two per cent in this area.
At the other end of the scale, the survey reveals that finance professionals in Australia (15 per cent) and the UK (14 per cent) are the most likely to work less than 25 hours per week, well above the global average of nine per cent and in direct contrast to accounting and finance workers in Ireland, Luxembourg, France and Belgium, who all polled four per cent or less in this category.
Ian Graves said:
ìOverwhelmingly, the survey shows that the majority of finance professionals are working excessively long hours. To address this issue, change needs to be driven from the top down. Employers should urge their staff to manage their time effectively and offer incentives that help workers achieve a healthy work-life balance ñ commonly cited as the number one employee concern.
ìEmployees should not feel pressured to work excessively long hours. Itís particularly bad for morale and can lead to frustration and dissent.î
Benefits not bonuses
According to the survey, the type of benefits traditionally received by accounting and finance professionals is changing. The latest figures show that the most popular benefit received by finance and accounting professionals is health insurance (33 per cent) and pension contributions (32 per cent). In contrast, when asked about bonus systems, the majority (51 per cent) of respondents say their company does not use a bonus system. This trend was most frequent across Europe with nearly two thirds of finance professionals in Germany (61 per cent), The Netherlands (61 per cent) and Belgium (60 per cent) stating that their company does not use a bonus system. In the UK, almost half respondents (48 per cent) reveal that their company does not use a bonus system.
Today, the most common ënon-traditionalí benefit received by finance professionals is ëflexible working hoursí. The survey reveals that 52 per cent of respondents are now offered ëflexible working hoursí as part of their benefits package. Workers in Luxembourg (60 per cent) and the US (57 per cent) are the more likely to receive flexible working hours, while workers in Ireland (26 per cent) and the UK (46 per cent) are least likely.
Other popular ënon-traditionalí benefits provided by financial services companies include professional development opportunities (38 per cent), extra holiday (25 per cent), a mobile phone allowance (25 per cent) and meal vouchers (24 per cent). Workers in Luxembourg (80 per cent) and The Netherlands (53 per cent) are the more likely to be offered professional development opportunities, while workers in the US (35 per cent) are the more likely to receive extra holiday benefits. Accounting and finance professionals in Germany (nine per cent), Italy (10 per cent) and Australia (15 per cent) are least likely to be offered extra holiday options. In the UK, more than one in three respondents (38 per cent) receive professional development as part of their benefits package.
Ian Graves said:
ìWhat these results show is that there is extraordinary variation in the type of benefits employers offer their staff. European companies in particular are becoming more aware of employee concerns and are looking to reward staff with benefits that satisfy these concerns. This change reflects a shift in attitude throughout the financial services industry.î
Pay Reviews: The major cause of conflict with bosses
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