More Hours for Finance Managers and Executives

This past summer (2007) while on vacation, many financial professionals across a variety of industries remained wired to their clients as well as to the office.

For most, a laptop and BlackBerry were as essential as the golf clubs and the swimming trunks for their one- or two-week get away.

Recent reports from many sources all show similar findings and that is that financial professionals are putting in more hours on the job today than just two years ago. In addition, the electronic gear keeps them increasingly accessible when outside the office.

In a survey conducted by an independent research firm, 2,200 financial managers in 17 countries on four continents found:
• Nearly 45 percent of US finance professionals said their hours have increased over the past two years and nearly 65 percent of those said they now work an additional five to fifteen hours a week.
• US respondents say they work an average of 40.9 hours per week, which is well below the 42.2 hours worked in Germany, 43.8 hours in Italy and 47.1 hours in Japan. Luxembourg workers top the list at 47.6 hours.
• 32 percent of US financial professionals said they never work weekends. In Spain that percentage is 65 percent and in New Zealand the percentage is 51 percent. Which means that in the US 68 percent of these workers will work on weekends either once in awhile or often. 25 percent f US financial professionals said they work three or more weekends each month.
• Nearly 40 percent of US respondents said they sometimes or always take their laptops or PDA’s on vacation, compared with only 16 percent in Ireland, a country that is near the top of the list with most hours worked each week.

Worldwide, 37 percent of financial professionals polled said they work from 39 to 45 hours per week, with more than half saying that they’ve put in more time at work than in the past two years. The top three reasons for this extra work time commitment are: taking on more responsibility (56 percent), company growth (45 percent) and understaffing (27 percent).

Workers have more responsibilities and more pressures due to companies being understaffed, workloads being increased, and dealing with the growing demands in meeting governmental regulations.

Working longer hours is not always the best thing for businesses. Productivity can drop and, with the very competitive job market in the United States, if companies demand that their staff work excessive hours, they may leave.

As business becomes more global, it is useful to understand typical work hours and preferences across cultures. Professionals around the world have differing expectations of how and when they should work. As companies expand into new countries, they must understand and respect the customs within different parts of the world.

While it may be acceptable to call contacts in one location in the evening or during their vacation, others may consider it intrusive or unprofessional.

AGORA not only connects talent with opportunity, but will help the candidate and the company clearly understand each others work culture and work expectations.

We’re not the pushy recruitment firm you may have dealt with in the past! Instead, we find out about your skill set, future goals, and needs and match them with the client that will offer the best opportunity for you. At AGORA, we create a win-win situation for both you and the client so that you can feel confident in your next career adventure. This is another reason why AGORA stands out among Executive Search Firms as a company that will help you make the right connection.