NZ Finance Professionals Under Pressure

NZ Finance Professionals Under Pressure To Work Longer Hours

Media release

17 August 2010

The recession may be over but those working in the New Zealand finance and accounting sectors are still under pressure to work more hours, according to a recent survey from global recruitment company Robert Half International.

More than two-thirds (69%) of Kiwi respondents to the Robert Half 2010/2011 Finance & Accounting Salary Survey said they were under pressure to work longer hours at least some of the time. Half the Kiwi employees surveyed said they work an average of 42 hours a week and almost a quarter said that they work an average of 50.5 hours in a week

“Robert Half knows first-hand that a lot of companies reduced employee numbers in the downturn, and many are still running skeleton staff in an effort to keep costs down,” said Megan Alexander, general manager of Robert Half New Zealand. “Even though business activity is healthier than last year staff are still feeling pressured to put in those hours and often are picking up the workloads of those who are departing for greener pastures.

“Companies need to be aware that pressuring loyal employees into longer hours does not save money in the long run; it causes unrealistic workloads for staff, places them in danger of burnout and results in reduced efficiency, productivity and morale.”

But while some 79% of Kiwi finance and accounting staff work more than 39 hours a week, that compares well on a regional basis (with the exception of their counterparts in Australia, where 72% of respondents work those hours in an average week). In Japan, 82% of respondents work more than 39 hours a week, 85% in Hong Kong and in Singapore 96% of those surveyed work nearly 40 hours or more in the average week.

“New Zealand and Australian employees tend to be more measured in their working hours, highlighting the value that these employees place on work-life balance,” said Alexander. “That is a very positive thing in terms of employers managing and retaining valued employees in this country.”

The same Robert Half survey revealed that fewer than half of Kiwi respondents felt that they would have to move jobs to get a pay increase, which is low compared with those surveyed elsewhere in the region.

“Because of the SME culture in New Zealand, employees here feel that they can have a dialogue with their managers about the pressures they’re feeling in the workplace such as longer hours. We tell candidates and our clients that clear communication is crucial in helping to find a happy middle ground on working conditions.”

For employers who are looking for strategies to retain key staff, flexible hours and more holidays might just do the trick, as these were identified as the top two factors that would influence the decision to accept a slightly lower salary. Flexible hours and extra holidays were popular retention strategies during last year’s recession and many employees have realised the positive impact this has had on their general well-being, Alexander said.

The Robert Half 2010/2011 Salary Survey questioned 2,599 finance, accounting, HR and executive-level managers from five countries, including 585 from New Zealand. It was conducted by an independent research company in March and April this year.

To order a copy of the Robert Half 2010/2011 Salary Survey, click here: http://www.roberthalf.co.nz/salary-guides

ENDS

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