Balancing act: Banks move away from the ‘cult of overwork’
Grinding out hundred-hour weeks for years helps bankers think of themselves as tougher and more dedicated than everyone else. And working 15 hours a day doesn’t just demonstrate your commitment to a company; it also reinforces that commitment.
Over time, the simple fact that you work so much becomes proof that the job is worthwhile, and being in the office day and night becomes a kind of permanent initiation ritual. The challenge for Wall Street is: can it still get bankers to run with the pack if it stops treating them like dogs?
Stegmeier Consulting’s Insight…
The business world is abuzz with the news that entry-level bankers at banks such as Goldman Sachs, Bank of America Merrill Lynch and Credit Suisse are now encouraged to take at least a few weekdays off every month.
We’re seeing that the decision to leave long-hour jobs doesn’t just occur in the ranks of the Millenial generation. The numbers of Baby Boomers and Gen X-ers moving toward jobs with a better work-life balance are increasing steadily as well.
Where does this leave industries like the investment banking industry? If you are in a similar industry, would your organization’s retention rates and talent look any different if schedules allowed for a better work-life balance?
Stegmeier Consulting Group can assist with a wide range of challenges involved in implementing a workplace change initiative. Contact us to find out how our services can help your organization.
Changing the way organizations manage workplace change