Financial services contractors use extra hours productively
According to new findings, the majority of City contractors work longer than their contracted hours, however, more than half believe they use those extra hours productively.
A recent survey carried out by Morgan McKinley, a professional services recruiter, surveyed 200+ contractors working in the capital’s financial services sector, representing a cross-section of roles including accounting and finance, compliance, HR, operations, projects and change and risk management.
Findings revealed that 77% of respondents work longer hours, with 57% believing that they are productive in those additional hours.
Hakan Enver, operations director at Morgan McKinley, said, “The statistics show that a culture of long working hours is still inherent in the City, even among contractors. However, it’s interesting that a high proportion of contractors report that they believe the extra hours worked are productive, perhaps signifying the emphasis on temporary staff to prove their worth and make a difference in the role they’re undertaking. At the same time, City employers are evidently waking up to the fact that contractors demand a work life balance just as permanent staff do, and there are options available for temporary professionals to help achieve this, such as home working, flexi-time and four day weeks.
“Despite this, it would appear that the vast majority of contractors feel they have no choice but to work longer than their contracted hours, and in this case, it’s certainly worth them being aware of the options available to ensure they are adequately compensated.”
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