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|A third of financial services professionals didn’t take all of their annual leave last year|
|Friday, 02 September 2016|
Research from the Robert Walters Career Lifestyle Survey1 has revealed that 33% of financial services professionals did not use all of their annual leave entitlement last year.
Many banks and financial institutions are in a period of transition, working to adapt to changing economic conditions and new regulatory frameworks.
For professionals, this has meant increasing pressure to complete a large number of projects to tight deadlines to ensure the business adapts to changing conditions, leaving many struggling to take all of their annual leave.
Chad Lawson, Associate Director at Robert Walters, comments: “Over the last year, we have seen financial services professionals across a range of disciplines come under pressure to deliver large scale change projects.”
“Regulatory change has been a major driving force, particularly for legal, compliance and risk specialists as banks and financial services firms undertook projects to ensure that their internal processes were aligned with upcoming legislation.”
“The chronic shortage of risk and compliance candidates has put additional pressure on professionals in these roles, leaving many struggling to set aside time to use their annual leave.”
PRESSURE TO MEET DEADLINES DRIVES FS PROFESSIONALS TO FORGO ANNUAL LEAVE
The survey also found that, of those didn’t take their full annual leave allocation, over a quarter (28%) did so because they were under pressure to complete a project or because their request for leave was refused.
Chad Lawson continues: “A combination of regulatory pressure, acute skills shortages and an increase in business activity combined last year to create an extremely busy period for financial services professionals.”
“Under these circumstances, it was common for staff to forgo their annual leave to ensure projects were delivered on schedule.” “However, employers must ensure that staff not taking annual leave does not become ‘the norm’.”
“While pressure on staff may be high, failing to encourage them to take their full allocation of annual leave means that employers run the risk of staff suffering burnout and missing out on much needed rest.”
“In the long term this will impact their productivity and may ultimately leave employers struggling to retain staff who are tempted to move to another role which can offer a better work life balance.”
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