Four day week desire increases
- Accountancy and financial services professionals willing to sacrifice £11,000 a year for longer weekends
- The 4-day working week would cost the treasury £1.2bn a year in lost tax
- Better job security and work iPhones increase desire for better work-life balance
66% of accountancy and financial services professionals say they are more attracted by the prospect of a four-day week than a year ago, according to research from accountancy and financial services recruiter Marks Sattin.
Two-thirds say they are willing to cut their salary by a fifth and lose £11,000 a year to have a three-day weekend, indicating a growing desire for a better work-life balance.
In a poll of 2,882 accountancy and financial services professionals, only 6% said they are less attracted to a four day week than this time last year, while just over a quarter of respondents said they felt no differently.
Are you more of less attracted to a 4-day Week than you were last year?
Dave Way, managing director of Marks Sattin, said, “Appetite for a greater work-life balance is a sure indication that people feel more secure in their jobs. Since the recession, people have had to knuckle down and work harder. But as the economy picks up and there is less pressure on employers to make redundancies, people are increasingly prioritising a work-life balance. During hard times presenteeism increases and people work longer hours - the quality of their lifestyle becomes less of an issue when they are they are constantly looking over their shoulder. Employers now need to look at whether their current employment terms are flexible enough to satisfy this demand.”
Mark Sattin’s research concluded that if all the accountancy and financial services professionals in the country revert to a four-day week, it would cost the treasury £1.2bn in lost income taxes. With Mark Sattin’s 2011 salary survey showing the average salary in accountancy and finance now sitting at £53,800, the loss of income tax would equate to £24 million a day.
This follows the news that the succession of bank holidays in the second half of April will cost the economy £40bn.
Dave Way said, “The UK will all but close for business in the next few weeks, and small businesses in particular will be dealt a savage blow by the loss of man hours. This gives a small flavour of the hit the economy would take if it did revert permanently to a four day week. It would take employers and employees time to adapt and maintain the same levels of productivity as during a five day week.”
The research found technology has also increased the desire for a four-day working week as people find it harder to escape from work and relax. Those with smart phones like Blackberries had 13% more emails than those without, and spent two and a half times longer checking their emails.
Dave Way said, “Technology has blurred the boundaries of where a working week begins and ends. The Blackberry means more people are working remotely at weekends and in the evenings, and this eats into their free time. This has created an appetite for a three-day weekend because of the amount of work people are required to do outside the office. They also feel technology allows them to work more flexibly, as well as remotely, so the four day week has become more viable and would allow people to fit their work around their interests.”
External coverage
Signup to receive the latest discipline specific articles
Related jobs
Salary:
Equity, Bonus and Benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is partnering with a dynamic, PE-backed Multisite Healthcare Services business to recruit a CFO.
Reference
TA 3429
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £120,000 per annum + bonus and benefits
Location:
Crawley, West Sussex
Industry
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£100,000 - £125,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a rapidly growing PE-backed buy-and-build B2B business
Reference
TA 3431
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£160,000 - £180,000 per annum + Equity, Bonus and Benefits
Location:
North West England
Industry
Education
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is currently working with a PE-Backed Education Business seeking an experienced CFO
Reference
TA 3430
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£52,000 - £55,000 per annum + + Excellent Benefits
Location:
London
Industry
Professional Services
Qualification
None specified
Market
Professional Services
Salary
£50,000 - £60,000
Job Discipline
Cloud & Infrastructure
Contract Type:
Permanent
Description
A Senior Infrastructure/Platform Engineer job with a highly regarded membership body.
Reference
BBBH184389
Expiry Date
01/01/01
Author
Alex DandoAuthor
Alex DandoSalary:
£85,000 - £95,000 per annum
Location:
Gloucestershire
Industry
Business Services
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
Interim Accountant, Gloucestershire, 6-8 weeks, £85-95K, immediate start
Reference
BBBH184390
Expiry Date
01/01/01
Author
Carol JonesAuthor
Carol JonesSalary:
£50,000 - £55,000 per annum + Bonus + Benefits
Location:
Leeds, West Yorkshire
Industry
Consumer & Retail
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Newly Qualified Finance
Contract Type:
Permanent
Description
Delighted to be partnering with a East Leeds retailer who are looking to expand their finance team with a Commercial Finance Business Partner.
Reference
LH1813565
Expiry Date
01/01/01
Author
Laura GunbyAuthor
Laura GunbySalary:
£40,000 - £45,000 per annum + Study support & Fantastic progression
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Part qualified
Market
Commerce & Industry
Salary
£40,000 - £50,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Marks Sattin are delighted are recruiting for an Management Accountant position based on the outskirts of Leeds.
Reference
LH172888
Expiry Date
01/01/01
Author
Laura GunbyAuthor
Laura GunbySalary:
£28,000 - £30,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£30,000 - £35,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Assistant Management Accountant - Leeds
Reference
BBBH184388
Expiry Date
01/01/01
Author
Cameron WalshAuthor
Cameron WalshSalary:
£50,000 - £55,000 per annum
Location:
Leeds, West Yorkshire
Industry
Business Services
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Newly Qualified Finance
Contract Type:
Permanent
Description
I am delighted to be partnering with a leading UK-based business to find a Senior Accountant to join their dynamic finance team in Leeds!
Reference
LH18359022
Expiry Date
01/01/01
Author
Laura GunbyAuthor
Laura GunbySalary:
£45,000 - £52,000 per annum + Hybrid, flexi time, healthcare
Location:
Bradford, West Yorkshire
Industry
Media & Communications
Qualification
Finalist / Newly qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Newly Qualified Finance
Contract Type:
Permanent
Description
Highly successful listed telecommunications company with global reach.
Reference
LH78266838
Expiry Date
01/01/01
Author
Laura GunbyAuthor
Laura Gunby