Bank Officers Demand 5 Day Week

Bank officers invoke Keynes to press demand for five-day week-Hindu Business Line-02.02.15

Vinson Kurian

Thiruvananthapuram, February 1:  

British economist John Maynard Keynes’ work has often been the favourite plank for governments and economists trying to come terms with recessions and depressions.

But now, he has become a rallying point for bank officers negotiating with the Indian Banks’ Association for regulated working hours and a five-day week.

 

Keynes had famously let known his views on what constituted the ‘work week.’ Aggrieved bank officers say that the model followed in India represents the worst form of repression.

Keynes had predicted as early as in 1928 that by 2030, technological advances would allow people to work for no more than 15 hours a week.

 

Bank officers say this time may have already come. Technology has led to pruning of bank staff and has driven up work load like never before. Officers say, they need a longer weekend to wind down.

 

A 10-year embargo on recruitment and introduction of voluntary retirement schemes has made matters only worse.

 

Thousands of bank branches have just one office in charge. Today, it has become common for officers to work from 9 a.m. to 9 p.m. The cheque truncation system has reduced the number of holidays and those working in the clearing system have to work late and also on holidays.

 

Also, new targets such as the one under the Jan Dhan Yojana, linkage of Aadhaar cards and I-T collections are being set. On many occasions, banks have to keep branches open on holidays. According to those negotiating, almost 40 per cent of the staff is young and five-day week is a passion for them. Without such perks and a good salary, will be impossible to retain good talent.

 

Officers say this will not affect customers, as according to RBI data around 62 per cent of bank transactions were handled by alternate channels as on March 31, 2014. This percentage is increasing every month.

 

 http://www.thehindubusinessline.com/industry-and-economy/banking/bank-officers-invoke-keynes-to-press-demand-for-fiveday-week/article6845481.ece

Why is Indian Banks still on a six-day working week?-By Ravikumar Narayanan on fcebook
Interesting Factuals from a Bankers inner voice
I was working in the office on Sunday when a higher up in bank telephoned a contact and said in a loud voice: “I don’t want to call him on a Sunday, as I know he has a life and a family, unlike us banker, who don’t….so….”

And it struck a chord. Why should a banker not ‘have a life?’ In fact why should any employee not have a life? After all, we work to live, not the other way round. Don’t we? Then as I went onto my email that night, an advert flashed up on email saying: ‘Heart attack cases in India to double by 2015. 

 Then I thought about the people working in banking professions, and everyone seems to be working weekdays, weekends, 24/7. Since when was that normal?
And it got me thinking. India, or at least, the banking sector does not understand the concept of a work-life balance.

 Where is the understanding of hobbies for employed professionals? By that I mean taking up an interest that has nothing to do with your work, and pursuing it passionately outside work? It could be learning a foreign language, amateur theatre, gardening, script-writing, creative writing, learning about the stock market, whatever. Evening classes in the UK are packed with people doing such things. When I meet someone I want to know what else they do beyond their job.

 What about married couples? How often do they see each other? 

 There is also a worrying culture here of not using privileged leave and accumulating it as cash. It’s madness. Why would you not want to use your leave and go off and see the world, or at least visit your relatives and friends in other parts of India? I have been travelling since I was two and been to most countries in the world because I always avail of my leave.

 Is the reason to impress the boss – that wow, you are such a loyal employee you don’t take leave? Is there a social pressure on employees not to take vacations? What an odd boss to be impressed by that? How can someone be good at their job if they never relax and never take leave…? What knowledge of the world would they have? How would they be able to “connect” with say, a foreign client? Incidentally connecting with a whole range of people, from all walks of life, is especially important for a banking professionals. The worst banker, in my opinion, are those who never meet anyone, never go anywhere, just sit at their desk all day.

 If your job involves entertaining customers, you need knowledge of films, books, countries – otherwise how can you have interesting conversations with your customers? Who knows what business contacts you might make in the amateur drama group? Business is all about building relationships.

 The six-day working week needs to be abolished in India. Perhaps you would argue that this will lead to a slowdown and the reason the west is in decline is because they have a five day working week. But there was a time when the west boomed on a five day working week and I don’t think it is the reason for the current downturn – that can be blamed on the collapse of Lehman Brothers and the scale of credit taken in the US.

 Why is a six-day working week the norm in India? I don’t know any other country where this is the case. In the rest of the world it is five days.

 In India the average person works an 11 hour day six days a week = 66 hours a week !! Compare that to France where a 35 hour week is mandatory.

 The Japanese are renowned workaholics and have been working themselves into the ground for decades hence the word ‘karoshi’ or death by overwork. Maybe Indian Banking Industry should look at Japan and take lessons of what not to do from them.

 As for people that employ drivers, nannies and cooks for seven days, they should be ashamed of themselves. How can anyone be expected to work seven days, week in, week out? This should be made illegal.

“It is not enough to have a colourful office with balloons hanging around to ensure the work environment is stress-free,” says Sharit Bhowmick, sociologist with Tata Institute of Social Sciences (TISS), who writes about workplace pressures.

 The solution is that the Indian Government brings the whole nation down on to a five-day working week, as France has done, and also makes a seven day working week illegal.
Then Indian Banking Sector should start implementing work life balance policies such as:-
- Offering childcare financial assistance and/or on-site crèches

 - Giving staff free membership of a company health club
- Compelling people to take a holiday
- Flexitime – offering flexible start and finish times provided the employee works the core hours
- Job share/part -time working
- Paid paternity leave
- Relocation – allowing employees to relocate to any branch in India or overseas to suit their personal circumstances e.g. if they get married
- Self managed working – employees manage their own working pattern and time to deliver outputs
- Allowing staff to work from home
- Term-time contracts – offering contractual working hours during school terms only and allowing parents not to work during school holidays
Why?
The five-day week arrangement has been introduced into the civil service by phases since July 2006 to reduce work pressure and to improve the quality of family life, without impairing operational efficiency. Suitable government service units have now switched to the new work pattern. We believe the scheme has bolstered civil service morale and has had a positive impact on the community. While the Government has taken the lead, management in the public and private sectors will decide on their own whether to adopt a five-day week.

 Basic principles

 In taking forward this initiative, the Government has adhered to four basic principles:
no additional staffing resources;

  no reduction in the conditioned hours of service of individual staff;
no reduction in emergency services; and
continued provision of some essential counter services on Saturdays.

 The overall level and efficiency of government services will be maintained. Emergency and essential services will not be affected.

 Following are the benefits of a 5 day work week culture:

 1. Reduced fuel costs. Employees would have to endure the dreaded commute one less day each week, thereby saving money at the pump with reduced fuel consumption.

 2. Decreased absenteeism. On a six-day schedule, employees are forced to cram their one day off with personal errands, chores, soccer games, and social outings. By the time Monday comes around, there hasn't been a minute of rest and employees are just plum beat. So they call out of work. This wouldn't happen so frequently if employees had a second day to accomplish the work they have to do outside of work.

 3. Increased productivity. It’s a well-established principle of productivity that workers become less efficient where no deadline looms. That’s why we’re more efficient in the week before vacation—we know we have to get it done by the time we leave. The same idea is transferable to a shortened workweek. Employees are least productive on Saturdays so why not just eliminate them altogether?

 4. Improved job satisfaction and morale. Satisfaction with what goes on in the workplace may be tied to what goes on outside of the workplace. Employees who spend more time with family and friends, who have the flexibility of two days off, will return to work refreshed, and generally less hostile to their employer.

 5. Reduced personnel turnover. Not surprisingly, #4 leads to #5. Happier employees tend to leave less often. If they like the job, they’re more likely to stick around.

 6. Reduced energy costs. By closing for two, instead of one day each week, employers stand to recognize substantial energy costs. These costs can be significant where the schedule will actually permit the employer to close an entire facility for an additional day.

 7. Improved work-life balance. As a result of the added day, employees who work a five-day week will have more time to spend with their families and friends.

 8. Less Disability Claims. As stress falls, so might disability claims.

 9. Reduced traffic congestion. This potential effect may be seen largely on Saturday, which is the day most employers are converting to a non-working day.https://www.facebook.com/groups/5DAYBANKING/permalink/801679156573124/
Bank officers demand 5-day week -Hindu Business Line 02.02.2015
Hyderabad, 2014 May 1:  
The All-India Bank Officers’ Confederation (AIBOC) has demanded that the five-day working week should be implemented in the banking industry.
"May 1 has always been a historic day in many parts of the world to celebrate the achievement of workers. We are observing this as 'Demands Day' for our demands, the most important issues being regulated working hours and a five-day working week for the banking industry," G Subramanyam, Secretary, AIBOC, AP State unit, said in a release.
The RBI as well as many of the Central/State Government offices also work only five days in a week. AIBOC has already represented the matter to the Indian Banks’ Association, he added.