Inflexible banks will lose top dogs
A report published last month warns City employers that they risk losing the fight to attract and retain top people if they do not adopt more flexible work practices.
The research, conducted by the charity Parents at Work and supported by Pricewaterhouse-Coopers, Simmons&Simmons and Goldman Sachs, suggests that the macho working culture prevalent in London financial companies is outdated and is driving the best to look elsewhere for employment. The lunch-is-for-wimps mantra needs to be replaced with a greater emphasis on employees' work-life balance and concessions to allow parents to combine a commitment to their jobs with family life, say the authors.
Investment banks and other City firms insist that they already allow their employees more flexible work structures. But according to Anna Allan, one of the researchers on the report, this is not enough. She agrees that the situation is improving but only for employees that don't want a high-flying job.