Long busy periods, tight reporting deadlines and high expectations from clients make maintaining work-life balance a challenge for accounting professionals.
Deloitte’s 2023 Gen Z and millennial survey found that around a third of respondents were very satisfied with their work-life balance, up from one in five in 2019, which remains a top priority with these generations. With the survey suggesting that young workers in particular are worrying that the momentum toward greater flexibility and work-life balance may slow, organisations should accommodate these priorities to attract and retain young talent.
‘Happiness levels significantly contribute to the company’s overall value’
New priorities
Winnie Shek, Deloitte China southern region talent partner, says her firm places a strong emphasis on staff development, happiness and work-life balance, and ensuring people feel supported and cared for. ‘We have development programmes tailored to different career levels, as well as networking opportunities to allow staff to build relationships across business functions,’ she says, adding that promotion is merit-based through self-nomination.
At Deloitte, an employee assistance programme engages independent psychologists who provide free phone or in-person consultations, in addition to regular festive celebrations and social activities to boost morale.
PwC likewise provides a framework covering physical, mental, social, occupational and financial wellness. Empowering leaders is seen as an important step in ensuring a successful wellness experience.
‘Healthy and energised teams are essential to help clients solve complex challenges’
Ewan Clarkson, chief people officer of PwC mainland China and Hong Kong, says: ‘We believe healthy and energised teams led by effective leaders are essential, as we help clients solve complex challenges in today’s dynamic world.’
A PwC service supports partners and team leaders in managing the mental health of team members. It provides training to spot early signs of poor mental health, advice on supportive communication and guidance on handling individual cases. Leaders also participate in firm-wide webinars that discuss setting healthy boundaries at work through intentional rest and recovery cycles.
KPMG gives staff access to certified counsellors through a simple phone call, and offers onsite workshops to help people recharge during the workday through meditation, yoga, pilates and art therapy among a plethora of perks, events and training.
Ivy Cheung, regional senior partner for Hong Kong SAR at KPMG China, says: ‘Emotional, physical and social wellness are all interconnected. Our goal is providing all-rounded resources to support our people.’
‘It is best to let the individual determine what is the right office/home balance for them’
Agility and autonomy
Many accountancy firms champion flexibility and work-life balance programmes. Survey results show that wellbeing ranks highly in recruitment decisions among new Deloitte hires, Shek says, and the firm promotes ‘smart work and smart play’ through adjustable schedules and remote work options.
Meanwhile PwC staff can choose their work location, hours and attire while balancing client needs, team responsibilities and personal commitments.
KPMG China empowers staff to take a needs-based approach to their working style and schedule. Staff are encouraged to consider factors such as outfit, work location and task purpose when planning their day – an approach which Cheung says has been well received.
Many of these flexi-arrangements are originally a response to Covid-19. The shift to hybrid working has now taken hold worldwide, and the accounting industry is no exception.
Peter Picton-Phillipps, wellbeing sponsor partner at EY Hong Kong, says: ‘Employees express both a more positive working experience and a greater sense of belonging than those that are either fully remote or fully in the office. Based on our experience, it is best to let the individual determine what is the right balance for them, rather than the firm mandating.’
People first
There are lingering questions, though, about whether these wellbeing initiatives provide a clear return on investment. It is, after all, difficult to tie investments in stress management training or mental health days to directly measurable business metrics.
However, EY’s research for its 2022 Asia Pacific Belonging Barometer report finds that when employees feel psychologically safe, retention is three times higher. Picton-Phillipps says the study also reveals a more positive work attitude and significant financial savings. ‘With this in mind, organisations should prioritise wellbeing and belonging to save on costs and boost business,’ he adds.
While costs and resources present limitations, Shek believes the value derived from wellbeing programmes far outweighs the investment. She points to improved job satisfaction rates after implementing such programmes, with staff surveys also reflecting rising happiness levels and perception of flexibility.
As the saying goes, happy employees make happy customers. Shek says: ‘The returns we see in areas like job satisfaction rates and happiness levels significantly contribute to the company’s overall value.’
‘Wellness is a must-have for attracting and retaining the very best talent’
Diversity’s difficulty
However, there is no one-size-fits-all model that adequately caters to the diverse needs of Deloitte’s talent pools. The Hong Kong business alone has around 3,000 staff from a variety of genders, backgrounds and cultures, so developing initiatives that appeal to all is no easy feat.
She adds: ‘We make an effort to understand what our employees truly want and need to feel supported. Can these programmes we create be essentially more impactful than just activities at work?’
Today’s employees are motivated not only by pay but also a more personalised and meaningful career experience that unleashes their greatest potential, according to Clarkson. ‘Leading companies should realise that wellness is no longer a nice to have, but a must-have for attracting and retaining the very best talent both now and in the future.’
