Revise and improve the essay THESIS: This may be a tough sell for the banking industry to implement even though there is a lot of evidence about the benefits reducing working hours. In your research,

MEMORANDUM

Description

Of the many working problems and challenges that exist in the workplace for bankers, long working hours is the most consistent across banks. The upcoming recommendation report addressed in this memo hopes to provide working recommendations to reduce the long working hours for bankers to the number recommended by the International Labor Organization (ILO).

Objective

The Massachusetts government Division of Banks (DOB) should look into the suggestions highlighted in the recommendation report to propose formidable solutions to the long working hours that bankers in Massachusetts are subjected to, and that contravene guidelines by the ILO.

Information

It is virtually impossible to have a workplace that is devoid of challenges. These problems range from harassment, high turnover rates, understaffing, poor compensation, and conflicts amongst others. It is, therefore, instrumental for the authorities responsible and all the stakeholders involved to take intervention measures to ensure these problems are addressed promptly and appropriately in a way that satisfies the aggrieved parties.

Fundamentally, the banking industry is one that has continuously faced the problem of understaffing and the consequent long working hours for tellers and other bank employees. A 2019 report by Makkar and Basu indicated that accountants spend an average of 70 percent of their time at work translating to about ten hours a day. These figures are worse for bank tellers who also fall under accountants. The U.S. labor department and the ILO recommend for workers to spend only six to eight hours a day at work. The Bureau of Labor Statistics (2019) revealed that the ratio of tellers to the customers they serve is about a thousand people to one teller. On average, most banks in Massachusetts serve about 5000 customers a day, which results in severe implications for the tellers.

Firstly, overworked bankers are likely to suffer health challenges emanating from long working hours most of which are spent sitting. Some health implications associated with sitting for prolonged periods include obesity and the inherent heart problems, back problems, increased blood pressure, abnormal cholesterol levels, and low metabolism among other. Socially, these long working hours are associated with poor socializing skills, anxiety, loneliness, and sometimes depression. In addition to these health implications, the long working hours have been associated with accounting errors due to fatigue. Moreover, the turnover rate for banks is significantly high compared to other service industries.

For these reasons, the upcoming recommendation report advocates for several intervention measures to reduce the long working hours from ten to the ILO recommended six to eight hours. The first suggestion for banks is to employ more accountants to reduce overworking. More employees provide for a better employee-to-customer ratio. Consequently, the working hours decrease significantly and so does fatigue and the turn-over rate. The other suggestion is for the banks to adapt a system where accountants work in shifts allowing them to have enough rest. These recommendations make practical sense and will help the affected banks to comply with ILO regulations.

Audience

The target audience for the report is the Massachusetts government Division of Banks (DOB) which regulates banks in Massachusetts. In its supervisory role, the DOB has the mandate to ensure every financial institution in its jurisdiction provides favorable working conditions to its employees. Implementing these recommendations might encounter some resistance from banks who might oppose the idea of adding more employees as a financial liability. However, the DOB has the mandate to implement international, local, and federal standards most of which have not been fulfilled by banks in Massachusetts.

Conclusion

This memo presides a recommendation report that hopes to reduce the persistent problem of long working hours for accountants in Massachusetts. The report will be addressed to the Massachusetts government Division of Banks (DOB). Among the suggestions offered include hiring more bankers to reduce the teller to customer ratio and introducing shifts as an alternative.