According to survey results released today by e–Financial Management, employees in finance roles are spending only 55% of their working hours on core responsibilities. The results show how counterproductive full–time employment models can be with employers paying their staff not to work efficiently or in areas not relevant to their employment.
– Only 1% of respondents responsible for a finance function spend 100% of their working time on their core function. The average utilisation rate for the other ninety–nine percent is 55%.
– 98% of respondents in finance roles take a holiday annually and of these, 35% take 30 days or more off work.
– 54% of those in financial management roles spend at least half an hour on internet usage not connected to their job during the day.
– 83% of financial management specialists including Finance Managers and Finance Directors spend up to one hour on administrative duties during the day including planning diaries, booking travel, making drinks and other such activities.
– 59% take sick leave during the year. It is worthy to note that 1% of respondents do not take any leave during the year and have never taken any time off during their working life.
– 88% of respondents in finance teams spend at least half an hour a day on banter, non–core communications, emails, letters and letters. Of these 2% spend about two and a half hours on this.
– 88% of respondents spend up to 20 days a year on self directed learning, courses and seminar and are away from work ‘for good reason’.
Direct full–time employment has in the past, been the preferred recruitment route for many employers, but with alternative routes becoming more popular, legislation becoming more stringent to the detriment of SMEs and employees increasingly having to multitask and spend less time on core responsibilities that outline the basis of their employment, many business owners now question the efficiency of employment. More favourable productivity–
Gary Jesson, MD of the eFM Network commented that the results confirm that eFM’s approach to providing a flexible, scalable financial management resource focused on the core activity of running the finance function is the way ahead for growing companies. ‘It allows employers to avoid complex employment legislation and gives them a cheaper and more efficient resource than employing a full time member of staff.
For a full copy of e–FM’S Efficiency of Employment survey, please visit http://www.efm.uk.com or email firstname.lastname@example.org.
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e-Financial Management Limited (e-FM) provides a wide range of expert financial management solutions on a flexible and scalable basis, with particular focus on SMEs. We cover all aspects of the finance function from bookkeeper to Finance Director.