5 days week in Bank - A progressive step

02/02/2023

Recently Sunil Kumar - General Secretary of FBOIOA and Advisor of AIBOC who is a good orator & blistering speaker with broad knowledge of disciplinary proceedings in Banking has twitted that Government and IBA should understand that Five Day's Banking is not only need of the hour but essential for better output by the Employees. In view of the changing banking scenario and needs of customers, accessibility of alternate delivery channels, bank unions have been demanding five days in a week working.
Bank unions are demanding that banks should have 5-day week on the lines of the Government of India employees. A shorter working week leads to less burnout, making staff happier and more focused in their roles. Five days a week is a basic demand of bank employees as it plays a vital role in the productivity of Bank as well as the health & stress level of Bank Employees. The work pressure in the banking industry is the highest in the country. Mental health also plays a big factor in productivity at work. Five days week will give the same results in fewer hours so that Bank employees can get more time to pursue other interests, spend time with loved ones, and manage their lives. It will also help banks in reducing cost. Bank employees would be less stressed or take sick leave as they will have time to take rest and recover. A five-day week is already available in the international banking system. Bank employees will get more time to balance their personal life also they will be charged to come on Monday morning to work after two days of rest. Working more hours does not mean working better. Five days week is something that points towards working smart and Six days week is considered people working hard. In one study, Microsoft found that when they reduced their employees' working week from five days to four, they saw a 40% increase in productivity. Research has shown that a well-rested mind boosts endorphins, which helps one focus better at work. It will also bring in a gigantic change in the banking sector, especially in customer service and work efficiency of bank employees.
The demand for 5-day banking has been there in the charter of demands for quite some time now but the government is yet to accede to the demand because banks are often considered to having a lot of social responsibilities and they are also given the responsibility of carrying out the financial inclusion activities. Bank employees, who have demanded a holiday on Saturdays and Sundays of each week, have explained that five days is enough for banks to have technical assistance such as mobile apps and net banking services. Experiments with a four-day workweek in the United States have been taking place since at least the 1990s.
The Share market in working for five days, the Reserve bank operates five days, and the Life Insurance Corporation of India works five days a week. Implementation of five days week is not going to affect customer service as alternative channels of delivery such as ATMs, net banking and phone banking allows individuals to conduct banking transactions on weekends. Customers can now have access to their bank accounts 24x7, without going to branches. More than 60 per cent of all transactions have migrated to digital channels. Further, it will also be a progressive step in the direction of Digital India in conformity with our PM Narendra Modi's vision. With digital India, banking available in alternative channels, a five-day week demand is just and needs acceptance. Five days working willcertainly promote an equal workplace as employees would be able to spend more time with their families and better juggle care and work commitments.
(Views expressed are personal.)

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