29 January 2007 
 
The case has never been stronger for businesses to implement practices that encourage work-life balance, the Institute of Chartered Accountants in Australia has stated, citing the results from a recent study indicating that for employees, spending more time on their personal lives is the number one priority. 
 
The 2006 Work-Life Balance Report, polling 935 chartered accountants nation-wide , revealed that achieving a balance between work and lifestyle is ranked, alongside job satisfaction, as the greatest career consideration of respondents, sending a clear message to employers about the importance of flexible work practices in attracting and retaining a strong workforce. 
 
The Institute’s CEO, Graham Meyer, warned employers that they cannot afford to underestimate the priorities of their staff and potential employees, given many industries now face widespread skills shortages.  
 
“The results of the study confirm that a work-life balance is a draw card for prospective employees and a practice that encourages current staff to remain with an organisation,” Mr Meyer said.  
 
“People are a business’ greatest resource and when the demand for anything exceeds the available supply, the price increases, this is true of Chartered Accountants, as the profession is currently experiencing a skills shortage,” he said. 
 
“Promoting the lifestyle balance of employees is not only an effective retention strategy; flexible work practices are also a way for employers to encourage part time workers, women and mature age workers to remain in the work force. 
 
“Employees also want to be engaged, motivated and developed by their employers. To remain competitive, businesses must review their work place practices in order to accommodate this new breed of employee, who in return will offer commitment, competence and uncompromising motivation,” he said. 
 
Yet, the realities of flexible work practices appear to impact men and women unequally.  
 
According to the Institute’s study, the proportion of women employed by an organisation offering flexible working hours has increased. It is up 14 per cent since the 2001 study , now overtaking men, at 62 per cent. Conversely, for men the opportunity for employment flexibility has fallen, with 53 per cent of respondents enjoying flexible working hours. This is down from 58 per cent in the 2001 survey. 
 
These changes correspond with an apparent divergence in the priorities of male and female employees regarding flexible working hours.  
 
When asking respondents whether they found work life balance practices appealing, the study found that flexible hours were far more desirable for women than for men. A majority of women surveyed (63 per cent) considered flexibility of hours a priority; by contrast, barely one third of men (36 per cent) cited a preference for variable hours of work. 
 
Moreover, females ranked the requirement to work long hours to be the greatest barrier experienced during their career, cited by almost a third (29 per cent) of all female respondents. Males, by contrast ranked the culture of their organisation as the most significant obstacle inhibiting their career.  
 
“There remains a gender gap in the experience of flexible working hours, which the Institute is working hard to redress,” Mr Meyer said.  
 
Lecturer in the School of Accounting, Economics and Finance at Deakin University, Mr Peter Richardson said that while many Chartered Accountants are seeking work-life balance and job satisfaction, they are finding that the combination of increased regulation and a shortage of accountants is making their work-life more demanding. 
 
“The increased demand from work is at odds with many Chartered Accountants’ stated plans to spend more time on their personal life and professional development over the next five years. This conflict is one of the reasons why one third of those surveyed said they intended to change jobs in the next five years,” Mr Richardson said. 
 
The Institute offers a range of initiatives to support and encourage women in the workforce, such as seminars and discussion groups for women, a childcare kit, quarterly luncheons with high profile female presenters and profiles of successful women in communications to members. 
 
Key findings from the Institute’s survey include: 
 

• Respondents did not see other measures of job flexibility as being significant to the same extent as flexible working hours and attitudes.
 

• When asked about perceived career choices, the majority of both men (74 per cent) and women (61 per cent) felt that women had better career choices than five years earlier. Conversely, 42 per cent of men and 30 per cent of women felt that men had better career choices than five years ago. When asked about their own career choices, a lower proportion of women (59 per cent in 2006, compared with 67 per cent in 2001) thought their choices had improved.
 

• When asked about career barriers, 52 per cent of men and 36 per cent of women had not experienced barriers to their careers. For both genders, this has improved since 2001, when 35 per cent of men and only 19 per cent of women reported that they had not experienced any barrier.
 

• Job sharing and normal 9 to 5 working hours were seen as less desirable forms of job flexibility.
 
 
The results of the Institute’s 2006 Work-Life Balance Report are available upon request.