The work-life balance at banks in the German-speaking part of Switzerland is pretty much out of whack, not least at the country's two largest banks as shown by a finews.com exclusive ranking.

Work-life balance is often perceived as a «soft» criterion when it comes to choosing a job. In banking, where salary is traditionally the driving factor, this view is likely to remain widespread. As former Deutsche Bank CEO Josef «Joe» Ackermann said in a recent interview, «It's about the principle, less about the concrete benefit of even more money. The size of the bonus is equated with respect and prestige.»

Frequent Job Changes

But these are notions of the past if one believes the surveys of the New Work group, which includes the career portal Xing and the employer rating platform Kununu. Improving the balance between work and private life was the most frequently cited reason for a new job among people changing jobs during the Corona pandemic.

To explore this, finews.com evaluated a total of 4,297 ratings that former and current employees of Swiss companies submitted on the Kununu platform through September. Evaluations of work-life balance, salary, benefits, and working atmosphere were taken into account. Individual criteria were evaluated on a scale with a maximum of five points, with the average values being used in each case.

Tech Companies Shine

New Work took the additional step of evaluating data for banks in the German-speaking part of Switzerland having at least forty Kununu ratings. The mean values for the individual companies were calculated to create the top ten list.

The picture emerging from the evaluations is not exactly flattering for some institutions, nor banking as a whole. An evaluation from last June showed the banking industry coming in seventh overall in work-life balance. The top three places were taken by Internet, IT, and consulting industries, followed by insurance companies in fourth place.

Out of The Top Ten

In the German-speaking Swiss bank ranking for September, three cantonal banks are at the top, followed by Migros Bank.UBS, Credit Suisse, private bank Julius Baer, and Vontobel all failed to crack the top ten.

To be sure, the evaluation should be taken with a grain of salt. Kununu has the reputation of being used by dissatisfied employees as an outlet for their anger. Nonetheless, the ratings carry weight in the aggregate and could suggest a brain drain.

Soft Factors Hardening

Another survey conducted by New Work this year revealed that the latent willingness to change jobs is high among employees in German-speaking Switzerland. For example, 57 percent of professionals were open to changing jobs, and among 18 to 29-year-olds, the figure was 70 percent.

«We see the work culture is becoming increasingly important for the choice of employer,» says Nina Zimmermann, head of Kununu, when asked. People want to work for companies that reflect their values, she adds. While pay remains relevant, in the end, the overall package is what counts, and that includes a healthy work-life balance. «Soft factors are increasingly becoming the actual hard ones,» says Zimmermann.

Wage Sacrifices not Mandatory

Some good news can be gleaned from September's evaluation, at least from the bankers' point of view. A good work-life balance does not necessarily require salary sacrifices or social benefits. According to the New Work evaluations, the cantonal banks of Graubuenden and Thurgau top both areas.

While there are exceptions, a good working atmosphere, and a healthy work-life balance usually go hand in hand. The VZ Group, for example, is out of the top ten in terms of work-life balance, but the company is ranked eighth in terms of work atmosphere. So even if one's private life is not going as expected, at least going to work isn't adding additional unhappiness.

Making a Pilgrimage

The fact a bank in the Graubuenden leads the ranking is probably due to hard work. For years, the bank has been trying to position itself as particularly employee-friendly under its head of human resources, Alex Villiger. The bank's management is convinced this was the only way to attract talent to a peripherally located institution.

The Graubuendner Kantonalbank's initiative has since led to personnel managers from other state banks making a pilgrimage to its hometown of Chur for a lesson. Judging by New Work's ranking, this has already had an impact.

«The question companies have to ask themselves is: How do I attract the right talent on the labor market and make sure they stay?» asks Kununu boss Zimmermann. «Anyone who now falls back into traditional patterns and ignores the needs of employees is putting obstacles in their path in recruiting.»