Full report, English - Unite the Union

Key challenges facing finance workers
When finance union representatives were questioned about the concerns of their members, their
responses reflected the existing social and economic context within their country at the time and must
therefore be considered in this context. For example, Unite the union in the stated that the most
significant challenge facing finance workers is redundancies and this is obvious given that the UK has
seen the greatest number of job losses than anywhere else in Europe. The Danish finance union
considered higher wages and higher pension contributions to be the priorities for finance workers,
reflecting the country’s regulated labour market and the associated confidence felt by workers about
losing their jobs. However, it is still of value to examine the responses from finance unions when asked
“what are the key challenges facing workers and their representatives in the finance sector in your
country in recent years?” According to an analysis of the responses the biggest challenges for workers
in the finance sector are pay levels, performance management systems and then redundancies. It is
possible, through anecdotal evidence, to validate this perception which is borne from information and
experiences from affiliates on the increase in the incidences of unpaid overtime, work intensification,
the increased pressure on workers to achieve targets and the practice of dismissing under-performing
employees. In 2011, Unite the union carried out its own survey on unpaid overtime and discovered that
finance workers employed by HSBC carry out an average of 5 hours of unpaid overtime every week.
The union’s calculations suggest that this amounts to a saving for the bank’s payroll costs of £39 million
in the preceding 12 months. Employment in the sector is clearly becoming ever more precarious, and
this is compounded by the increased use of students and temporary workers.
One consistent message from all affiliates was the concern among finance workers that their future is
uncertain and that the sector is failing to offer younger people and new entrants a decent career, and
that their fears were not only personal but they feared also for the reputation of the sector as a whole
and the confidence of consumers, in terms of the consumer trust. Many affiliates expressed their
concern that unless the sector rebuilds its relationship with its workforce and their representatives, there
will be a lack of interest from younger workers and graduates in the sector as a career. This negative
perception could damage the image of the sector, its future growth and, ultimately entire economies.
European social dialogue
Affiliates were asked their opinion on the effectiveness of social dialogue at the European level and, if
positive, their view on the potential for strengthening the cooperation between employers and trade
unions. The majority of responses to this question were positive; however there is an overwhelming
feeling amongst finance unions that European social dialogue could be improved considerably.
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