by Andrés Ramos, Content Marketing Specialist – eVestment Private Markets
eVestment Private Markets and asset management consultancy MJ Hudson have teamed up to produce The Work–Life Balance Report.
The report’s findings, based on the results of a survey of over 300 global private markets professionals, offers a comprehensive look at the workdays, home lives, passions, and motivations of individuals who work in the industry.
Here are three key points from the report:
Working from home is rare and reserved for senior management
When asked about their working life, only 7% of respondents reported regularly working from home, and of those home-based employees, 80% were senior staff or C-suite level. The trend of remote work that has worked its way into many sectors of the economy is still rare within the private markets and for the most part reserved for only top-ranking employees. Working from home regularly is a privilege to be earned, rather than a right, it would seem. However, this is not to say that junior employees are technically unable to work from home, as we discuss in the next section.
All in a [long] day’s work
Long workdays and the private markets have gone hand-in-hand for years, however “war stories” of 12+ hour workdays are perhaps hyperbolic or reserved for an intense deal-closing process rather than a typical weekly occurrence in today’s industry. According to our survey results, in a typical 5-day workweek, 47% of respondents reported working less than 48 hours a week*. Of those who exceeded this threshold, only 9% of respondents reported working more than 58 hours a week. All that said, work in the private markets does not begin or end when employees enter or exit the office. 21% of employees reported working during their commutes and 13% called work a key evening activity.
Motivators: Money and two types of success
Perhaps surprising to some, money wasn’t a clear #1 in terms of motivators for workers in the private markets. At approximately 18% each, money, career success, and making successful investments were jointly the top motivators according to survey respondents. These factors are undoubtedly intertwined to some degree, but it is notable that an intrinsic motivator (making successful investment and transforming portfolio companies) was on par with extrinsic motivators (money and success). That said, when looking at responses by job function, there were clear differences how employees are motivated. Firm leadership and deal teams were motivated most by successful investing, 35% and 32% respectively, while operations and sales/IR teams were most motivated by money at 27% and 20% respectively.
*A 48-hour workweek represents the maximum allowable weekly hours mandated by the European Working Hours Directive.