While it is commonly accepted in the banking industry that long hours are an integral part of the job, one of the most experienced CEOs on Wall Street recently emphasized that achieving work-life balance is entirely feasible. However, he stressed that the responsibility lies with individuals themselves to make it a reality.
Richard Handler, the long-serving CEO of Jefferies, highlighted the importance of taking charge of one’s life choices in a recent statement on his Instagram platform. He pointed out that no one else but yourself can or will prioritize your well-being.
Handler cautioned that businesses have a tendency to encourage non-stop work if allowed, citing statistics that show employees in the U.K. putting in an average of 7.2 hours of overtime per week. This relentless work culture, while beneficial for companies in the short term, can have detrimental effects on the health of employees, leading to burnout.
In response to questions from his substantial following of 48,000 fans, Handler emphasized the need for individuals to proactively manage their work-life balance. He acknowledged that sacrifices may be necessary at times, but stressed the importance of injecting the right amount of personal balance to prevent burnout.
Aside from addressing work-life balance, Handler also shared insights on how to stand out in the industry, the concept of “faking it till you make it,” and strategies to make work more fulfilling.
Work-life Balance in the Banking Sector
Achieving work-life balance is a significant challenge in any industry, especially in the competitive and demanding financial sector like Wall Street. The traditional work environment in finance has often been intense, leading to various physical and mental health issues among employees.
The landscape has shifted considerably due to the pandemic-induced rise in remote work. Many banks now offer flexible or hybrid work arrangements, a trend that has been embraced by a majority of financial institutions. However, there is a risk that the progress made in work-life balance could be undermined by the insistence of banking leaders on a full return to the office.
Some banking giants have already mandated a five-day office workweek, dismissing remote work as a temporary deviation. Handler himself has previously emphasized the importance of physical presence in the workplace for career advancement and relationship building with colleagues.
He advised employees to utilize remote work judiciously, prioritizing mental health and work-life balance while ensuring that flexibility is utilized wisely.
Handler’s Tips for a Fulfilling Career
Drawing from his own journey from a trader to the CEO of a prestigious financial institution, Handler offered valuable advice for those starting their careers. He encouraged junior employees to adopt a proactive mindset, focusing on supporting senior colleagues and enhancing client service to distinguish themselves.
Reflecting on his own experiences, Handler highlighted the significance of networking and taking calculated risks for personal growth. He recommended approaching work with an entrepreneurial spirit, committing fully to tasks, and cultivating an ownership mentality to accelerate career progression.
Lastly, Handler reassured followers that it’s acceptable to “fake it till you make it,” revealing that even he continues to employ this approach daily, albeit with increasing proficiency over time.