Daily Bulletin


Business News

  • Written by Lucy Desai


We’ve all likely stayed later at work when we’ve been super busy or had to catch up on work, however sadly, in recent years, long working days and taking work home has become the norm for many employees. Not only is this causing employees to miss out on enjoying the pleasures of life and spending quality time with family and friends, but it might also not be worth the hassle.

On average, in South Africa, employees work some of the longest work weeks at around 2,209 hours a year. 18.1% of workers worked very long work weeks of 50 hours or more, which is significantly more than the Organisation for Economic Co-operation and Development’s (OECD) average of 13%.

Last year, Microsoft trialled a four-day work week, resulting in a 40% boost in productivity, suggesting that perhaps it isn’t necessary for employees to be putting their life and soul into their job when the same amount of work can be done in a considerably shorter amount of time. Productivity can be enhanced through industry software, such as accounting software for small businesses, which can help financial and accounting professionals to evolve business productivity. Some businesses may discover that the path to increasing productivity isn’t working hard but working smart.

Here, we’ll look at working hours around the world, looking at whether working overtime boosts economy performance. Are longer working hours worth it in certain countries?


South Africa and Mexico have the longest working weeks

From the data, as mentioned before, South Africa’s working week is the longest at 2,209 hours a year. Considering the overtime workers are putting in, their economy is worth $349.4 billion, the 10th smallest of the countries analysed. South Africans have been hailed as some of the hardest working across the world, with research reporting they are three times more likely to work a 60-hour work week than their American counterparts, despite labour laws forbidding being asked to work over 45 hours a week. However, South Africa’s economy has experienced an upward trend over the last ten years — is this boost from the hard-working nation, and would it be significantly worse off without overtime?

Mexico works the second longest working week (2,148) with 28.7% working 50 hours or more; third came Costa Rica (2,121) however data wasn’t available for the percentage of employees working 50 hours or more. Fourth was Korea (1,993) at 25.2%, and fifth was Russia (1,972) with 0.1%.

Mexico’s economy is worth $1.27 trillion, Costa Rica $57.06 billion, Korea $1.63 trillion, and Russia $1.64 trillion. Although Costa Rica’s GDP is relatively small in comparison to other countries, it is a small but stable country which wouldn’t generate trillions of dollars. In June of 2018, South Koreans were forced to cut down on the hours they were working to introduce a better work-life balance and help boost the falling birth rate. With so many more Koreans previously working 50 hours or more a week than other countries, the GDP doesn’t outrank many others.


The country that works the least: Germany

Germany works the fewest hours per week at 1,362 a year, with 4.3% of the population working 50 hours or more. Considering a significantly lower work week than other countries, Germany’s economy is the third largest at $3.86 trillion. At the start of 2018, millions of Germans won the right to reduce their work week to 28-hours to help them achieve a good work life balance and spend more time with their loved ones and doing things they enjoy. It seems that countries don’t need to work long hours to get more work done — Germany has been recognised as one of the most productive countries with a booming economy despite a cut in hours, striking the ideal work life balance while being 27% more productive than the UK.

The second country to work the fewest hours was Denmark (1,392) with 2.3% working 50 hours or more. Third was Norway (1,416) with 2.9%, fourth was Netherlands (1,433) at 0.4%, and fifth was Iceland (1,469) at a higher 15.1%.

Iceland has the smallest economy at $23.91 billion, followed by Finland at $251.9 billion, Denmark at $324.9 billion, and the Netherlands at $902.36 billion. A 2017 report found that Norway is one of the most productive countries despite having one of the shortest working weeks.

Lead researcher of Expert Market, Adelle Kehoe, said: “Our data has shown, both this year and last year when we first ran the study, that there is a definite correlation between a shorter working week and productivity.

“Countries that have shorter working weeks in general are more productive, whereas countries which have a culture of presenteeism, and long desk hours actually get less out of their teams.”

There’s more to life than work — hopefully more countries will realise that long hours doesn’t necessarily mean productivity.

Country

Hours worked per year

Employees working very long hours

GDP

Iceland

1,469

15.1%

$23.91 billion

Latvia

1,699

1.3%

$30.26 billion

Costa Rica

2,121

 N/A

$57.06 billion

Luxembourg

1,506

3.8%

$62.4 billion

Slovak Republic

1,698

4.1%

$95.77 billion

Hungary

1,741

3.0%

$139.1 billion

New Zealand

1,756

15.1%

$205.9 billion

Finland

1,555

3.8%

$251.9 billion

Denmark

1,392

2.3%

$324.9 billion

South Africa

2,209

18.1%

$349.4 billion

Norway

1,416

2.9%

$398.8 billion

Belgium

1,545

4.8%

$492.7 billion

Poland

1,792

6.0%

$524.5 billion

Sweden

1,474

1.1%

$538 billion

Switzerland

1,561

0.4%

$715.36 billion

Turkey

1,832

32.6%

$743.71 billion

Netherlands

1,433

0.4%

$902.36 billion

Mexico

2,148

28.7%

$1.27 trillion

Australia

1,665

13.0%

$1.38 trillion

Spain

1,701

4.0%

$1.4 trillion

Korea

1,993

25.2%

$1.63 trillion

Russia

1,972

0.1%

$1.64 trillion

Canada

1,708

3.7%

$1.73 trillion

Italy

1,722

4.1%

$1.99 trillion

France

1,520

7.7%

$2.71 trillion

United Kingdom

1,538

12.2%

$2.74 trillion

Germany

1,362

4.3%

$3.86 trillion

Japan

1,680

17.9%

$5.15 trillion

United States

1,786

11.1%

$20.58 trillion

Bio:

Lucy Desai is a content writer at QuickBooks, a global company offering the world's leading accountancy software.

Writers Wanted

How To Find The Right Emergency Plumber Lismore

arrow_forward

Delivery rider deaths highlight need to make streets safer for everyone

arrow_forward

Nisbets’ Collab with The Lobby is Showing the Sexy Side of Hospitality Supply

Hospitality supply services might not immediately make you think ‘sexy’. But when a barkeep in a moodily lit bar holds up the perfectly formed juniper gin balloon or catches the light in the edg...

The Atticism - avatar The Atticism

Buy Instagram Followers And Likes Now

Do you like to buy followers on Instagram? Just give a simple Google search on the internet, and there will be an abounding of seeking outcomes full of businesses offering such services. But, th...

News Co - avatar News Co

Cybersecurity data means nothing to business leaders without context

Top business leaders are starting to realise the widespread impact a cyberattack can have on a business. Unfortunately, according to a study by Forrester Consulting commissioned by Tenable, some...

Scott McKinnel, ANZ Country Manager, Tenable - avatar Scott McKinnel, ANZ Country Manager, Tenable

InteliCare triple winner at prestigious national technology awards

InteliCare triple winner at prestigious national technology awards Intelicare wins each nominated category and takes out overall category at national technology 2020 iAwards. Company wins overal...

Media Release - avatar Media Release

Arriba Group Founder, Marcella Romero, wins CEO Magazine’s Managing Director of the Year

Founder and Managing Director of the Arriba Group, Marcella Romero, has won Managing Director of the Year at last night’s The CEO Magazine’s Executive of the Year Awards. The CEO Magazine's Ex...

Lanham Media - avatar Lanham Media

5 Tips For A Successful Blog Layout

There’s far more that goes into making a blog successful than simply having a way with words. How you display your content will have a huge impact on how easy it is to read, and whether people a...

Wayne Burden - avatar Wayne Burden


The Conversation
INTERWEBS DIGITAL AGENCY

Politics

Prime Minister Interview with Ben Fordham, 2GB

BEN FORDHAM: Scott Morrison, good morning to you.    PRIME MINISTER: Good morning, Ben. How are you?    FORDHAM: Good. How many days have you got to go?   PRIME MINISTER: I've got another we...

Scott Morrison - avatar Scott Morrison

Prime Minister Interview with Kieran Gilbert, Sky News

KIERAN GILBERT: Kieran Gilbert here with you and the Prime Minister joins me. Prime Minister, thanks so much for your time.  PRIME MINISTER: G'day Kieran.  GILBERT: An assumption a vaccine is ...

Daily Bulletin - avatar Daily Bulletin

Did BLM Really Change the US Police Work?

The Black Lives Matter (BLM) movement has proven that the power of the state rests in the hands of the people it governs. Following the death of 46-year-old black American George Floyd in a case of ...

a Guest Writer - avatar a Guest Writer



News Co Media Group

Content & Technology Connecting Global Audiences

More Information - Less Opinion