In mainland China, banks are generally considered to be a “golden rice bowl” with high salaries and job stability. However, in recent years, there have been frequent discussions and complaints about working in banks. Most recently, an article highlighting the bleak situation of bank employees has sparked attention.
On May 14th (Tuesday), the influential figure in the financial sector known as “Financial Bigwig” posted an article titled “The Bleak Situation of Bank Employees, Newcomers Unable to Stay, Veterans Struggling”.
Identified as an investor, the prominent figure “Financial Bigwig” introduced himself as a well-experienced and versatile bank staff member born in the 1990s.
In the article, he expressed that he is one of those who can’t bear the situation anymore among the army of bank employees. With nowhere to express his distress, he chose to convey his thoughts through writing. On Monday morning, as soon as he settled at his desk, a new employee approached him with a resignation list, planning to leave for graduate school by September and urgently completing the resignation process.
The new employee, a university graduate of the past two years who worked at the bank for less than two years, decided to pursue a master’s degree to elevate his qualifications and aim for a slightly better job as a fresh graduate three years later.
The banking industry has been in a difficult period in recent years, with frontline staff facing increasing performance pressures. Moreover, the imbalance between income and workload often involves repetitive tasks with limited opportunities for new skill development for new employees, making it a viable choice to seek alternatives to avoid the low points.
Young bank employees have their considerations. They generally fall into three categories: some continue their education by enrolling in graduate programs; others opt for taking civil service exams or teacher certification exams, resigning upon success, or preparing while still working.
As for the older staff in banks facing the challenge of retention, the continuous departure of young employees poses a significant test to the normal rotation of front-line branches.
Bank positions are quite unique, and the recruitment process can be lengthy. Apart from campus recruitments, non-state-owned banks can hire at any time, allowing for a relatively faster staff replenishment speed.
State-owned banks hold recruitment events only twice a year, during the spring and autumn, with the number of recruits needing approval at each stage. Staff resignations usually peak around the Chinese New Year and summer vacation periods. Even when faced with staff shortages, banks have to overcome challenges internally.
While young employees have the option to resign, the older staff can only endure silently, taking on unfinished tasks and extending work hours. The bureaucratic and procedural nature of bank tasks must be completed without compromise; otherwise, the employees cannot go off duty. Overwhelmed by various inspections and regulations, senior staff may find it increasingly challenging to cope.
In recent years, bank professionals have been openly expressing their grievances, shedding light on the omnipresent work pressure within the banking sector.
Last year, the “Daily Economic News” interviewed several bank employees in an attempt to portray the most authentic image of workers in the industry.
One individual, Li Jia, who had worked at a bank counter for several years, transitioned to a wealth management position. Li Jia mentioned that although the base salary decreased, the time spent on selling deposit products increased, leading to higher commissions.
In Li Jia’s view, the current trend in banks is focused on universal marketing, where tasks emphasizing quantity over quality are delegated to all employees under the guise of “universal marketing”. This approach only increases the stress levels. Even personnel involved in individual wealth management end up handling corporate accounts under the pressure of universal marketing.
Another banker, Zhang Gao (alias) working in a joint-stock bank, responsible for corporate services, highlighted the challenges faced in recent years. He mentioned that business had become increasingly demanding, lacking the regulatory support from the government-owned banks, leaving joint-stock banks to rely on service quality to attract and retain customers.
From frontline staff members to former branch leaders like Chen Jun (alias) who have shared their stories, the general sentiment revolves around the mounting pressure within the banking industry.
Chen Jun, who previously held key positions in a state-owned bank, revealed the diverse pressures faced at various job levels. Inability to manage stress effectively can lead to health problems, with some colleagues experiencing depression or even manic episodes.
Chen Jun emphasized that performance pressure is a recurrent aspect of a bank employee’s job, maintaining a continuous state of “sprint” throughout the year.
Reflecting on his decision to leave the banking sector, Chen Jun attributed it largely to the overwhelming number of meetings that left him physically and mentally drained. Enduring nightly meetings from 5 to 6 pm without time for dinner, with supervision lasting until the late hours of the night, led to a deteriorating mental state through the entirety of his tenure.
In a report by the Researcher at Beijing Language and Culture University’s Economic Research Institute “Business Analysis,” published in July last year, a personal story was shared about a university graduate who struggled upon entering the banking sector, causing severe distress from nightmares and extreme fatigue to avoidance of social interactions and emerging signs of depression.
The report also mentioned how the individual’s friends were torn between the desires for their son to leave a prestigious banking job due to the immense stress experienced despite it being a career many envied, showcasing the dilemmas faced by many families in similar situations.