996 and the Finance Industry
Forget the 4-Hour Work Week. The new kid on the block is “996”. This working hour system is an overtime work schedule of 9:00 AM–9:00 PM, six days per week. Several Mainland China internet companies have defined this as their official work schedule. And it’s not as if it’s even legal.
But if Alibaba’s Jack Ma sees it as a template for the working week, things aren’t going to change overnight. This is also a template for burnout and the slow demise of a career.
It’s a bit crazy, isn’t it? Or is it…?
Having lived and worked in banking in both the US and Asia I can see why this concept has got so much airtime. It’s a clear push back against everything the West is promoting. Working from home, flexible hours, job sharing, paid paternity leave.
Don’t expect the next Tim Ferriss clone to come out of the Middle Kingdom. It’s simply not in the country’s current makeup. China is still going through its development growing pains right now. And the banks reflect that.
It’s only been in the last few decades that it’s been able to stand toe to toe with the US in terms of its economy. As Western nations promote work-life-balance, China’s about grinding higher. As it sees it, It’s not the right time to slacken off.
Some of you in the finance industry will look at this all and say, “Well, the hours are hardly much more than my standard working week anyway.” If you’ve an investment banking career, you might be part of the revered “pulling an all-nighter” culture. You need to close the deal, so you’ve got to roll up your sleeves and get the job done. It almost sounds exciting. It’s how you start your career. It’s how some people finish their career.
But you’ll also know as much as the next person that it simply isn’t sustainable over time. Not if you want your health, friendships and marriage to stay in place. There is stress involved. And that’s your choice. Because that’s what life is about. Freedom to choose.
But if you’ve got a population north of 1.3 billion people, hungry to get ahead (or simply plain hungry), there will always be a few ready to step into your shoes.
And it’s not as if this “996 approach” is about you and your success. Ma’s model is really about the good of the company and the nation. You are working yourself into the ground to make something (your firm or your country) richer.
But this appears to be a battle between world views. Living a freer life. The FIRE (Financial Independence, Retire Early) movement, which represents the antithesis of 996, fits the mold. And then there’s the need to compete for a greater good. The need to stay relevant (as much about your company/country than it is about you). The need to put the effort in so that you’re not left behind (again, it’s not just about you).
This is a cultural war. And banking is living it. What do I think about it all? At the moment, the best approach is firmly stuck somewhere in the middle.
