A comprehensive 142-page report investigating the workplace conditions at EY, a major professional services firm in Australia, has revealed numerous concerning issues within the organization.
Led by former sex discrimination commissioner Elizabeth Broderick, the report sheds light on problems that have implications not only for EY but also for the wider professional services sector and the broader white-collar workforce.
The report found that 11% of EY personnel regularly worked more than 61 hours a week, leading to health problems and prompting 40% of staff, particularly senior ranks, to consider quitting. Additionally, the study exposed instances of bullying experienced by 15% of staff over the past five years, sexual harassment affecting 10%, and racism affecting 8% of employees.
Of significant concern was the discovery that those who formally reported misconduct faced retaliation, resulting in a lack of trust in reporting mechanisms. The investigation was triggered by the tragic suicide of a 27-year-old Indian-Australian auditor at EY’s Sydney office, which sparked conversations about work hours, the company’s culture, and mental health issues in the entire professional services industry.
The report contradicted previous statements from EY’s leaders about working conditions, where the firm claimed not to overwork its employees. To address the issues uncovered, Elizabeth Broderick proposed 27 recommendations, including better project scoping, resourcing, and costing to reduce overwork, increased accountability for staff retention, and revised performance metrics focusing on diversity and inclusion.
EY’s CEO, David Larocca, acknowledged the problems and pledged to create a more respectful and inclusive workplace, committing to implementing all of Broderick’s recommendations. However, the report highlighted skepticism among EY’s staff regarding the company’s willingness to make meaningful changes to cut working hours.
Apart from overwork, the report exposed a normalization of bullying within the organization, with instances occurring even among senior staff. The issue of sexual harassment was prevalent, with a perception that reporting such behavior was discouraged, especially when the perpetrators held leadership positions. Furthermore, employees from diverse ethnic and religious backgrounds were more likely to experience racism at EY.
Overall, the report serves as a wake-up call for EY and the broader professional services industry to address critical workplace issues and foster a more inclusive, respectful, and supportive environment for their employees. Crisis support is available for those in need, and the company’s commitment to implementing the recommendations offers hope for positive change.
RBA maintains 4.35% rates as mortgage applications surge
The Reserve Bank of Australia (RBA) has decided to keep its official cash rate at 4.35%, citing concerns over the rapidly increasing number of mortgage applications.
This decision comes after several consecutive meetings where the RBA has refrained from adjusting interest rates.
The central bank’s decision to hold rates steady reflects their cautious approach to managing the current housing market boom. Mortgage applications have seen a significant surge in recent months, driven by record-low interest rates and increased demand for housing. While this has been a boon for the real estate industry, it has raised concerns about the potential for a housing bubble and financial stability.
Experts are divided on whether the RBA’s decision is the right course of action.
Some argue that maintaining low-interest rates is necessary to support economic recovery, especially in the wake of the COVID-19 pandemic. Others worry that the continued surge in mortgage applications without rate adjustments could lead to unsustainable levels of household debt.
In light of this decision, homeowners, prospective buyers, and investors will be closely watching the housing market’s trajectory and wondering how long the RBA can maintain its current stance.
There’s a 50/50 chance of a 2024 recession
The economy has been remarkably resilient despite massive pressures – but is that about to change in 2024?
The US economy is in for a sharp slowdown in 2024 as a closely watched survey of top economists foresees stubbornly high inflation, a rise in unemployment and a 50% chance of recession.
#ticker today #money
Tesla insurance sued for ‘inflated’ premiums, judge rules
A judge has ruled that Tesla’s insurance unit must face a lawsuit alleging “inflated” premiums.
The decision comes after policyholders claimed the electric car company’s insurance division overcharged them for coverage.
The lawsuit, which was filed by a group of Tesla policyholders, alleges that the premiums charged by Tesla’s insurance unit were significantly higher than market rates for similar coverage.
The plaintiffs argue that Tesla’s insurance division engaged in unfair pricing practices, leading to overpayment by policyholders.
Tesla has not yet commented on the judge’s decision, but the lawsuit raises questions about the transparency and fairness of the company’s insurance pricing.
It also highlights the growing scrutiny on how tech companies enter and compete in traditional industries like insurance.
YouTuber Trevor Jacob behind bars for plane crash stunt
Russian women want their men back from Ukraine
How will we entertain ourselves
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Tech23 hours ago
Amazon taps SpaceX for satellite launch, bypasses Bezos
Leaders5 days ago
Transforming Diversity with Impactful Passion
News2 days ago
Will TV regulation become irrelevant in the future?
News23 hours ago
UK introduces tougher visa rules to curb immigration
News6 days ago
‘Endlessly Generous’: Tributes Pour In as Henry Kissinger Passes Away at 100
News2 days ago
The reason petrol is suddenly cheaper
Tech2 days ago
Sam Altman and Elon Musk’s feud revealed
News3 days ago
COP28: Global effort to phase out fossil fuels