Jack Ma provoked a backlash when he said young people should work 12-hour days, six days a week if they want financial success. Mark Lennihan / AP
Jack Ma provoked a backlash when he said young people should work 12-hour days, six days a week if they want financial success. Mark Lennihan / AP
Jack Ma provoked a backlash when he said young people should work 12-hour days, six days a week if they want financial success. Mark Lennihan / AP
Jack Ma provoked a backlash when he said young people should work 12-hour days, six days a week if they want financial success. Mark Lennihan / AP

Why ending a 996 work culture isn't as simple as 9-to-5


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Jack Ma, the billionaire co-founder of e-commerce platform Alibaba, recently provoked a backlash when he endorsed the gruelling work culture that has helped make him one of China's richest men. The so-called 996 routine – referring to the practice of working from 9am to 9pm, six days per week – is common among China's tech companies and start-ups – and, according to Mr Ma, a "huge blessing that many companies and employees do not have the opportunity to have".

He added: “We do not need those who comfortably work eight hours. If you do not do 996 when you are young, when will you?”

The response was fast and furious. A group of software developers who had taken to Microsoft-owned platform GitHub in March to protest against working conditions have since attracted support from more than 200,000 people.

Others have posted a blacklist of 150-plus companies that demand extra hours with little or no pay. And one person tweeted: “Go to bed at 9. Sleep 9 hours. Wake up at 6. Work smarter not harder.”

In jobs where the bulk of our labour is cognitive, the question of how many hours you work is not always an easy question to answer. We might, for example, spend eight hours in an office but then spend considerably more time thinking about work while commuting. Some of us might also find ourselves checking business emails on smartphones or tablets at the dinner table, spend our evenings either fretting about or planning our to-do list for the next day or chewing over conversations with colleagues. If that is not mentally exhausting enough, we also expend energy worrying about job security or spend endless hours wondering how best to get ahead.

Even when we are not talking shop, we are often thinking about it. Psychologically speaking, many of us are already straining under the pressures of a self-imposed 24/7 work schedule.

The health implications of overworking are manifold. Research suggests the longer your working hours, the greater the risk of health complaints, both physical and psychological, ranging from depression and heart failure to premature death.

This problem is particularly well documented in Japan, where karoshi means death from overwork. A white paper published by the Japanese government in 2016 suggested that one in five Japanese workers were at risk of death from overwork. The government has taken heed and this month, Japan’s new work reform law came into effect, limiting overtime to 45 hours per month.

Meanwhile a new global study of 13,000 workers by health insurance firm Cigna found as many as 88 per cent of women and 85 per cent of men found their jobs stressful. One in 10 found the level of stress "unmanageable". In the UAE, nearly half of all workers said they struggled to cope with their workloads.

It is not necessarily long hours that are harmful to our wellbeing; it is stress and the way we react to it that can lead to significant problems

We cannot, however, enforce proper work practices through legislation. Even if we had a strict nine-to-five workday policy, some of us would still fail to clock off in our heads. Some employees absolutely love what they do; they are energised by their work and passionate in their pursuit of perfection, but they are in the minority.

For this reason, optimum working hours cannot always be neatly articulated as a static, one-size fits all set of numbers. The question is not how many hours we should or should not work but rather, how good are we at switching off? In the words of the distinguished scientist John Teasdale, how skilfully can we shift from “doing mode” into “being mode”?

Doing mode is associated with narrowly focused attention and goal-directed activity. It’s all about changing, fixing and closing the gap between how things are, versus how we wish things to be. Doing mode is obviously very useful but occasionally it is met with problems which cannot be fixed or overcome. This can give rise to feelings of stress, especially if we remain stuck in doing mode.

It is not necessarily long hours that are harmful to our wellbeing; it is stress and the way we react to it that can lead to significant problems. If we are habitually in doing mode, we end up taking problems home and trying to resolve everything in one night, even things that do not have a quick fix. That can have an impact on our health and our relationships. Unsurprisingly, psychologists have found that this mode is associated with depression.

Being mode, on the other hand, is not focused on achieving any specific goal or trying to change things. In this mode, our attention is more broadly focused and open to noticing things, accepting them as they are with a sense of interest, curiosity or wonder. This is the state we might experience while gazing out across a beautiful landscape, for example. It is also a state that is cultivated in mindfulness meditation as a way of managing stress and overcoming depression, as well as sparking creativity and innovation.

For many employees, however, the real issue is the inability to let go of work-related issues when the day is done. If we want to improve employee wellbeing, innovation, resilience and productivity, then introducing workplace mindfulness programmes is far more effective than insisting on presenteeism.

Justin Thomas is a professor of psychology at Zayed University

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UAE currency: the story behind the money in your pockets

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

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The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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