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Problem statement: Bank of America management deal with the ongoing exploitation of interns for working long hours

to get chance for full time offer and this action is unsustainable and unethical. Situation: Actually bank of America offer many various program including student leadership, youth leadership This problem came out in the light when 21 years old student who working in the bank of Americas investment banking division at London office as interns. And he was died due to 72 hours non-stop working without a sleep. The cause of death remains unknown But this interns death raised question to the banks authority that who was responsible for the long hours worked by this student who push himself to the limit during summer internship to secure jobs in well paid finance industry. Former interns and junior employees said that they had experienced working straight 20 hours (living in the office). Many of whom added they would get a quick taxi ride home to take a quick shower just to return to the office. Basically living in the office. After this incident bank of America spurred a debate about the grueling schedules that employees have to bear with it. One British newspaper mentions this incident as slavery in the city.

Source: Conest

Meanwhile, The Independent, a British newspaper, dubbed the banking internship culture Slavery in the City, and quoted a doctor who treated bankers as saying they received inhumane treatment at the hands of their employers. chart

Direct effects of the duration of working hours on productivity and firm performance Lengthening the duration of hours per employee is likely to add to the level of production per worker, but does it actually improve the productivity rate of labour? In the US, longer hours may be associated with greater output, in a given industry, but they are also associated with diminished output per hour, at least for the period 2000-2005 (Holman, Joyeux, and Kask, 2008: p.67, Chart 2). The productivity outcome of hours is rarely observable directly. However, Shepard and Clifton (2000) established that manufacturing productivity does not necessarily improve when hours are lengthened. Their empirical study of aggregate panel data for 18 manufacturing industries within the US economy suggests that the use of overtime hours actually lowers average productivity, measured as output per worker hour, for almost all of the industries in the sample, even when the data are controlled or corrected. More precisely, a 10-per cent increase in overtime resulted, on average, in a 2.4-per cent decrease in productivity measured by hourly output Indeed, it appears that in many, if not most, industries in the United States, shorter hours are actually associated with higher rates of output per hour (Holman et al., 2008, see Figure 1). In the second half of the 1990s, output growth in industries involved in the production, distribution and use of IT products produced well-documented rapid growth in productivity, because there was more moderate growth in labour hours. In the years 200005, recovery from the 2001 downturn in production was relatively quick, and over 60 per cent of industries recorded increases in output. In contrast, the downturn in hours of labour was more prolonged and steeper, affecting 80 per cent of the industries studied. In some cases, this was traceable to reduced hours per worker. Productivity growth was slower from 2000 to 2005 than from 1995 to 2000, but it did not stop altogether. This was because employment and hours were both slow to recover. In the 1990s, productivity grew rapidly as output grew much faster than labour hours. In the 2000-05 period, however, a drop in hours was the main factor in increased productivity, particularly in the information sector. Thus, relatively smaller increases in working hours after 2000 appear to have been associated with otherwise similar gains in

productivity (see Figure 1.) Strong output growth was the main contributor to productivity growth during the 1990s. In contrast, during the 200005 period, reductions in labour input played a key role in contributing to the productivity rate increases observed in several sectors. It can therefore be concluded that relatively shorter hours may have contributed to a rise in productivity per hour. A recent analysis of 18, mostly European, Member countries of the Organisation for Economic C

How long working hours effects on worker productivity and health related issues? Diminishing returns to scale in productivity Increased likelihood of injury and illness -> therefore not sustainable Increase in fatigue and stress (leads to hypertension, heart disease, diabetes, cancer etc) No work-life balance spend holidays checking work email and updates on work-related projects

It increases likelihood of injury and illness among the employees in working long hours schedules. Moreover, fatigue, stressed, and to suffer from medical ailments such as hypertension, heart disease, diabetics and cancer. Even more concerning spillover effects that diminishing performance , mistakes in judgment error in performing work activity.

The conceptual basis for this study is adapted from a theoretical model proposed by Michel Shuster and Susan Rhodes in 1985.62 In this model, overtime and long hours of work are presumed to affect the risk of workplace accidents by precipitating various intermediary conditions in affected workers, such as fatigue, stress, and drowsiness. The pathway linking a demanding work schedule to the intermediary condition and ultimately to a workplace accident can be mediated by a variety of individual and environmental factors, including personal characteristics (for example, age, gender, health status, job experience), job factors (for example, intensity of work, exposure to hazards), and organisational factors (for example, overtime policy, supervision) (see fig 1). Our study analyses the association between exposure to overtime and extended work schedules and the incidence of reported work related injuries and illnesses, adjusting for the influence of several mediating factors, including age, gender, occupation, industry sector, and geographical region. The specific mechanisms by which fatigue, stress, or other intermediary conditions bring about a workplace accident are not investigated in this report.