So, how much overtime do you put in and what is it costing you over the course of a year? If you think it’s just a few minutes here and there, do the sums and you might be surprised how much this is leaving you out of pocket. Take the overtime test here: http://www.totallymoney.com/overtime-worth/
In addition to the calculator TotallyMoney.com has released their annual study into overtime, and Brits are working more overtime than ever (http://www.totallymoney.com/overtime-survey/).
As a nation, Britain seems to be unable to break the overtime habit. According to the study TotallyMoney.com ran with OnePoll looking into overtime in the UK in 2017, the average amount of overtime workers put in equates to around 68 working days a year.
Unsurprisingly 60% of British workers say they don’t have a good work-life balance. If these statistics sound shocking or even a little unrealistic then you need to examine the evidence (http://www.totallymoney.com/overtime-survey/).
Common reasons given for working overtime were pressures from colleague and excessive workloads. Some of the other findings from the study include:
- Almost 65% of people surveyed aren’t being paid for overtime worked.
- Only a third of British workers say they typically leave work on time.
- While 43% of men said they were paid for their overtime, only 30% of women claimed are financially compensated for their extra working hours.
- Conversely, 24% of women feel pressured to work overtime in order to progress their career whereas only 11% men feel the same way.
- Women are more likely to carry out work-related duties while on holiday. Only 13% of men said they worked while on holiday, as opposed to 24% of women.
- Putting in an average of 9.6 hours a week, Londoners do the most overtime out of any region in the UK.
- Overtime Map – http://www.totallymoney.com/overtime-survey/infographic/
- Teachers work an average of 6.5 hours overtime each week, with eight out of ten not being paid.
- In the healthcare sector, workers are putting in an extra 7.7 hours overtime each week, with 55% not being paid for these hours. The most frequent reason given for working these overtime hours is feeling overwhelmed by the amount of work.
- One in four workers say they feel run-down due to their working hours
- Of the workers surveyed, 23% said their work negatively impacts their diets or prevents them from regularly exercising.
The overtime calculator from TotallyMoney.com lets you work out exactly how much your overtime is worth each day. Simply input your annual salary (let’s say £27,000), how many hours you work (35 – the UK average). Say you arrive 20 minutes early and work half an hour over lunch each day. Add to that another 20 minutes at the end of the day to finish up.
Based on these small overtime minutes each day you’ll be working an extra 283.3 hours extra each year. Based on a salary of £27K (the UK average), that represents £4,500 of lost income.