Finance professionals across the world are hoping for a permanent overhaul of workplace attitudes towards remote working, with only 3% wanting to work entirely from the office post-Covid-19.
A survey of 600 finance professionals, which were predominantly millennials from 80 locations across six continents, found that most are more productive working remotely, believe they can reduce carbon emissions with less travel, and also that their employers could attract and retain talent if they were to adopt flexible working long term.
Financial services, particularly firms based in London, have been resistant to offering employees the opportunity to work from home or other locations despite the many benefits being cited; these include the attraction and retention of a more diverse and therefore innovative workforce, an improved work/life balance leading to increased staff productivity, reduced carbon footprint and office space expenses.
The Covid-19 pandemic began sweeping across the world at the start of this year, forcing countries to lock down and office-based companies to encourage their workforces to embrace home working to prevent the spread of the virus.
Over six months on, very few have returned to the office and until there is a vaccine social distancing is extremely likely to remain in place. This means commuting and working in the office akin to circumstances pre-coronavirus will prove very difficult for many businesses.
Positives of remote working
The survey, carried out and published by Humans in Finance in the report Remote Working in Finance: Covid-19 & Beyond, has found many employees do not want to return to ‘normal’ day-to-day life pre-Covid-19, where many were expected to work in the office by default.
Some 97% said they want to continue to work remotely, and 95% said they believe employers should offer a range of remote/in-office workplace options.
Almost two thirds of respondents said they are more productive while working remotely, compared to 18% who said they were less productive.
Overall, positives of remote working included improved work/life balance, increased productivity, greater job satisfaction, and enhanced health and wellbeing. However, negatives were also cited including work and personal life becoming blurred, weakened relationships, increased loneliness and reduced learning or mentoring.
Most respondents were also excited by the prospect of working from any location they choose, with 80% indicating this, and over half (55%) said they would consider changing jobs if an alternative offered greater flexibility. For women under age 40 with children, this increased to 73%.
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Furthermore, 75% cite impaired talent attractive and retention as key repercussions for corporates failing to adopt flexible working long term. They also pointed to reduced workforce diversity (51%), negative brand or image (48%) and impaired financial performance (37%).
Looking at the green aspect, 83% said remote working could reduce carbon emissions and improve the environment, while on the social side respondents said long term adoption of remote/flexible working could lead to higher general happiness levels (70%), enhanced health and wellness (70%) and reduced inequality (43%).
When asked about their workplace preferences, 90% of those surveyed said they would like to see a mix of office-based and remote working, 7% said entirely remote working and 3% said entirely office based.
Sustainable industry
Humans in Finance said: “The survey results are a clear indication that companies which give employees greater flexibility will see higher output, create a more diverse workforce, and have healthier, happier and more committed employees. Financial services companies should therefore factor in these results in order to improve their business resilience and contribute to a more sustainable industry.”
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Commenting on the findings, Sir Douglas Flint, CBE, chairman of Standard Life Aberdeen and IP Group, said: “This survey reinforces the growing recognition that businesses will no longer tell employees from where to work and in what hourly patterns to work – businesses will emerge that offer hybrid and flexible working. Some will be fully or almost fully distributed and businesses will have to adjust their employment models to meet the arrangements which attract the best talent.”
Meanwhile, Marte Borhaug, global head of sustainable outcomes at Aviva Investors, said as the crisis has given the industry the opportunity to embrace flexible working it is important for the entire industry to “take it and not return to patterns of the past”.
“It can help us attract new talent as we know that the majority of young people entering the labour market would like to work flexibly. It will also support us in making our sector more diverse as flexible working has been found to be particularly beneficial for people with young children and other vulnerable groups.
“I hope flexible working becomes the norm, rather than the exception and I am already seeing organisations taking positive steps to make it possible in a way that works for customers, the employer and the employee. The transition will need leadership, investment and training as flexible working demands new ways of working together, but I am excited about the inclusive industry it will help us to build.”
