visimoney
TLDR
The Covid-19 pandemic will undoubtedly go down in the history as an event that dramatically changed how— and where—the world works. Prior to 2020 banks were doing much of their businesses in branches and offices. The pandemic forced them to quickly transition their massive workforces to work from home. Almost four years later, leadership is changing its tune about where employees should work — with Wall Street banks like JPMorgan Chase and Goldman Sachs calling workers back into the office at least part-time. But for employees, the push for remote and hybrid work options isn’t going away any time soon.
Key points:
- Hybrid work is becoming a very important part of the employee value proposition, with candidates declining offers or companies that don’t offer flexible work options.
- Executives expect remote and hybrid work to grow over the next five years, with 16.3% of workforces expected to be working hybrid and 11.2% working fully virtually by 2028.
- Young professionals in particular want to have the option to work remotely at least part of the time with 84% of millennials and 75% of Gen Z saying that remote work options are important to them.
- Banks will need to invest in technology that can support remote work, including better video conferencing technology and security measures for remote workers.
- Banks should introduce a hybrid work model that allows employees to work in the office a few days per week of their choosing, to enable stronger relationships and flexibility.
- Flexibility needs to be part of the employer branding and benefits package, making it clear to potential candidates what the offerings are.
- Banks may also need to rethink their long-term real estate contracts to adapt to more hybrid work environments.
