By Sof Socratous, VP for Northern Europe at Poly
Offices around the globe have welcomed employees back. And after some false starts, the finance industry is hoping that the return to office will finally stick. Banks including Goldman Sachs, Citigroup, J.P. Morgan Chase, and Bank of America have all brought in policies and eased restrictions to encourage people to come in.
However, there is a challenge facing the financial services sector: employers are expecting employees to come into the office four or five days a week, to strengthen collaboration. Whereas employees want far less time in the office, pointing to first-hand experience that working remotely is both convenient and productive. In fact, 96% of financial industry professionals say they would prefer a mix of office-based and remote working in a post-Covid environment.
Research also shows 54% of the finance sector are fully prepared for the future of hybrid work, whilst 34% are only prepared in the short-term. And many firms are concerned that hybrid working could have an impact on customer relationships, with questions being raised: “How can you build trust without meeting clients in person? How can you look and sound your professional best on video? How can you train new remote employees in the art of managing relationships and closing deals?”
What they need to realise is those who get it right can actually earn a new competitive advantage in retaining talent, boosting client relationships, and optimising collaboration workflows.
Customers want hybrid too
What firms must realise is that employees are not alone when it comes to reaping the benefits of hybrid working. Clients too are embracing hybrid work schedules and choosing to do more meetings virtually for convenience.
Many years ago, the only way to access finances would be to visit a bank in person and have a conversation over the counter with the teller. But in today’s digitalised world, there isn’t a need to physically venture into a bank, given the time that can be saved by interacting online. Times are changing and clients will reward firms that can expedite decision-making, provide immediate access during crisis moments, and streamline routine and procedural matters via on-demand video calls.
It’s time to meet employees’ needs
Hybrid working is also an essential perk in a competitive market with a talent shortage. By offering employees the option of hybrid work and providing them with the technology to be able to do it successfully, firms can attract and retain top talent. After all, research shows that over half of organisations (56%) believe that if they don’t address their hybrid work plans, they’ll start to lose staff and will be unable to attract new talent.
It’s in employers’ best interests to ensure that the work-from-anywhere culture they create is one with equal opportunity and experience for all at its core. The goal should be to provide a consistent, professional, and friction-free experience regardless of location so everyone has an equal seat at the table. This means understanding each employee persona and taking a people-first approach to then equip workers with the right enterprise-grade headsets, desk phones, and video conferencing devices – no matter where they decide to work from.
The financial industry is composed of many different types of businesses, so enabling hybrid working should not be viewed as a one-size-fits-all situation. For example, sales and contact centre agents have very different needs to client-facing deal teams in M&A. Call centre agents need to be comfortable, with hands-free headsets that prioritise clear audio and enablement of a distraction-free environment while deal teams need embedded technology to track speakers as they talk so they can hear every nuance and give equal weight to all those involved in the interaction. No single communication and collaboration style fits all.
Concerns around training new remote employees can also be eliminated, as the right meeting technology makes it easier for mentors/managers to find that human connection for guidance and continue nurturing skills when they’re off-site. And not only will this adoption of technology create an equal collaboration experience among colleagues but also maintain the same level of professionalism as they would meeting with customer in person.
Taking the leap to hybrid will reap rewards
By its nature, the financial services industry is risk-averse, and that can get in the way of making changes. But, the benefits of blending on-site and remote work are rich. Firms that can make the shift to hybrid with the right technologies can build stronger customer relationships, improve operations with better communication and collaboration, and attract and retain top talent. Ultimately this will separate the winners from the losers in this challenging market.
