If you’ve been following this article series, you’ll have read our piece on employee engagement in which we made the case for offering flexible or hybrid working models to help with attracting and retaining top talent.

These models of working are becoming increasingly attractive to jobseekers. A matter of necessity during the recent COVID-19 pandemic, employees are now often prioritizing remote working above even pay and healthcare benefits when it comes to choosing between potential employers.

However, offering these options has not been a priority for the financial industry before the pandemic, and many organizations in the space are struggling to properly implement remote or hybrid work in the post-pandemic world. We thought it prudent therefore to write a companion piece to that other article and lay out in more detail some of the considerations and pitfalls you need to look out for when establishing such a model in your firm.

Reimaging the Office

At the top of 2021, Goldman Sachs’ CEO David Solomon famously described remote working as an aberration that the industry would correct as soon as possible after COVID restrictions were lifted. That statement is now looking incredibly short sighted as many top brands in the sector seek to transform their offices into one which can accommodate remote working on a permanent basis.

JP Morgan, Citi Group, and HSBC are just three of the big financial brands which have committed to pursuing a hybrid working model indefinitely and are already seeing positive result from their ability to attract and retain staff. KPMG research has concluding that the transition to these models of working was being effectively managed among these brands and that productivity had increased in several countries as a result.

"Flexible working is a concept I’ve believed in for quite a while and promoted for a number of years,” said Global Head of Digital Workplace at LGC, Konstantin Denishev. "Thanks to COVID, quite a number of chief information and technology officers globally were able to expedite their strategies and deliver something many people had been afraid of doing.”

Citi Group

The goal for many banks is to now convert office space to meet the needs of a hybrid workforce and it’s in this endeavor that obstacles can become apparent. However, many top brands are leading the way and guiding smaller firms on the right way to adapt.

For example, Citi Group has embarked on a £100 million plus transformation of its Canary Warf headquarters in the city of London, UK – the UK is considerably more progressive than here when it comes to remote and hybrid work models. The goal of the investment giant’s transformation is to inspire people to come into the office when necessary and engage with its open-plan collaboration spaces, winter garden and "well-being” zones.

Many banking brands are also leveraging their regional locations as hybrid work hubs. With the gradual decline of high street banking still being a major concern for the industry, dozens of local branches are being repurposed as work hubs instead of closing their doors altogether.

"It shortens that commute time, but at the same time gives them the ability to have that people interaction,” adds Denishev. "As great as it is to work from home and to work remotely, there is always the flip side, which is the human contact, both from a collaboration and productivity perspective, when you put a few people in a room. That ‘eureka moment’ is kind of messy when working remotely. The other key benefit of in-person working, is the ability to tackle disputes. Meeting face-to-face is one of the best ways to resolve conflicts with people.”

The implementation of technology is also a key factor in establishing hybrid working on a permanent basis. Tech needs to be available anytime, anywhere, on any device and on any network; concentrated into the fewest apps to ensure people don’t need to launch 15 different pieces of software to do the same thing; and prioritizes employee experience over cost.

Final Thoughts

Obviously certain roles within banking will always require a boots on the ground approach. As long bank branches exist, they will require tellers and advisors to man them, and certain regulatory concerns – particularly in the trading and investment sectors – will not allow for remote working. However, whenever possible and practical banking firms should be offering remote and/or hybrid working models – or risk hemorrhaging top talent to those companies which are.

Hybrid and remote working models are sure to be part of the conversation at Future Branches Boston, being held in June at The Westin Copley Place, Boston, MA.

Download the agenda today for more information and insights.