The jury is still out on whether banks should prioritise a return to in-person culture or embrace a new way of working.
Almost a year and a half after the Covid-19 pandemic took hold, the vast office estates of many banks remain largely empty. The dilemma many banks face in the months ahead (the spread of Covid-19 notwithstanding) is whether to prioritise getting as many staff back in the office as quickly as possible or to simply accept that the world has changed, and embrace a new model of working. Although few argue that 100% home working is sustainable in the long-term, plenty believe the so-called ‘hybrid’ model (a mix of remote and office-based working) should be the new standard.
These are not straightforward decisions. Many staff, for whom remote working is now the status quo, are likely to value the flexibility offered by being able to work from home at least some of the time. A survey by Accenture of more than 9000 workers across industries in 11 countries found that 83% identified hybrid working as the ideal model. Banks that pursue an office-first strategy could risk driving staff into the arms of their competitors, especially in the tech sector which is often perceived to provide greater flexibility.
There are, however, many positives to being in the office, with collaborative working, the creation and maintenance of workplace culture, and apprenticeship of junior staff often touted as three areas where in-person working is far superior. Hybrid working also raises almost as many questions as it answers, when it comes to issues such as how to ensure all staff, regardless of their location, are given a fair hearing in meetings, a fair chance at performance assessment and promotion, and equal opportunity to get the best assignments. Such challenges are neither insurmountable nor entirely new, particularly for big banks with large international operations, but they will require careful consideration.
Many banks have already indicated whether they intend to pursue a primarily in-person or a hybrid working culture, with both suggesting their approach will provide a competitive edge. The key question to be answered in the months and years ahead is can both camps be right?
A feature on issues around hybrid working in banking will be published online this week.
