10 Questions about Hybrid Work in Financial Services

Hybrid work has become increasingly popular across industries. Research indicates that “83% of workers want to work remotely at least 25% of their time,” and the majority prefer hybrid arrangements over fully remote or traditional office settings. While tech companies pioneered hybrid models, industries like healthcare, education, and financial services are now adopting these approaches.

1. Why Should Financial Institutions Redefine Their Ways of Working?

Financial institutions should consider hybrid work for several strategic reasons:

• Talent Acquisition and Retention: Hybrid work helps attract better talent and can transcend geographical boundaries, addressing future workforce challenges.
• Employee Satisfaction: “Happy employees are productive employees.” When staff are satisfied with their work arrangements, business results improve.
• Real Estate Efficiency: Allowing employees to work remotely even two days weekly reduces commuting and carbon footprint while lowering office space costs.
• Innovation: Working in preferred environments – whether home, coffee shop, or office – encourages creativity and new problem-solving approaches.

2. What Is the Right Hybrid Work Model for Financial Services Firms?

Hybrid work is not a one-size-fits-all solution. Experts recommend building models on five pillars:

Being Inclusive

The model should provide equal benefits to all employees, avoiding discrimination or alienation.

Being Flexible

Maximize flexibility regarding when, where, and how employees work while providing necessary tools for efficiency.

Being Supportive

Support both employees and managers through training on remote team management and providing connectivity tools.

Being Secure

Prioritize security given that financial data is sensitive and confidential. Implement robust data protection measures.

Being Managed

Enable IT departments to create flexible network infrastructure supporting hybrid work’s dynamic needs.

3. What Work Environments Are Preferred by Employees in Financial Services?

Employees perform better in environments that support their needs. Key considerations include:

• Combining open spaces with private offices (respecting health regulations)
• Installing hardware enabling effective communication with remote workers
• Considering generational preferences (Gen Z, Gen X, and Baby Boomers have different office preferences)
• Prioritizing employee well-being as the foundation for success

4. How Often Do Financial Services Workers Need to Be In the Office?

Financial services employees often must work in-office for customer meetings, handling sensitive information, or extended collaboration. However, hybrid models remain viable.

Research from PWC shows that “20% of employees believe they need to be in office three days a week,” while “about 70% believe being in office three days weekly would help build distinctive culture.”

The solution involves surveying employees, discussing preferences, experimenting with schedules, and determining what works for your specific organization.

5. How to Sustain Company Values and Culture in the Hybrid Work Environment?

Maintaining company culture requires a bifold approach:

• Communication: Clearly communicate company values to all employees regardless of location
• Reinforcement: Reinforce values through positive feedback when employees demonstrate them

This ensures alignment and maintains strong company culture even with remote workers.

6. How To Maximize Hybrid Workforce Productivity?

Focus on two critical areas:

• Collaboration: Provide tools enabling effective teamwork whether in-office or remote
• Communication: Invest in strong communication infrastructure ensuring people can see clearly, hear well, feel included, and access supporting documentation for asynchronous work

7. How to Rethink Office Spaces to Meet the Needs of Hybrid Work?

Design office spaces prioritizing collaboration and communication:

Collaboration Elements:

• Sufficient open spaces for gathering and working together
• Adequate equipment for in-office teams (e.g., high-powered computers for developers)

Communication Elements:

• Private spaces for confidential conversations
• Meeting areas for group discussions
• Good lighting and acoustics
• Ergonomic, aesthetically pleasing furniture
• Clean, organized environment

8. How to Manage Compliance and Regulatory Risks in the Hybrid Work Settings?

Given financial services’ sensitive data requirements, implement these measures:

• Understand all compliance and regulatory requirements applicable to your company
• Establish policies requiring strong passwords and two-factor authentication
• Invest in robust security systems and data encryption
• Provide employee training on compliance and regulatory requirements
• Develop data breach response plans to minimize damage and enable quick recovery

9. How to Keep Up with Customer Needs While Working in a Hybrid Setting?

Customer-facing operations present challenges:

Key Challenges:

• Ensuring consistent information access regardless of location
• Providing right tools and infrastructure for all customer-facing staff
• Delivering adequate training on company systems and tools
• Protecting customer data wherever stored or accessed
• Maintaining service levels regardless of employee location

Solutions:

• Use centralized systems (cloud-based storage like Google Drive or Dropbox) for consistent information access
• Invest in hardware (laptops, smartphones) or remote desktop services for remote workers
• Combine in-person and online training approaches
• Strengthen cybersecurity processes for data collection, management, handling, and disposal
• Prioritize employee well-being, which translates to better customer interactions and satisfaction

10. What Technology Is Needed for Adopting a Hybrid Work Model in the Financial Sector?

Hybrid work challenges center on documentation, training, communication, customer service, and data security. Solutions include:

• Document Management Systems: Store, organize, and track company documentation
• Communication Tools: Slack, Microsoft Teams, Zoom, and Google Meet enable instant messaging and video conferencing
• Customer Relationship Management (CRM) Software: Track customer interactions and manage customer data
• Training Management Systems: Create, deliver, and track employee training courses (online and offline)
• Desk and Room Booking Software: Optimize office space planning and provide analytics for real estate management efficiency

Hybrid work can succeed in financial services. While challenges exist, advantages significantly outweigh obstacles. With available expertise and tools, organizations can effectively implement and sustain hybrid work models.