CashNews.co
What’s going on here?
UK financial leaders are leaning towards increasing office time as a KPMG survey reveals more than 75% of industry heads plan to bring staff back to the office more often next year.
What does this mean?
The pendulum of work culture is swinging back as over a third of finance firms aim for employees to work from the office at least four days a week. This move responds to challenges posed by pandemic-era remote work, which led to low office occupancy, particularly in pricey city centers. Employers are increasingly worried about the barriers remote work places on collaboration, especially between junior and senior staff. Yet, the shift isn’t without friction: just a few months back, only 10% of staff desired full-time office duties, showing a clear resistance to fully reverting to pre-COVID norms. Nonetheless, a significant 58% of leaders acknowledge that flexible working could boost their competitive edge, suggesting a continued tussle between flexibility and tradition.
Why should I care?
For markets: Returning to roots.
Big names like Amazon, Goldman Sachs, and JP Morgan are championing the move back to the office, potentially setting a trend. Firms are tightening policies and utilizing technology such as swipe systems and even digital cameras to track attendance. How this affects productivity and culture could influence financial market dynamics and help shape long-term hiring trends.
The bigger picture: Balancing the scales.
Globally and within the UK, finance companies are on a quest to perfect the hybrid work model to lure talent and foster effective teamwork. This drive to adjust office attendance policies reflects broader economic efforts to adapt to workplace evolution while maintaining a competitive edge in a rapidly shifting landscape.