Most finance professionals desire hybrid work arrangements. The flexibility of working remotely or on-site helps employees strengthen their work-life structure to fulfill their professional and personal responsibilities.
According to a 2023 Deloitte report, flexibility in financial services companies is so highly valued that many leaders would rather leave their jobs than go to the office full-time. As a result, the future of hybrid work in finance is here to stay.
Desire for Hybrid Work in Financial Services Companies
The Deloitte study surveyed 700 finance professionals from large US financial services institutions, manager-level through senior leadership just below the C-suite, to understand their workplace experiences and expectations of their employers. The respondents represented the leadership pipeline at many financial firms.
When asked about their ideal workplace arrangement, most respondents expressed a preference for flexible working arrangements:
- 35% of respondents preferred more flexibility than what they have
- 25% desired 1-2 days per week at the office
- 18% preferred 3-4 days per week onsite
Importance of Hybrid Work for Financial Services Businesses
The Deloitte report found that 66% of respondents who work remotely at least part of the time likely would leave their roles if required to work onsite 5 days per week. Also, 35% of respondents considering leaving their roles in the next 12 months said they would look for roles with more flexibility. Therefore, financial services businesses considering return-to-office mandates could lose their pipeline of leaders and have challenges attracting talent.
Link Between Hybrid Work Models and Employee Engagement
Deloitte study respondents with hybrid work arrangements reported high engagement levels (92%). Engagement levels impact an employee’s sense of organizational belonging and commitment, likeliness to recommend their employer to a family member or friend, and decision to pursue career advancement:
Eighty percent of respondents with high engagement levels reported doing the following:
- Helping colleagues with tasks outside their job descriptions.
- Volunteering ideas to improve company products, services, or processes.
- Speaking positively about the employer.
- Learning a new job skill without being asked.
- Persevering when things at work were not going well.
Impact of Hybrid Work Arrangements on Employee Well-Being
Approximately half the Deloitte survey respondents reported stronger engagement, organizational commitment, and other factors impacting career advancement:
- Influence on important decisions
- Access to senior leadership
- Career advancement opportunities
- Internal and external networking opportunities
- Recognition and rewards for contributions and results
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