# Financial Services firms are prioritising Flexible Working Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2018-03-06 Category: FINANCE Category URL: https://financedigest.com/category/finance Meta Title: Flexible Working Policies: Key for Talent Retention in Meta Description: Discover the challenges and opportunities of implementing flexible working policies in today's organisations, and the impact on talent retention and Tags: featured Tag URLs: featured (https://financedigest.com/tag/featured) URL: https://financedigest.com/financial-services-firms-are-prioritising-flexible-workinghtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/fd060318-1-1736842935400-compressed.jpg) **_John Howard,_** _Head of Enterprise EMEA, Logitech_ Flexible working practices have been talked about for the past decade, but for many firms and employees, policies are finally becoming a reality. With Brexit on the horizon and open banking coming into play, there will be challenges and opportunities ahead. With such transformational change ongoing, talent retention will be key for firms. Commitment to flexible working policies will allow companies to [save money](https://www.financedigest.com/how-to-save-money-on-important-documents.html "How to Save Money on Important Documents"), garner a more productive workforce and retain the best talent. [Research from Hydrogen and My Family Care](http://flexibleworkingreport.com/) found 81% of workers in the UK look for flexible working options before joining a company, far more than any other benefit. In addition to this, 53% said they would rather have [flexible working opportunities over a 5% pay](https://www.financedigest.com/flexible-pay-can-boost-low-productivity-in-the-uk.html "Flexible pay can boost low productivity in the UK") rise. There is a strong demand for flexible working in today’s organisations, and there’s an [expectation of firms](https://www.financedigest.com/german-engineering-firms-expect-hit-from-supply-chain-bottlenecks-next-year.html "German engineering firms expect hit from supply chain bottlenecks next year") to offer competitive packages. The [financial sector has a reputation for long working](https://www.financedigest.com/turning-a-blind-eye-wont-work-for-financial-firms-as-the-fca-tightens-its-grip.html "TURNING A BLIND EYE WON’T WORK FOR FINANCIAL FIRMS AS THE FCA TIGHTENS ITS GRIP") hours, offset with higher wage and bonus payments. Employees are also expected to be in the office using trading floor technologies, alongside [secure platforms and networks to handle customer data](https://www.financedigest.com/cyber-security-data-re-assurance.html "Cyber Security: Data ‘Re’-Assurance"). This has made it more difficult for employees to work flexibly in the past. However, [firms are finding ways to accommodate flexible working while still arming all of their workers with the technologies](https://www.financedigest.com/technology-trends-heat-up-for-financial-firms.html "Technology trends heat up for financial firms") they need. A recent study from [Working Families](https://www.workingfamilies.org.uk/publications/benchmark2017/), a work-life balance charity, found that six of the top ten employers for flexible working and work-life balance were financial services firms: American Express, Barclays, Deloitte, EY, Lloyds Bank and Royal Bank of Scotland. **Flexible working’s rationale** There are certainly plenty of incentives to spread more abundant flexible working policies in your organisation [next year](https://www.financedigest.com/global-crypto-regulation-body-likely-in-next-year-top-official-says.html "Global crypto regulation body likely in next year, top official says"). The Working Families study shows that the [finance industry](https://www.financedigest.com/how-to-drive-a-data-culture-in-the-finance-industry.html "How to drive a data culture in the finance industry") as a whole tends to lag behind others when it comes to flexible working. Only 17% of finance and accounting professionals in the UK work remotely at least once per week, which is just half the UK average. 35% of finance and accounting professionals asked said they would be uncomfortable even just discussing flexible working with their employer. This has to change. In fact, research by [Roberthalf](https://www.roberthalf.co.uk/blog/human-resource-management/7-benefits-flexible-working-your-business-missing-out) shows 60% of HR directors have seen an increase in workforce productivity when flexible working policies have been introduced. HSBC recently published [data](http://workplaceinsight.net/nine-ten-employees-believe-flexible-working-key-boosting-productivity/) revealing 89% of UK employees believe flexible working is a key motivator to productivity, compared to just 77% who said financial incentives were key. Organisations must do more to encourage their employees to work from different environments, and likewise , workers should consider how and when they are most productive for their different tasks. [Financial services firms](https://www.financedigest.com/financial-firms-can-use-technology-combat-todays-cybercriminals.html "How financial firms can use technology to combat today’s cybercriminals") must try and phase out the culture of presenteeism. [It has been described by academics as the biggest threat to UK workplace productivity](http://www.telegraph.co.uk/health-fitness/mind/presenteeism-thinking-nipping-office-hour-today-dont/) and is thought to cost the UK economy twice as much as absenteeism. Flexible working helps to remove the stigma that leads to this. The ability to be flexible means workers will be less stressed if they have commitments before or after work, it can help them to get siloed work done quicker without disturbances, and it also means they are less likely to become ill. With all the evidence above pointing towards the merits of flexible working, it should come as no surprise that competitive policies will help [financial services firms](https://www.financedigest.com/financial-services-firms-turn-to-big-data-intelligence-to-fight-fraudulent-activity-according-to-xerox-study.html "FINANCIAL SERVICES FIRMS TURN TO BIG DATA INTELLIGENCE TO FIGHT FRAUDULENT ACTIVITY ACCORDING TO XEROX STUDY") to retain their talent, as well as attract a more diverse workforce. This is true at every level of the recruitment process – from graduates who will actively look for jobs that allow them to have a better work-life balance, to [mothers who want to get back into work](https://www.financedigest.com/the-pandemics-impact-on-working-mothers-new-research-reveals-that-two-thirds-have-stopped-working-or-now-work-less.html "The Pandemic’s Impact on Working Mothers: New Research Reveals That Two-Thirds Have Stopped Working or Now Work Less") after maternity care while remaining a big part of their child’s life. While not all jobs can be done from home, [advances in technology](https://www.financedigest.com/the-automotive-interior-materials-market-to-undergo-decisive-technological-advancements.html "The Automotive Interior Materials Market To Undergo Decisive Technological Advancements") have made this more viable than ever before. Video conferencing, real-time shared document editing, and high-speed internet [mean that collaboration is no longer](https://www.financedigest.com/why-fundraising-no-longer-means-kissing-a-lot-of-frogs.html "Why fundraising no longer means kissing a lot of frogs") confined to just the office. When people utilise flexible working, they accomplish just as much as they would under more traditional practices, if not more. Below are my top tips to get your employees working flexibly. **Work to remove any stigma surrounding working from home** Removing stigma to working from [home is perhaps the most crucial part](https://www.financedigest.com/fbi-searches-trumps-florida-home-as-part-of-presidential-records-probe.html "FBI searches Trump’s Florida home as part of presidential records probe") of establishing more flexible working practices. It is essential that your employees feel comfortable with the idea of working from home. They cannot feel as if they will be punished, [held back](https://www.financedigest.com/burberry-held-back-by-china-lockdowns-and-u-s-weakness.html "Burberry held back by China lockdowns and U.S. weakness"), or looked down upon for choosing to work from home. This can be done by giving direct encouragement to employees, or even leading by example if possible. In turn this will help to dissolve any pre-conceptions that may be held that people who [work from home aren’t contributing as much as their colleagues in an office](https://www.financedigest.com/are-businesses-using-cybersecurity-as-a-scapegoat-for-a-desperate-return-to-office-working.html "Are Businesses Using Cybersecurity As A Scapegoat For A Desperate Return To Office Working?"). You can use software and collaboration platforms to enable workers to share an up-to-date status of where they are with their projects and what they are working on. All employees, no matter where they are based, need to be available. It is therefore crucial that employees [keep shared](https://www.financedigest.com/sas-bridge-financing-keeps-survival-hopes-airborne-shares-climb.html "SAS bridge financing keeps survival hopes airborne, shares climb") calendars updated and clearly indicate when they would be available to receive a video call or attend a video conference. **Keep your employees properly equipped** It is important all your employees feel they have the right tools to do their jobs properly, whether in the office or at home. Your employees can only [produce top](https://www.financedigest.com/top-diamond-producer-de-beers-names-equinors-cook-as-new-ceo.html "Top diamond producer De Beers names Equinor’s Cook as new CEO") quality work if they have all the equipment they need to be at their best. For example, an accountant that deals with spreadsheets daily could benefit from a product such as the [Logitech MX Master 2S](https://www.logitech.com/en-gb/product/mx-master-2s-flow), with sideways scrolling and advanced tracking features, this mouse makes navigating spreadsheets exceptionally easy. Many of these peripherals are portable, and can be taken home to maximise productivity when you’re in a different location. It may also be critical to ensure employees have high speed internet connections, to increase productivity and maintain stability during video conferences, with similar connectivity infrastructure that a company has. It will also be a benefit in their spare time too! Make sure your home [company allows you to access any of your network](https://www.financedigest.com/hackers-hit-italian-oil-company-enis-computer-networks.html "Hackers hit Italian oil company Eni’s computer networks") remotely. This can be as simple as getting your IT team to authorise access. Of course, the financial [service industry](https://www.financedigest.com/balancing-innovation-and-security-within-the-financial-services-industry.html "Balancing innovation and security within the financial services industry") offers a broad spectrum of careers. For those traders who work in the investment bank it maybe that it is more difficult to work from home than peers in the accounting industry or [asset management](https://www.financedigest.com/guide-to-choosing-a-digital-asset-management-system.html "Guide to Choosing a Digital Asset Management System") sector, because you need access to different technologies or the Bloomberg computers. However, you can review internal policies by considering a rota, whereby employees are more frequently swapping [jobs between time zones](https://www.financedigest.com/euro-zone-bond-yields-rise-after-u-s-jobs-data.html "Euro zone bond yields rise after U.S. jobs data"), rather than a specific market, for example. **[Keep working](https://www.financedigest.com/why-employers-rocked-by-the-great-resignation-must-keep-working-mothers-on-board.html "Why employers rocked by the Great Resignation must keep working mothers on board ") from home professional** There are many ways of creating a professional [environment within the home](https://www.financedigest.com/demand-for-secure-and-safer-home-environment-will-increased-revenue-sales-of-baby-gates-market.html "Demand For Secure And Safer Home Environment Will Increased Revenue Sales Of Baby Gates Market"). First, it is important employees set up a dedicated office space. This includes a tidy desk and a comfortable chair. A divider can be a great way of separating the professional area from the rest of the home, also acting as a good background for a video call. A high-quality webcam is essential for any work from home employee, so they can take part in video conferences when away from the office, whilst still maintaining professional standards. The [Logitech BRIO](https://www.logitech.com/en-gb/product/brio) webcam ensures professional standards when it comes to video calls, it can work on 4K Ultra HD, as well as 1080p full HD video calling. This will help to ensure video calls are less frustrating – that you and any documents or [data that you are sharing](https://www.financedigest.com/global-shares-slide-dollar-gains-as-rates-rise-on-strong-data.html "Global shares slide, dollar gains as rates rise on strong data") are clearly seen and understood. For employees who work remotely most of the time, it is still important that they visit the physical workspace on an occasional basis. While video calls help to build rapport better than other forms of digital interactions, it is [important they spend](https://www.financedigest.com/as-consumer-spending-increases-convenience-and-security-have-never-been-more-important.html "As consumer spending increases, convenience and security have never been more important") quality time in person with their colleagues. Whether you are rolling out flexible working policies for the first time, or you are considering making them looser – it’s important to note that it can be a continual learning process. Ensure that you are asking for constant employee feedback so that workers don’t become frustrated by any new polices. This ensures we continue to share best practice and that your organisation [maintains innovative](https://www.financedigest.com/innovation-based-sanity-to-maintain-the-momentum-of-dermatophytic-onychomycosis-therapeutics-market.html "Innovation-Based Sanity To Maintain The Momentum Of Dermatophytic Onychomycosis Therapeutics Market") polices that keep flexible working and employee wellbeing top of the agenda. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---