# Three Layers of Hybrid Workforce Data for financial institutions
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-09-14
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Optimising Productivity in Financial Institutions: The
Meta Description: Discover how the banking sector is adapting to the new normal of hybrid remote and office-based working to optimise productivity and employee engagement.
URL: https://financedigest.com/three-layers-of-hybrid-workforce-data-for-financial-institutionshtml

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_By **Michael Cupps,** Senior Vice President of Marketing at ActiveOps_

Before the pandemic took the world by storm, the banking sector seemingly set out rigorous plans regarding the future of work. However, these pre-existing ideas quickly faded and led to a scramble for businesses as they sought out to adapt themselves for a new phenomenon, hybrid working.

It is a combination of [remote and office-based working](https://www.financedigest.com/remote-working-tips-to-help-it-last-longer.html "Remote working tips to help IT last longer") which has arisen in prominence throughout recent times. The hybrid model gives workforces flexibility, combining the organisation of an office environment along with the convenience of homeworking.

With hybrid working looking like the new normal, businesses operating in the [financial sector must](https://www.financedigest.com/the-financial-sector-must-act-to-tackle-internal-data-security.html "THE FINANCIAL SECTOR MUST ACT TO TACKLE INTERNAL DATA SECURITY") now focus on optimising productivity, employee engagement, and organisational agility, amongst other things.

**A data-driven approach**

Before the pandemic and hybrid working, firms were at different [stages of maturity in their operations](https://www.financedigest.com/2021-predictions-operational-resilience-takes-center-stage.html "2021 Predictions: Operational Resilience Takes Center Stage") information and instrumentation capabilities. Over the past decade, we have [seen advances through data](https://www.financedigest.com/wall-st-seen-steady-ahead-of-inflation-data-fed-later-in-week.html "Wall St seen steady ahead of inflation data, Fed later in week") captured from workflow tools and improved productional dashboards (including digital pictorial boards).

They were initially designed around co-located workforces with homogenous processes and were supplemented by [active “on the floor” visual management](https://www.financedigest.com/with-the-right-active-manager-you-really-do-get-what-you-pay-for.html "With the Right Active Manager, You Really Do Get What You Pay For") and engagement by capable ops leaders. The pandemic disrupted that information flow, the benefits of co-location, and the “on the floor” level of engagement. Banking institutions have since embraced the brand-new learning curve in time for their employees’ return to the physical [office space](https://www.financedigest.com/a-guide-to-finding-office-space-for-your-startup.html "A guide to finding office space for your startup").

The pandemic disrupted that information flow, the benefits of co-location, and the “on the floor” level of engagement.

As it becomes increasingly clear that the future of work is hybrid remote and onsite work, [operating in emergency mode won’t be enough to bring banks into the next phase of profitability](https://www.financedigest.com/ikea-stores-owner-ingkas-annual-operating-profit-rises-9.html "IKEA stores owner Ingka’s annual operating profit rises 9%") and success.

**Businesses need to** [move with the times.](https://www.financedigest.com/30-years-of-excel-lence-time-to-move-on.html "30 YEARS OF EXCEL-LENCE: TIME TO MOVE ON?")

Older, established methods of gathering workforce analytics no longer provide a complete full picture of how work in an institution is carried out. Because work takes place in more varied times and places than ever before, captured [data in real-time is essential](https://www.financedigest.com/what-is-a-virtual-data-room-unveil-the-essential-information-here.html "What is a Virtual Data Room? Unveil the Essential Information Here!") for the business to see how and when work is completed. [Banks must rediscover and re-integrate their data](https://www.financedigest.com/reckon-introduces-link-to-bank-data-to-help-small-businesses-streamline-the-reconciliation-process.html "Reckon introduces link to bank data to help small businesses streamline the reconciliation process ") from a different source.

This source connects with a different kind of [workforce and understands variations in capacity across](https://www.financedigest.com/tech-awakening-needed-across-uk-workforce.html "Tech awakening needed across UK workforce") the whole spectrum, ultimately increasing engagement, collaboration, and productivity. The introduction of further complex assistance from automation (BOTS) provides businesses with vital [data showing the joint managing of both human and digital](https://www.financedigest.com/why-data-is-the-best-weapon-in-the-war-for-digital-talent.html "Why data is the best weapon in the war for digital talent") work and the capacity and capability of both.

Businesses have also expressed concerns about which individuals or roles can remain remote, what that means for headcount, and, more importantly, [employee experience leaving turnover seeming like an overwhelming or impossible challenge](https://www.financedigest.com/how-to-deal-with-challenging-employees.html "How to Deal With Challenging Employees?"). Yet, the correct [data can now allow institutions to approach](https://www.financedigest.com/putting-data-at-the-heart-of-a-customer-centric-approach.html "Putting data at the heart of a customer-centric approach") this transition with confidence. Banks must put instrumentation in place to capture their baseline data as quickly as possible. It will ensure they get hybrid remote workforce planning right and not [miss out on any future opportunities](https://www.financedigest.com/accountants-risk-missing-post-brexit-opportunities.html "Accountants risk missing post-Brexit opportunities").

Therefore, there are three layers of hybrid workforce [data for financial](https://www.financedigest.com/data-centres-and-the-changing-financial-trading-landscape.html "Data centres and the changing financial trading landscape") institutions.

1. **Capacity Planning –**

The first layer of hybrid [data financial](https://www.financedigest.com/how-big-data-is-sending-shockwaves-through-the-financial-services-sector.html "How big data is sending shockwaves through the financial services sector") institutions must monitor is workforce capability and availability for work, specifically who is available to perform specific tasks and whether they are working remotely or in the office. It is also crucial [data to have when deciding which roles](https://www.financedigest.com/theres-nothing-artificial-about-the-role-of-ai-and-data-in-the-finance-industry.html "There’s nothing artificial about the role of AI and data in the finance industry ") or teams can continue working remotely at no risk to their productivity. In some cases, it can be to the advantage of their productivity; some [teams or individuals may discover they are more productive in a remote](https://www.financedigest.com/build-a-strong-remote-team-with-these-5-steps.html "Build A Strong Remote Team With These 5 Steps") workplace.

2. **Time –**

The next layer of hybrid [data institutions must collect to make informed decisions](https://www.financedigest.com/wage-data-dents-dollar-recovery-before-fed-rate-decision.html "Wage data dents dollar recovery before Fed rate decision") about their workforce focuses on time. More specifically, organizations must have a clear idea of what time is available to do the work and how that compares to the time (and customer-driven timeliness) required to do the job. It looks at how an employee balances the specific task and commitments they’re responsible for within a working day. Ultimately, it allows [managers to ensure that employees are doing the optimal level of work for the time](https://www.financedigest.com/time-management-strategies-that-work.html "Time management strategies that work") they have.

3. **Work (Performance analysis) –**

These insights into hybrid [workforce data allow managers](https://www.financedigest.com/6-keys-to-managing-a-remote-first-workforce.html "6 Keys to Managing a Remote-First Workforce") and employees to explore performance and wellbeing metrics at any or all work locations. Armed with this data, [banks can make decisions about specific employees or types of work or tasks to be done in the office or at home and make practical efforts to harmonize the balance of work for the greater good of both the employee and customer experience](https://www.financedigest.com/visionary-banks-fight-the-blur-hybrid-computing-architecture-brings-a-faster-sharper-customer-experience.html "Visionary banks fight “the blur”: Hybrid computing architecture brings a faster, sharper customer experience").

**Decision-making should be ‘data powered’ in a** [hybrid world.](https://www.financedigest.com/how-hybrid-cloud-computing-offers-the-best-of-all-worlds.html "How hybrid cloud computing offers the best of all worlds")

The challenges of hybrid remote working saw [financial institutions](https://www.financedigest.com/3-ways-financial-institutionscan-leverage-live-engagement-on-social-media.html "3 ways financial institutions can leverage Live Engagement on social media") unprepared for the new normal. They hadn’t put the systems in place or [developed the skills](https://www.financedigest.com/what-skills-and-areas-of-knowledge-should-finance-teams-develop-during-2023.html "What Skills and Areas of Knowledge Should Finance Teams Develop During 2023? ") necessary to support it. But today, those [organisations now have a chance to capture essential data](https://www.financedigest.com/can-financial-services-organisations-harness-data-and-bi-to-catch-up-in-the-digitalisation-race.html "Can financial services organisations harness data and BI to catch up in the digitalisation race?  "), analyse it, and put it to good use not only for their employees and customers but for the future success and competitiveness of the business.

Implementing seamless data capture at the point of work, regardless of where the work is done, opens insights and analysis to lead large-scale operations into the [world of the Hybrid](https://www.financedigest.com/hybrid-it-how-to-get-the-best-of-both-worlds.html "Hybrid IT: how to get the best of both worlds") Workplace. Flexible and agile workforce management will be the new competitive advantage.

[Hybrid work](https://www.financedigest.com/how-has-hybrid-working-impacted-the-gender-gap.html "How has hybrid working impacted the gender gap?") comes with high stakes. Getting it wrong will result in a massive [cost for financial](https://www.financedigest.com/how-much-does-cloud-based-financial-software-cost.html "How Much Does Cloud-based Financial Software Cost?") institutions — but getting it right will lead financial institutions into a world of new opportunities and possibilities. The difference between one scenario and the other lies in whether an institution makes decisions based on its unique data.


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