Paul Wooldridge, Digital Workplace Customer Service Delivery Manager, SoftwareONE
The workplace of today isn’t the same as it was a couple of years ago. Technological developments and employee behavioural have spearheaded a shift in the future of work. Where previously employee well-being and work-life balance was not a top priority for, this is no longer the case. To keep and attract talent, hybrid working must be embraced.
All operations and customer services use to happen under one roof, but technology has allowed employees to work from anywhere and anyway from the office. However, the question remains, is hybrid work going to become a staple of the new future of work, or will employees return to the office?
It’s here to stay in some capacity.
According to UK Parliament, before the pandemic in 2019 only 12% of employees worked from home in a hybrid/remote capacity. Fast-forward a year, during the pandemic, 49% of workers in Great Britain alone worked in a hybrid/remote capacity. Even though the number of hybrid/remote workers has slowly decreased post the pandemic, the number of workers still working in a hybrid/remote capacity is still higher than pre-pandemic numbers at now 22%.
Some organisations have sent employees back to the office, in an attempt to return the workplace to how it once was. JPMorgan this month announced that they expect their managing directors to be in the office five days a week. Stating that “leaders should be around for feedback and impromptu meeting.” However, having once had the flexibility hybrid work, employees are reluctant to let it go – more than 80% of employees who worked remotely due to the pandemic prefer a hybrid working model. Employees have now grown to love the freedom and work-life balance that hybrid working brings. The favourable work structure is has become something that is expected and not only offered. Microsoft’s study on UK workers found that 51% of employees would consider quitting if they were asked to give up their current hybrid working model.
Employee demands have driven hybrid/remote work to become a staple of the work culture in today’s working environment. Nevertheless, accepting this new workflow is one thing. Implementing the right technology so that it is successful is another.
In 2020 companies rushed to the cloud, so employees could work from home despite the imposed lockdowns – this attempt at a hybrid/remote workplace worked well over the Covid period. However, in 2023, rushing into choosing a cloud technology service is no longer fit for purpose. As cyber criminals take advantage of the dispersed workforce, financial institutions must bolster their cybersecurity.
Technology is needed.
Unlike other industries, the financial sector must deal with a great deal of sensitive data and money 24/7. Now with employees working in a variety of places at different times, the technology available must be able to meet the needs of employees. No longer are financial institutions employees all working under one roof. As a result, the technology used has to be cross-functional and improve security, speed, convenience, coverage and customer experience.
The cloud is key to successful hybrid working, being the backbone to enabling employees to access the right data and documents from anywhere at any time. Cloud computing can be implemented and used in different ways to best fit the financial institution– whether that be public, private, hybrid or multi-cloud services. These four different cloud computing services vary in accessibility, functionality, and cybersecurity benefits. When it comes to choosing which cloud technology would be best suited to your financial institution, it is important to take into consideration that not all cloud services are beneficial to your specific needs. Not one shoe fits all, it’s important that the cloud service chosen fits the need and servers a relevant purpose.
Apart from the accessibility benefits of cloud computing, there are cultural practices such as FinOps and IT asset management (ITAM) that because of cloud computing can be implemented. These practices enable clarity throughout the institution.
Choosing the right cloud computing technology is a pivotal decision for all financial institutions. This decision could impact how easily they can embrace and implement this new workflow that is important to employees. Failure in picking the right technology could make the process more strenuous than necessary.
Be prepared.
As the old saying goes, “Fail to prepare, prepare to fail’. This couldn’t be more apparent for financial institutions that are preparing to enter the new future of work. With technology ever evolving and employee behavioural traits ever-changing, financial institutions need to be prepared for any dramatic shifts in the work environment. Right now, the shift that financial institutions need to prepare for is the move to hybrid work completely.
A recent survey found that 66% of banks now offer hybrid working to their employees. As it currently stands, it seems that financial institutions have accepted that the future of work will include a hybrid work style. However, accepting the new workflow is one thing being prepared for it is another.
All financial institutions must have the right technology in place to adapt to the impending changes in the workplace. Failure to do so could lead to employees leaving. Which in turn would have a detrimental effect on the services that financial institutions can provide customers and consequently affect their bottom line.
