"Company owners — including those working in the financial sector — should certainly be considering whether this could be more of a long-term plan."
There's no denying that the coronavirus crisis has had a massive impact on the financial sector in a lot of ways. And, one of the biggest changes companies are having to adapt to is the fact that most of their employees will now be working from home.
While the government might announce that offices are allowed to reopen in the next couple of months, I expect that many finance companies will continue to allow their staff to work from home. Here's why.
It will allow companies to recruit workers from further afield
If your business sticks to the old way of working, where staff are expected to come into the office every day, this will severely restrict your talent pool when it comes to making new hires: you'll only receive applications from people who live close to your premises, or those who would be willing to relocate for the job you're advertising.
If the roles at your company become completely remote, or you at least offer this option, candidates won't be restricted by where they live. This will give you more freedom to hire the very best people for the jobs you're looking to fill.
Employees see working from home as a perk
Before the coronavirus forced many workplaces to close down, people were already keen to work from home. In fact, 99% of people felt that they would enjoy working from home at least some of the time, according to Buffer's latest State of Remote Work report.
With companies always looking for new perks they can offer their staff to retain them, as well as to attract high-quality candidates to their available roles, offering a work from home scheme could really work for you. Being able to have more of a flexible schedule, having the freedom to work from any location, and getting the chance to spend more time with family are some of the main reasons people seek remote working opportunities.
With Oxford University's Saïd Business School's finding that happy workers are up to 13% more productive, it's well worth doing what you can to give your staff a work-life balance that suits them. Allowing them to work from home won't just benefit them: it will also be great for your business.
It reduces companies' overheads
Allowing your employees to work remotely can do wonders for your bottom line, too. Having a physical office can get very expensive when you factor in everything from the rent to the upkeep. So, you can save a huge amount by asking your staff to work from home and downsizing your office space — or even getting rid of it completely.
This might be an especially attractive idea if your company has been hit quite hard by the financial effects of the coronavirus. Many businesses are looking for ways to cut costs right now without losing any of their staff, and giving up your work premises could significantly reduce your overheads from now on.
Many businesses have been forced to allow their employees to work from home during the coronavirus pandemic. But company owners — including those working in the financial sector — should certainly be considering whether this could be more of a long-term plan. It could allow you to hire the very best talent, keep your staff happy, and cut costs.