"The specific in-person aspects of office life most valued by our respondents will never disappear."
The research found that just 10% of financial services employees – including those in banking, investment management and insurance – have had a negative experience working from home during the Covid-19 lockdown period.
When asked what makes the experience positive, more than three quarters (76%) cited not having to commute as the top reason. This was followed by having more flexibility (43%), being able to spend more time with the family (39%) and having more time to exercise (28%). Employee wellbeing has also taken a positive turn with more than a third (36%) stating their wellbeing has improved during lockdown, against just under a quarter (24%) who said it has worsened.
Of those who rated the experience as negative, over half (51%) suggested it was due to having less in-person interactions, followed by to the challenges of maintaining a work-life balance (41%).
Additionally, more than three quarters (76%) of respondents felt they are as or more productive working from home during the lockdown. This is largely due to less time commuting to and from work (72%), followed by fewer distractions (54%) and a quieter working environment (52%).
Although more than half (55%) expect their employer to re-open offices by September, working patterns are set to change. The survey revealed that the portion of financial services employees who expect to work from home at least once a week after lockdown ends almost doubled from 41% to 77%. Meanwhile the proportion of those who expect to work from home more than two days a week has jumped from 12% to 43%.
With increased expectations to work from home, employees shared thoughts on what would improve their experience. Almost half of those surveyed (44%) said wellbeing tools – such as reminders to take breaks – would help.
Additionally, there is a gap in remote working tools available to employees with fewer than half (45%) having and using online video applications, just over a third (35%) using wellbeing tools and less than a third (30%) getting training on how to use new technology from home.
Margaret Doyle, financial services partner at Deloitte, said: “Against the a backdrop of the Covid-19 pandemic, the lockdown and all the challenges of home working – from health and financial anxieties to childcare – it is perhaps surprising that financial services employees are finding remote working so positive. But given ways of working are likely to be constrained for a while, this is good news. Longer term, this forced home-working experiment offers the industry a chance to reflect on its ways of working.”
Richard Hammell, UK financial services leader at Deloitte, added: “Even with the extensive use of advanced technology and offshore operations, the activities of the City have centred on direct, in-person working patterns. That model was changing before the lockdown but is now irresistible. The specific in-person aspects of office life most valued by our respondents will never disappear. However, the City will need to use this experience to reconsider the employee proposition that underpins the financial services industries. Far from being the death of the City – it’s a chance to shape it for the future.”
