Finance News

Working from home to remain permanent for a quarter of financial services employees

A further 17% said their business will no longer be in a permanent office when they return to full-time work.

Rozi Jones
|
30th July 2020
tech computer adviser business
"This research demonstrates the clear desire for people both in the Capital and finance teams not to return to their pre-Covid working environments"

26% of financial employees will not be returning to the office in August and will now work at home for the majority of the time, according to research from Theta Financial Reporting.

A further 17% said their business will no longer be in a permanent office when they return to full-time work.

Yesterday, Barclays boss Jes Staley signalled that he wants employees working from home during the pandemic to return to the office 'over time'.

He said 60,000 Barclays staff were working "from their kitchen tables", but stressed that another 20,000 were in offices, branches and call centres. In April, Mr Staley had said big-city offices "may be a thing of the past".

This comes as large, city-based firms appear to not be sending the majority of their staff back into the office. Earlier this month, just 800 of Goldman Sachs's 6,000 London staff have returned, while fewer than 2,000 of the 12,000 at JP Morgan are back.

Theta Financial Reporting's research found that 26% of financial employees have no immediate plans to return to the office and a further 24% said their employer hasn’t explored any flexible working options to help them or their colleagues return to work.

70% of City-based workers say they do not feel comfortable commuting to work via public transport anymore and think it will be one of the most stressful parts of their day.

35% say going back to work in a traditional office environment will have a negative impact on their mental health, which in turn will negatively affect their productivity.

Chris Biggs, managing director and founder of Theta Financial Reporting, commented: "This research demonstrates the clear desire for people both in the Capital and finance teams not to return to their pre-Covid working environments, regardless of the calls from business leaders.

"Many businesses have adapted to working away from the office and with so many people caring for vulnerable relatives, friends and children, it seems people do not want to return in August, despite the easing of lockdown restrictions. This will have a significant impact on how our workplaces will look beyond lockdown.

"From the commute to boosted productivity when working from home, there are numerous benefits to flexible working that this period has uncovered for millions of employers and employees alike. Business leaders would do well to realise this and adapt now to pivot their business, remove unnecessary overheads and plan for a post-Covid future."

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