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Analysis shows workers in financial services will put in an extra 22 days of work when working from home, as nearly two-thirds hope for hybrid working in future

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Analysis shows workers in financial services will put in an extra 22 days of work when working from home, as nearly two-thirds hope for hybrid working in future 1
  • Additional working hours: Employees working in financial services will put in an average of 22 extra days of work – a whole working month – between March 2020 – March 2021, using the time saved from not commuting
  • Doubled annual leave: Even more extra time saved from not commuting is being used as leisure time, with employees in the sector gaining the equivalent hours of 28 holiday days – doubling the year’s annual leave allowance
  • WFH: Nine out of ten (90%) people working in finance say they now want the ability to work from home at least one day a week after the pandemic
  • A shift to hybrid working: Almost two-thirds of financial services employees (63%) are hoping for hybrid working – a blend of office and remote work – when safe to do so

Financial services businesses are gaining the equivalent of an extra 22 working days a year from employees putting in longer shifts when they work from home, according to new research from Atlas Cloud.

The research reveals that by working from home during the Coronavirus pandemic, instead of commuting to an office, employees in the sector are saving an average of 90 minutes per day – 6 minutes more than the UK average.

Office workers say they are splitting this additional time between work and play by spending an average of 40 minutes extra on work per day and also gaining an additional 50 minutes per day leisure time.

Under the new national lockdown, employees are only allowed to travel to work if it is “unreasonable” to do their job from home. Previously, the UK Government had advised all employees to work from home wherever possible.

As the average month comprises 21 working days, businesses would on average gain almost an entire month’s worth of additional work per each employee that works from home between the first lockdown in March 2020, and March 2021.

Meanwhile, by working from home, employees would gain back the equivalent hours of 28 days of annual leave – potentially doubling the minimum amount of annual leave (not counting bank holidays) staff are legally entitled to each year.

Over nine in ten people in financial services (90%) say they want the ability to work at least one day a week from home.

However, crucially the survey commissioned by the IT managed service provider Atlas Cloud shows that the sector does not want to see the death of the office, pointing to a future of hybrid work after the pandemic crisis is over.

Nearly three quarters (72%) of office workers in financial services now want a return to the office in some form, although only 9% want to work from the office full-time. Under a third (28%) say they want to work from home full-time.

Almost two-thirds (63%) said that they would prefer hybrid-working – a blend of home, office, and remote work – after the pandemic.

By implementing flexible, hybrid working policies (a mixture of office-based and remote working) when it is safe to do so, finance businesses would gain additional working hours whilst providing employees with opportunities for much-needed social interaction.

Half of respondents (51%) said they had used their additional leisure time to catch up on sleep, with 47% saying they had used it to spend more time with family, and 42% using it to do more exercise.

The provision of remote working is also becoming increasingly important for organisations looking to recruit top talent.

The ability to work remotely is also now a key consideration for 51% of job-seekers in the sector, a rise since before the lockdown, when it was judged to be important by 31%.

This shift in the priorities of the industry’s workforce means that many finance and insurance companies now have to re-think their office-centric approach to work. Of those that didn’t work from home prior to lockdown, 69% said this was due to restrictive company policies.

Nine out of ten office workers in the sector (90%) said the coronavirus crisis has proven that they can work effectively from home.

The increasing proportion of people who say they can now work effectively from home is being influenced by companies that invested in digital transformation during the pandemic. Over two thirds of employees working for financial services firms (69%) said their companies invested in new or updated technology to help enable digital transformation since the start of lockdown.

Pete Watson, CEO of Atlas Cloud, said: “Working from home can be a win-win for employers and employees as the lack of commuting gives people more time to spend working and more leisure time.

“However, working only from home is isolating for the majority of people, and unsustainable in the long-term. People miss face-to-face social interaction and for a significant number of people it is affecting their mental health.

“It is incredibly heartening to see some companies in the finance and insurance industries already putting in place pioneering plans to give staff the flexibility to work from the office, home, or remotely from another location when the pandemic is over. This is a really encouraging step towards a better future for employees and businesses.

“The pandemic has transformed the way we think about the workplace, but it is by no means the death of the traditional office – it is the birth of hybrid-working.

“This research clearly demonstrates that the majority of people want to return to the office in some capacity after coronavirus, but more often than not this is to pursue a hybrid working model where they can work more flexibly.

“Companies need to think about how to achieve this, particularly when it comes to implementing digital transformation, if they want to avoid being left behind as the country aims for a new phase of hybrid working.

“Instead of enforcing strict policies to work from home or from the office, employers need to build agility and flexibility into their policies, enabling hybrid-working in order to boost efficiency, productivity, and employee satisfaction, as well as attracting and retaining the best talent.

“One of the few bright spots of the coronavirus is that it has shown we can build a better way of working which will help to create better businesses, a better society and ultimately better lives for ourselves, our colleagues and our families. Companies should now be planning for post-pandemic changes in the way we work to avoid being left behind. We now have a golden opportunity to embrace flexible and agile hybrid-working to create a better work-life balance for millions of people.”

Business

How fintech companies can facilitate continued growth

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Fintech M&A: the terrible teens?

By Jackson Lee, VP Corporate Development from Colt Data Centre Services

The fintech industry is rapidly growing and, in the first half of 2020, fintechs have secured more than $25 billion in investment globally, despite the huge uncertainty caused by COVID-19. As fintechs and their customer base expand, it is important to recognise that the success of these companies is predicated on the ability to use data effectively in providing a personalised experience to their customers.

To ensure these companies do not become victim of their own success, they must ensure they have the ability to scale up their operations and data storage as quickly and cost-efficiently as possible, especially in these challenging times.

So what must fintech companies do if they are to facilitate this growth without bursting at the seams?

Big fish in a small pond

Fintech companies are growing exponentially, and for many, even the current uncertainty around the pandemic has not decelerated the pace of their growth. However, having started small – with only having access to limited tools at the beginning of their journey, many fintech companies can’t keep up with their own rapid growth. When it comes to data infrastructures, they are facing a real risk of becoming a big fish in a small pond.

In order to achieve widespread innovation, and to keep their advantage over traditional financial institutions, fintech companies need the necessary playground space to experiment in.

When the pandemic and its consequent disruptions started to take hold, most businesses weren’t prepared for the types of challenges that they would have to face. Although the suggestion of investing in data infrastructure might seem counter intuitive at the moment, a lifeline for fintech companies going forward will be flexibility and the ability to scale.

Risky business? 

As the uncertainty around the pandemic continues, fintech companies, like other industries are finding it difficult to commit to long-term business plans. Despite their continued growth, fintech companies continue to be cautious to invest in expanding their operations during an unpredictable economic climate, especially when they are doing well enough as it is.

Even before the pandemic, fintech companies exhibited slower rates of the adoption of digitalisation and advanced IT infrastructures than other industries. It’s clear the future is digital and for fintechs to effectively compete in today’s volatile market, they need to be proactive and invest in the value of data and digital transformation.

One area that fintech companies must be proactive in is their IT infrastructure, especially their data storage and connectivity, in order to allow them to act faster than big, established competitors.

Limitless scalability

Due to the continuous growth of fintech companies, with no sign for it to slow down, these companies will have to continually scale their operations up to manage increased demand. Ordinarily, this would have very high costs as they would have to continually alter their IT infrastructure and solutions.

When it comes to flexibility, data is a crucial aspect for fintechs. In today’s world, companies store masses of data, and its amount is growing fast. This makes the storing of the data a juggling act, and the costs keep growing with it. In periods of economic uncertainty, such as the one we are experiencing now, this constant increase in data can quickly turn into a challenge. Therefore, fintechs must ensure that scalability is at the heart of everything they do. When it comes to scalability, however, the key factor is not just growth or the ability to scale up. A vital, but often overlooked opportunity in scalability lies in scaling down, when needed. For fintechs aiming at this level of scalability, hyperscale is the only way forward.

The answer is hyperscale

Hyperscale data centres provide businesses with a one-stop shop for all their data and capacity requirements. These centres, which are built in a campus-style design, allow companies to build out further data centres quickly within the same location, or if needed, downsize. In an environment of ever-fluctuating demand, hyperscale enables scalability of data and storage swiftly. This presents many benefits. The sheer size of these facilities allows for large-scale cloud adoption, which is more streamlined, flexible and cost-effective than ever before. This will help fintechs to get a better handle on their data and reduce costs as much as possible.

With this level of scalability, companies can operate like an elastic band, expanding or retracting when necessary and at a moment’s notice. For example, imagine this year’s Christmas. With the uncertainty of the pandemic and constantly changing restrictions, people’s online activity will be even higher than in previous years. Fintechs will have to scale up their operations to cope with the high demand of online services. Meanwhile, when demand goes down in January, it might be beneficial to scale down and reduce costs until demand increases again.

Hyperscale will also help fintech companies to future-proof their operations, which has become a key consideration as the economy looks to recover from the pandemic. By having the level of flexibility that hyperscale provides, businesses will always have the ability to lean or expand. Being able to adjust quickly within the hyperscale environment, with no added costs, makes fintechs more resilient and flexible to disruptions.

While cutting costs will continue to be a priority in today’s business environment, it is important that fintech companies look beyond this and focus on innovation and technology. The issues that the pandemic unearthed already existed and needed to be addressed by businesses. Therefore, they need to take the current situation as an opportunity to reconsider and improve their business models. Flexibility, scalability and cost efficiency must be top priorities in this new era. Hyperscale can provide this trinity of success.

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Business

2021 Predictions: Operational Resilience Takes Center Stage

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Managing Operational Resilience And Safeguarding Data Are Core To Sustainable Digital Financial Services

Breaking down barriers between Risk and Business Continuity

By Brian Molk, Fusion Risk Management

What a year! Simply put, the global shocks of 2020 were unmatched by any time in recent history. Not only did the COVID-19 pandemic reach a scale and longevity that rippled through the way organizations operate, communicate, and safeguard against future disruptions, we simultaneously experienced civil unrest, wildfires, hurricanes and more. This unprecedented time exposed weaknesses in organizations and demonstrated that historically siloed approaches to resiliency put organizations in grave danger. No one had a plan robust enough for 2020. Those that emerged from this year stronger were those that took an agile, collaborative, and, above all, data-led approach to resilience.

Driven by these changes, the industry will see several trends in 2021:  operational resilience that blurs the lines between multiple disciplines, real-time decision-making based on data instead of plans,  industry collaboration and product suites,  a new executive buyer, often in the C-suite, and  regulators taking greater interest in resilience across critical industries.

Operational Resilience Goes Multi-Disciplinary

2020 prompted volatile and unpredictable market conditions. The pandemic not only demonstrated the interdependence of multiple areas of risk, but showed organizations that they must be hyper vigilant about all disciplines simultaneously and holistically. Organizations recognized they had resources and processes siloed, and that communication and coordination cross-organization is necessary to prove resilience to leadership, regulators and stakeholders. This demonstrated that solution areas (business continuity, risk management, disaster recovery, and more) with their specific expertise and training each have a role to play – and a strength to bring – in an operational resilience strategy.

As organizations recognize the importance of multiple-discipline focus, the barriers between these practices will break down and come together under operational resilience. Operational resilience will become the overarching school of thought in the industry. As a result, products and services will evolve to serve this need.

Data Instead of Plans

If 2020 demonstrated one thing, it’s that organizations simply cannot plan for everything – and instead must be ready to resolve problems as they arise. However, those that emerged most successful from disruption were those with good data at their fingertips, ensuring that leaders can make informed decisions quickly.

Gone are the days in which meticulous planning and tabletop exercises were the best approaches to resilience. In 2021, organizations will recognize the value of identifying their data and dependencies, maintaining them in software and leaning on the technology to simulate the multitude of outcomes possible. When unplanned events do arise, organizations will depend on technology to play out the plans, understand where they will fail and propose the right changes proactively.

Brian Molk

Brian Molk

Industry Collaboration and Product Suites

Industry collaboration is already underway and will continue into next year. As resilience continues to become a highly visible and critical business operation, the industry will realize the benefit of products that span disciplines to better deliver on organizations’ needs. As organizations break down silos between business continuity, incident and crisis management, disaster recovery and various risk disciplines to become one broader resilience practice, industry players will consolidate their respective offerings and increasingly integrate product suites for greater collaboration – and ultimately, greater resilience.

C-Suite Involvement in Risk and Resilience

In 2021, we will see resilience become a priority at every level of an organization – especially with executive leadership. Prior to this year, many companies viewed resilience as an esoteric activity focused on placating leadership and regulators. They relied on a few employees to own all resilience programs, not intimately involving themselves or their operating executives with the details. 2020 took resilience out of the back room and placed it firmly into the boardroom.

The C-suite will be increasingly committed to knowing whether their organization is ready to tackle and recover from disruptions. This means a resilience program needs to span all the appropriate departments and disciplines, speak the language of business instead of practitioners and answer the highest-level questions of readiness in a single executive experience.

Operational Resilience in Every Critical Industry

Undoubtedly, operational resilience will begin to take center stage in all critical industries. Over the past several years, the Bank of England, the Fed, and the European Central Bank among others have begun a push for regulation not only in financial resilience but in the resilience of operations for financial services. These bodies recognized the critical impact that their industry has on the wellbeing of individuals, businesses, and the economy as a whole – and are taking seriously their role in making a more resilient economy.

Other critical industries, including energy, power, agriculture and others (possibly based on the 16 critical industries defined by the department of homeland security) are similarly positioned. We expect to see regulators taking a greater interest in the organizations in these spaces, to ensure our national and global systems are resilient enough to recover from future events.

2020 was a challenging year, and many people are likely relieved it’s over. But don’t rest on your laurels. Whether it’s climate change, political unrest or even pandemics, the world is more interdependent and more exposed than ever. Ensure your organization has learned the lessons of 2020 and is first to take advantage of these trends in 2021, before it’s too late.

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Five Workplace Culture Trends of 2021

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Five Workplace Culture Trends of 2021 2

5 January 2021 – 2020 – a year like no other – is responsible for driving organisational change, especially workplace culture, which has witnessed considerable upheaval over the past 10 months. Workplace culture expert, O.C. Tanner Europe, foresees that the pandemic and its fallout will accelerate further changes on a scale never before witnessed. Here are its top five workplace culture trends of 2021:

  1. 2021 will see a big focus on organisational culture – COVID has altered priorities. Perhaps for the first time, the importance of a thriving workplace culture has been driven home, with leaders realising that culture isn’t just about the physical perks such as the table tennis table and massage chair, but is about connecting people to purpose, accomplishment and each other.  After months of remote working, furlough and general workplace flux which has caused mass anxiety and financial strain, many organisational cultures need healing and fixing. Leaders will need to find ways to bring people back together, even if it means doing this remotely , and some leaders may even need to strip everything back and re-build a more positive, connected and purpose-driven culture from the ground-up.
  2. How we work has changed for good – Research by the O.C. Tanner Institute found 77 per cent of employees say their workplace culture will never return to pre-Covid-19 normal. Remote working will continue well into 2021 and as employees have proven that remote working can be as efficient and productive as being in the office, many organisations will allow employees to work remotely permanently. On top of this,  with many organisations having had to adapt to virtual working, many normal work processes have changed for good. Companies have already adopted new recruiting and hiring processes, including virtual interviews and even the benefits that appeal to employees right now are shifting. Rather than unlimited holidays, paid parental leave has become important. There’s also a renewed focus on mental and emotional wellbeing.
  3. A greater emphasis on diversity and inclusion (D&I) – Organisations can no longer remain silent on social issues. Employees expect their companies to be vocal on issues of injustice and inequity and this includes a greater emphasis on D&I. And instead of focusing on how to avoid exclusion which is an approach initially driven by legal experts to avoid litigation, the key is to concentrate on inclusivity. This means companies should look past categories such as race, gender, or sexual orientation and nurture each person as an individual. With just 44 per cent of employees saying their company’s diversity and inclusion approach feels sincere, there is a huge opportunity for organisations to improve their efforts.
  4. Generation Z needs to be connected to purpose – Employees in this generation are entering the workplace and more than any previous generation, they are highly connected to social issues and want to make a difference in their jobs. This generation isn’t about climbing the corporate ladder but want to feel that they belong and that their company has an inspiring and relatable purpose. In order to attract and engage Gen Z employees, companies must connect their work to purpose, practice modern leadership and focus on wellbeing.
  5. Real digital transformation is happening – Covid-19 has forced true digital transformation that companies may have had on their ‘to do’ lists for years. Technology has been used to connect us together and keep us working during times of social distancing and remote working, and technological innovation is not stopping any time soon. Mobile tools are more important than ever, as well as strong data security and robust internet capabilities. We will continue to see more technological developments this year, with a focus on bringing people together despite many employees still working apart.

Robert Ordever, Managing Director of O.C. Tanner Europe says, “Leaders and HR professionals need to be prepared for the challenges ahead as they tackle the fallout from the pandemic. There must be a concerted effort to heal broken and damaged workplace cultures while building on the positive developments as a result of COVID-19. Inclusive, connected and purpose-driven workplaces must be prioritised and it’s time to drive technological advancements to bring people together. 2021 needs to be a year of deliberate and positive transformation.”

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