Research conducted in the UK clearly shows that the majority of people planning to leave the industry claim that the quality of life and their well-being are the reasons for doing so. Attempts to force a return may prove to be spectacular failures in today’s difficult job market.
So far, financial companies have responded in various ways. Some have offered the well-known bait of cash. Bonuses have increased in 2021, and many large investment banks, in order to retain younger workers, have introduced widespread pay increases. Stock exchange floors and office campuses have been modernized to comply with new work rules. Citigroup Inc. plans to spend over £100 million (US$124 million) on a complete renovation of a 42-story office tower in London’s Canary Wharf district, and Goldman Sachs – a bank whose hardworking culture is part of Wall Street legend – has increased the vacation time for younger workers. And hybrid working – although reluctantly – is now a permanent feature of finance. JP Morgan estimates that around 40% of its 270,000 employees will work in a hybrid model.
In line with this trend, the workplace is evolving towards an approach more appropriate for employees and their productivity – a hybrid working model. This is a flexible working model focused on employees, which includes a combination of office work and remote work.
Companies in the technology sector are the most advanced in this new approach to work, where digitization and automation are part of their DNA. In May 2021, Google CEO Sundar Pichai announced a hybrid work plan for the company, which allows employees to work from the office for three days a week and remotely for the remaining two days.
“The future of work is flexibility,” Pichai said. Some other companies in the industry that fully utilize the hybrid working system are Hubspot, Microsoft, Infosys, Siemens and Amazon, to name just a few of the largest.