Almost a year and a half after the Covid-19 pandemic took hold, the vast office estates of many banks remain largely empty. The dilemma many banks face in the months ahead (the spread of Covid-19 notwithstanding) is whether to prioritise getting as many staff back in the office as quickly as possible or to simply accept that the world has changed, and embrace a new model of working. Although few argue that 100% home working is sustainable in the long-term, plenty believe the so-called ‘hybrid’ model (a mix of remote and office-based working) should be the new standard.
These are not straightforward decisions. Many staff, for whom remote working is now the status quo, are likely to value the flexibility offered by being able to work from home at least some of the time. A survey by Accenture of more than 9000 workers across industries in 11 countries found that 83% identified hybrid working as the ideal model. Banks that pursue an office-first strategy could risk driving staff into the arms of their competitors, especially in the tech sector which is often perceived to provide greater flexibility.
