Recent trends in the market have sparked a renewed interest in understanding the workforce and its associated challenges. In response to this renewed interest, EY carried out the “EY Global Work Reimagined Survey” to gather perspectives from both sides and bring a comprehensive view on the issues.
To gain more regional insights, we surveyed a range of clients within the FS sector in Belgium, between July and September 2022. The respondents hold management roles within the FS sector. This includes traditional HR functions, as well as managers who are confronted with a variety of challenges, such as transformations, post-COVID issues, and the daily struggles faced by their workforce.
This article summarizes the three main findings that arise from the study.
1. Flexible work models are here to stay
Several trends are reshaping the way we work. Among them, remote working is probably the first one that comes to mind.
At the start of the pandemic, companies were forced to shift from a complete on-premise work environment, with little to no remote working allowed, to a fully remote model. 96% of respondents are convinced that their companies came out stronger than they were before the pandemic.
Post-pandemic, most respondents expect physical presence in the office for at least two to three days a week, indicating that the majority of financial services organizations have now fully adopted a flexible working model. Flexibility is mostly defined as a minimum presence required at the office. It does not necessarily mean that employees get to choose when or where to work. But telework is here to stay and Tuesdays and Thursdays appear to be very popular times to come to the office.
What is surprising in the Belgian FS market, is that employers are not asking their employees to come back to the office for a full workweek, whereas, globally, this is a requirement expressed by 22% of employers.
Within the financial sector, just like anywhere else, flexible working models are here to stay. For employers, this means reduced office space. For employees, it increases emotional wellbeing. However, skyrocketing energy prices might push employees back to the office and the FS sector is not prepared. All of this calls for a clear teleworking policy, and a change in mindset and culture, adapted to remote working.