City workers are ignoring calls from ‘C Suite’ executives for staff to come into the office for a minimum number of days each week, according to a new report.
Workers and managers in the financial and professional services sectors are instead employing their own “bespoke” working models that align with their specific operational needs, the report says.
The study – which is based on interviews with 100 workers in major companies including Goldman Sachs, Blackrock, Natwest, and PwC – suggests remote-first policies had no detrimental impact on productivity.
Those interviewed instead claimed flexible working policies have the potential to boost productivity significantly in providing greater efficiency at the team level.
The paper says time spent commuting could instead be used for productive working as it argues companies should ensure the time and cost of travelling to office is worth it for employees.
The report – which is sponsored by some of the UK’s largest companies – argues that in allowing for greater flexibility firms also have an opportunity to reduce staff turnover related to burnout and stress.
The study warns firms that fail to let staff work from home risk losing out in the battle for talent, as women in particular are likely to begin flocking to companies that allow for remote work.
Dr Grace Logan, an economist at LSE, warned demands from top level executives that workers come in for a minimum number of days each week are “ego driven rather than having the best interests of the business in mind.”
Anna Lane, president of Women in Banking and Finance (WIBF), explained that managers are increasingly “experimenting” with different models, with “with productivity and psychological safety” in mind.
She warned those managers demanding “rigid” schedules, requiring workers come in for “3,4, or 5” days each week will “lose out to their competitors who do not”.