Financial services leaders would rather quit than return to the office

Among the many things that have changed since the start of the pandemic, the way people view their workplace is one of the most radical.

While working from home was already starting to gain traction over the last decade or so, the way companies were able to adapt to Covid restrictions opened workers’ eyes to the possibilities, and in the financial services industry that’s causing some issues among senior staff.

The decades-old workplace culture of financial services, which frequently demanded long, hard-working days, is being challenged by leaders at large financial institutions who believe they can work just as well from home at least part of the week.

A new survey from Deloitte reveals that 66% of U.S. financial services leaders who work remotely at least part of the week say they would quit their current role if they were forced to return to the office five days a week.

Although some firms are now mandating being in the office three to four days a week, this is not preferred by leaders — 18% said this is not their ideal arrangement, with flexibility favored.

However, some take a more pragmatic view. Among leaders with hybrid work arrangements, 62% of respondents say they would prefer to work remotely more often but feel it would be bad for their career.

"As employers work to establish their in-office policies, it's important that they carefully examine how to optimize in-person interactions, identify the most suitable tasks for remote work, and empower employees with flexibility,” said Neda Shemluck, U.S. financial services DEI leader and managing director at Deloitte Services.

FEMALE LEADERSHIP IMPACT

The survey also found that 45% of women respondents in senior leadership roles report being likely to leave their current employer over the next year.

This could lead to a shrinking pipeline of female leaders in the coming years.

"Financial services institutions should be immensely concerned that many of their leaders — particularly women in senior leadership roles — have one foot out the door," said Dan Schawbel, managing partner at Workplace Intelligence. "While returning to the office can help organizations achieve their business objectives, companies should do so in a way that doesn't sacrifice employee engagement and well-being."