New Survey: 66% of Financial Executives Would Rather Quit Than Give Up Remote Work
With the passage of time, remote work and the adapting of the hybrid model has become increasingly normalized. Employees can work without the hustle and bustle of going into the office full-time. Some prefer to have the option. These systems of workplace flexibility breed an opportunity for companies to listen to employees’ needs, before high turnover sets in.
A new study published by Deloitte illustrates just how tied executive professionals, specifically in the financial sector, are to flexible working arrangements. Out of 700 full-time executives at U.S financial services organizations, 66% of executives who work remotely at least part-time said they would likely quit if they were required to work in the office full-time.
If the employee had a plan to exit their position in the next 12 months, 35% of executives report they would leave for more flexibility and 32% would pursue a role that better aligned with their work-life balance goals.
Though some financial institutions now require employees to return to the office three to four days a week, only 18% of respondents say this would be their “ideal arrangement.” Office attendance is lower in large firms in the knowledge economy, according to a recent McKinsey survey. On finance firms with over 25,000 on staff, employees work from the office anywhere between 2.5 and 3 days.
Meanwhile, over half of executives polled say they feel pressured to go into the office more often. They fear losing their jobs as a result of eroding engagement, lower decision-impact, and disconnection with the organization as a whole.
According to Deloitte’s recent “Inclusive or isolated? New DEI considerations when working from anywhere” report, most financial services executives report workplace flexibility as the top key benefit of remote work. In fact, 45% of these professionals find value in “structuring their daily tasks” around their ability to work remotely or go into the office.
A whopping 69% of executives find remote work to be less harsh on their commuter pockets. Whether you’re driving, ride-sharing, or riding public transit into an active financial district, professionals benefit from saving money in these areas and allocating dollars and time where they value it the most. In fact, three in four men report higher levels of improvement with their relationship with their children, compared to 67% of women.
Comfort and convenience
The preference of remote work comes with its freedoms of location. During the COVID-19 pandemic, countless employees adapted and uprooted their lives in the massive shift to remote work. Many can choose to work from the comfort of home or on the beach if it’s more convenient. With that said, 49% say that another top benefit of remote work is comfort and convenience.
The McKinsey survey highlights the ways in which hybrid is here to stay. It found that workers making over $150,000 a year prefer working from home and would rather take a 20% pay cut to continue that lifestyle.
If companies don’t recognize the demand for remote work perks, they will risk losing leadership and talent retention.