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Hybrid workingFinancial servicesLatest News

City workers desert offices in favour of hybrid working

by Jo Faragher 20 May 2022
by Jo Faragher 20 May 2022 Some City bosses argue that certain finance roles cannot be performed from home
Shutterstock
Some City bosses argue that certain finance roles cannot be performed from home
Shutterstock

Just 14% of City workers consider the office to be their main place of work, according to a YouGov survey commissioned by Bloomberg.

Almost half (44%) of UK finance workers polled said they favoured a hybrid working arrangement, while 42% said their home was their main workplace.

When asked what they felt to be the ideal number of weekdays to work in the office, the most popular response was two, cited by 29.9%. A slightly smaller proportion (28.9%) said they felt just one day in the office was ideal.

The survey was published just as Office for National Statistics figures revealed that regular working from home has tripled since before the pandemic.

The TUC’s analysis of the ONS labour force survey for the final quarter of 2021 found that 22.4% of workers were working from home regularly in 2021, up from 6.8% in 2019 and 12.1% in 2020.

Hybrid working

Working from home statistics show three-fold increase

Employers see hybrid working productivity gains, but want staff in offices

Managing hybrid/flexible workers

Responding to the survey findings, Lord Mayor of London Vincent Keaveny, who is an ambassador for the UK financial services industry, said that there was still a “broad consensus to get people back three to four days a week”. He pointed to roles such as trading “where hybrid working doesn’t work”.

A number of investment banks such as Goldman Sachs have put employees under pressure to come back to the office full time.

Financial services employers may need to rethink the role of flexible and hybrid working in their attraction strategies, however.

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Bloomberg also found that – among workers in the sector who plan to leave – 56.4% quoted quality of life as the main driver for that decision. About 30% said working in finance had impacted their mental or physical health.

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Jo Faragher

Jo Faragher has been an employment and business journalist for 20 years. She regularly contributes to Personnel Today and writes features for a number of national business and membership magazines. Jo is also the author of 'Good Work, Great Technology', published in 2022 by Clink Street Publishing, charting the relationship between effective workplace technology and productive and happy employees. She won the Willis Towers Watson HR journalist of the year award in 2015 and has been highly commended twice.

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