Why is this important: One of the effects of the pandemic is that many people are now working from home or using a hybrid home/office system. According to the latest in a long line of surveys showing the same result, the vast majority of employees want it to stay that way and would be willing to give up their pay and benefits in exchange.
‘The future of work in financial services: remote or in the office?‘ is a collaboration between market researcher Atomik Research and enterprise video platform maker Vidyard. It uses data collected from 503 financial services professionals working in sales, marketing, human resources and customer services, focusing on their views on working from home.
The survey reveals that a whopping 96% of people would be willing to give up a percentage of their salary to work from home permanently. And not just a small sum: 30% would give up half or more, while 2 in 5 would take between 25% and 50% less pay to continue working from home indefinitely.
Illustrating how desperate some people are to stay out of the office, 97% of respondents said they would give up one or more benefits to work from home permanently. Of this group, 38% said they would sacrifice health insurance, an additional 38% said they would give up all paid time off, and 10% were willing to lose both benefits in exchange for permanent or hybrid work.
Why do so many employees not want to return to the office? The most common reason in this survey (40%) is the fear that their productivity will decrease. This is followed by worries that they would miss their dog – a more valid reason, according to this author – followed by worries about falling job satisfaction (33%) and increased stress (30%).
While many CEOs say working in the office is key to getting the most out of staff, 88% of financial services professionals said they had more success working from home, and 82% believe their organization’s productivity increased since the start of telecommuting programs at the start of the pandemic. Nearly half say the limited distractions and no office politics helped them get more work done in a shorter amount of time.
But there are downsides to working from home compared to offices. Most respondents (86%) believe that employees who choose to work in the office receive better benefits than remote staff, who often feel ignored and unrecognized. There have also been complaints of receiving less feedback and missing business opportunities.
Several tech giants encouraged employees to work from home at the start of the Covid outbreak, and most employees don’t want to go back, but many executives think they should – Microsoft even published a study which asserts that working from home threatens productivity and innovation. However, with the emergence of the Omicron Covid variant, companies have delayed their back-to-office dates.
Header credit: Telework by CreativeLab
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