The pandemic caused great burnout for working women. This was compounded by extra work at home and in the office. Many are now reflecting on their options and considering a major career change. This could lead to resignations and a shortage in banking talent. McKinseys says so. Women in the Workplace 202133% of women in the financial services industry surveyed indicated that they have considered leaving the workforce or downsizing their careers, compared to 25% who said so in 2020.
Banks may find it more difficult to retain female talent and deliver on diversity targets as they plan to return to the office. Worryingly there seems to be a growing disconnect in expectations and flexibility for women at banks.
Accenture’s 2021 survey on US banking, capital market and insurance shows that more than 80 percent of respondents wanted staff in the office from four to five days a semaine, while 46% of women wanted to be in office for one to three days, and 25% wanted to work completely remote.
More than half (52%) of women polled said that they would sacrifice compensation for more flexibility in work location.
Covid-19 has changed the way I see the importance of balancing my work and personal life. Flexibility, which BNY Mellon offers through flexible working, is essential for retention, says Laidemajiyagbe. She has been in the financial services sector for more than 15 and is head of financing & liquidity at BNY Mellon.
BNY Mellon is an example of this. It has three days in the office, and two days at work. Ms Majiyagbe says staff have more flexibility in how they organize their workday. There are many options. For example, I may drop my five-year old at school one morning. I’ll then make my calls from home, and then I’ll come into the office later in the day.
Flexible working is also a benefit menopausal employeesThey can control the temperature at home better or use coping strategies that they wouldn’t feel embarrassed to use at work, such as putting their feet in coldwater and placing memory aids around the desk.
Flexibility is only the beginning, Katy Burne, editor-in-chief, BNY Mellons Aerial View Magazine, points out in her article, Are finance finally listening? Women want workplace cultures that encourage smart work; allow them to have children without being punished; and offer equal opportunities for promotions, including full-time front-office jobs.
A return to the office offers banks the chance to reimagine the space to create a more collaborative and attractive environment for all employees. According to a study, people will only return to their workplace if it is safe, comfortable and easy to navigate. McKinsey reportFor the real estate industry. The floor plate will be defined by smart conference spaces, collaboration areas and lounges (amongst other models) that encourage the collision of ideas.
Citi, for example, is creating vertical villages that allow colleagues to come together at different levels in its plans to redevelop London’s headquarters. It was created to maximize collaboration and technology to support staff’s flexibility in work.
With more flexibility and space for collaboration, there must be a shift in the face-time culture. This culture values long hours over productivity. Ms Majiyagbe believes that we should focus more on getting work done and less on face-time. The office should be a place that encourages collaboration and productivity. Face time is less important than work, so we try to find ways to make our employees’ lives and work easier.
Joy Macknight is the editor of The Banker. Follow her on Twitter @joymacknight
Register to receive the Editors Blog and the weekly e-newsletter that provides in-depth coverage of the banking industry.
