During the Covid-19 pandemic, UK banks quickly transitioned to remote work, finding that productivity remained high, which led to a demand for flexible work arrangements. A 2023 survey indicated that 78% of finance professionals prefer this flexibility to become a permanent aspect of their roles, creating challenges for banks seeking a full return to office settings. In an effort to entice employees back, banks like Barclays and HSBC have raised salaries and enhanced benefits, particularly for junior staff, while recognizing that flexibility and work-life balance may be more important than pay alone.
Remote work proved that flexible arrangements can succeed in finance, leaving UK banks facing challenges as employees resist returning to traditional office settings.
The shift towards flexible work has transformed employee expectations, with 78% of UK finance professionals insisting on maintaining this arrangement post-Covid.
Banks are implementing salary increases and added benefits as incentives for employees, aiming to make office roles attractive compared to the comfort of home work.
Flexibility, work-life balance, and autonomy have become central to employee preferences, indicating that a hybrid work model may be more appealing than higher salaries alone.
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