Expert: Vincent Tiseo, Global Head of Business Strategy, Strategic Advisory Solutions, Goldman Sachs Asset Management Facilitator: Helen Clark, Mint Blue Consulting
Headlines:
- Sick days have fallen as a result as less people now falling sick on a Friday and Monday within a hybrid environment but when people are off sick, they are off for longer
- Resilience levels are considered generally lower, particularly in younger people since the pandemic.
- Feeling included within a firm is seen as paramount
- Re-establishing culture with clear guidelines is seen as the path to success
Context:
Sickness Levels in firms:
Post pandemic firms are seeing generally lower energy levels from people and the highest sickness levels since 2010 with 202% in 2021.
In a hybrid environment more people continuing to work from home even when they are sick, which means productivity drops during that period.
Some firms are tracking the sickness trends to understand this better and dealing with those taking advantage on an individual basis.
Hybrid working practices:
Virtually all firms in the session confirmed they are working to a hybrid working pattern with Tuesday to Thursdays the highest office attendance. This has cut travel time and expenses in a period of high living costs and some firms are seeing greater levels of productivity and focus on work from home days.
Trials in one firm found that giving staff the option to choose their days in the office didn’t work as people were unsure when to come in to meet colleagues or the impact on promotion opportunities and guidelines are required.
At the same time, hybrid working practices can be arranged at local / team level, e.g. a paraplanner team can be 100% remote due to the nature of their role and similarly advisers - but trainees and new joiners are more likely to be needed within the office for training and support in the early days.
There are concerns about burnout with those working partially from home as the distinction between work and home becomes blurred due to location and access to technology. Managers are just as concerned about the more diligent workers who are emailing late at night when they should be focusing on their personal time as those taking high levels of sick leave.
The key challenge is how to build the traditional office working relationships and support people through training so they can progress in their careers.
Options included in-person team building days, social events which employees select and organise. Younger people need more support so having team online chats and 1:1 conversation need to be regularly scheduled to encourage group and individual learning. Mentoring programmes are also another support option.
Recruitment:
Recruiting people in a hybrid environment is currently a challenge particularly in a currently competitive market.
Hybrid working practices within a firm need to be clearly communicated so expectations are set from Day 1. Firms requiring 5-days per week presence are now finding it harder to retain staff with the vast majority of firms now offering hybrid. This is also down to travel and living costs as few can now afford to commute and/or buy lunch out 5 days per week.
One firm has successfully trialled 5 additional days holiday for those prepared to be in the office 5 days per week which has been a sufficient incentive.
Key factors to help recruit, train and retain talent (Goldman Sachs) were agreed as:
- Establishing the environment
- Retention and Professional Development
- Increased Focus on Behaviour Change and Measuring Employee Success
- Recruiting, Diversity and Inclusion, Empowerment
Resilience:
The Pillars of Resilience are driving forces for any firm’s well-being and career support structure and are seen as an effective way to help combat this issue:
- State of Mind
- Strong Body
- Self-Awareness
- Connection
- Purpose & Meaning
Inclusiveness in a Hybrid Environment:
Many Mums have opted for a hybrid or work from home approach to juggle work and young families but feel isolated in terms of visibility and promotion prospects with not being in the office very often.
Most firms now have wellbeing support packages in place for their employees while feeling included at all levels within the firm, including senior managers, is seen as important to combat this isolation across different roles when working from home, for example, one firm has introduced ‘Anchor Days’.
Key takeaways:
- Firms are re-establishing their hybrid working practices, culture, support and training to recruit and retain staff
- There is insufficient guidance available so each firm is going through their own exercise with increased competition in the recruitment market to attract the right people
