5 Culture Trends for 2022 for Financial Companies
Culture Trend #1: Flexibility rules
Whether it’s returning to the office with precautions, going 100% remote, or adopting a hybrid work model, the reality is that companies must now offer more flexibility in the workplace. 65% of employees in banking and insurance, and 73% of employees in financial services find flexibility in when they work remotely to be very or extremely important.
But flexibility applies to more than just where, or even when, employees work. It also means letting employees have a voice in deciding which type of work they do at home vs. in the office. Research from the O.C. Tanner Institute’s 2022 Global Culture Report found tasks that require focus or creative thinking are easier to do at home, while tasks requiring collaboration and connection are easier and more productive in the office.
Moving forward, employees expect increased flexibility in many aspects of their work lives and will change jobs, if necessary, to get it. But when employees have flexibility in how they work, outcomes improve:
- 41% higher likelihood of engagement
- 77% higher likelihood of retention
- 41% higher likelihood of being a Promoter on the eNPS scale
WHAT ORGANIZATIONS CAN DO:
To successfully incorporate flexibility, focus on three key areas:
- Give employees a say in where and when they work but set clear expectations of when and how they should be available. This ensures employees are reachable but also provides boundaries to prevent burnout. Give guidelines as to what work is best done in the office vs. at home, and why.
- Provide opportunities for connection. In the office, create physical space and allow time to collaborate and interact socially. For remote employees, be sure to check in often and use tools like Culture Cloud to help people stay connected to their teams and the organization.
- Have a solid career development strategy for remote and hybrid workers. It can be difficult for employees and leaders to identify growth opportunities from a distance. Ensure employees can practice new skills, work on special projects, and see their progress.