Wall Street firms are not historically known to be the overly sensitive, “touchy feely” types. Anyone who has read the book “Barbarians at the Gate” might assume these firms would be the last to adapt to changing employee needs brought on by the pandemic. It appears, however, some of these same firms may be leading the way in providing accommodations to employees who are now working from home.
According to FundFire, KKR, Blackstone, Carlisle Group and others have implemented a number of progressive programs to support their employee base working from home. These programs include expanded family leave and flex time programs, as well as resources to help work from home parents navigate their work and parenting responsibilities more effectively.
According to PwC’s U.S. Report Work Survey, almost 70% of financial services workers expect to have at least 60% of their workforce working from home going forward, up from just 29% of firms expecting to do so prior to the pandemic. Clearly, financial services firms need to reconsider the support they provide to their work from home employees. The PwC findings below point to a number of important areas that work from home employees feel will enhance their productivity.
It remains to be seen what additional accommodations financial services firms will bring to the table to support their work from home employees. But it’s encouraging to see a number of firms stepping up their efforts to support their workforce during these trying times. In addition, this represents an opportunity for financial services firms to evolve their brands to incorporate this new sensitivity. A brand that recognizes a changing environment, employee considerations and the need to provide the resources needed for their company to succeed will enhance both new business development and recruitment of top talent.