The world has gone virtual, and those businesses that aren’t solely remote are some variations of hybrid. Now, the financial industry is making the switch.
Sure, some money services must be done in person, but a lot of the work is hands-off. When a business moves to a hybrid platform, its employees can enjoy the perks of flexible scheduling while still doing their jobs efficiently.
Originally, this work model began as a way to optimize the IT industry. Since its inception, the trend has morphed into other sectors. Financial service businesses can jump on board, although they must tweak the model to include things like security and regulation.
If you’re considering moving into hybrid work for your financial services company, here are three essentials you should know.
1. The Benefits Are Long-Reaching
Moving to a hybrid system doesn’t just affect your bottom line. It impacts everything about your company, from the employees you attract to the products you can offer your consumers.
Businesses that include flexible schedules with their job offers have a wider pool of talent to choose from. Employees with impressive hard and soft skills are in demand. They can afford to be picky about who they work for and hold out for higher pay and remote opportunities.
Hybrid platforms may also net you top talent outside of your geographical borders. If you can adjust your needs to include all-distance work, you can hire anyone in the world who meets your criteria.
Another benefit is that moving into the hybrid world reduces your on-site costs. Instead of a full-time brick-and-mortar office, you can share space with others in similar situations or have limited office time and lower your energy usage.
2. Your Work Model Doesn’t Have to Be a Copy
It’s always nice to have a model to follow, but you didn’t get this far in your business by copying others and not taking risks. The hybrid work model you use doesn’t have to be the same thing others are doing, either.
One of the best aspects of hybrid work is the flexibility it affords. However, in financial services, the model you use must focus on a foundation of security.
As you develop the system you’ll use, flexibility will factor into the overall picture. But make sure that your final model is inclusive to avoid inadvertent discrimination, and insert relevant training and support for those who struggle with the remote work environment.
Vitally, your hybrid model needs maximum security at all ends. Since your staff will be working with confidential, sensitive information, the devices they use must be part of your secure IT network and infrastructure. Many fintech businesses partner with banks to help minimize their risk in this department.
3. There’s a Line Between In-Office Work and Micromanaging
Before you develop a hybrid work model to appease your staff, you should get real with your management style.
Are you able to let go of control and trust your workers to get the job done, coming into the office only as necessary? Or do you tend to micromanage, and the “as necessary” work becomes a laundry list of things that could actually be done remotely?
There’s an important distinction here. If you offer hybrid work for all but the essential in-person tasks and list nearly everything as “in-person,” your staff will begin to resent you.
Consider the aspects of each position, and delineate when an employee needs to be at the office. This usually includes meeting with customers, handling top-level sensitive information, or collaborating for extended periods in the financial services sector.
Getting input from your staff can help you create a model that works for everyone. Some experts suggest that hybrid workers only need to be in the office 1-2 days per week, while others recommend three days at the most to build an inter-office culture.
Your company is unique, and your needs will vary. Remember, as you’re developing this hybrid format, it’s not set in stone. As you notice the dynamics changing, you can adjust the platform.
Keep your finger on the pulse of the company by sending out occasional surveys to see what’s working and what isn’t. Continue to evolve your system when changes for the better are possible.