New Flex Report | Financial Services Deep Dive
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Flex Report | Financial Services Deep Dive
It’s been four years since the COVID-19 pandemic began and upended work as we know it, yet we still see a pronounced push and pull between workers and employers regarding flexible work. Perhaps no industry has made as much noise about closing the book on remote work as Financial Services.
JPMorgan Chase CEO Jamie Dimon has been a famously outspoken critic of remote work for years, but other top firms had resisted racing headfirst toward strict return-to-office mandates until recently.
Last fall, Bank of America began sending “letters of education” to workers who hadn’t met the company’s attendance expectations, threatening them with disciplinary action if they didn’t comply within two weeks. Deutsche Bank also made headlines with its plan to reverse course from its wildly popular pandemic-era flexible work policy to force workers into the office more frequently, which was met with fierce internal criticism and pushback from the workers’ union.
So what’s happening in Financial Services? Is there a steady drumbeat back toward full time in office work, or are the firms less prominently in the headlines maintaining hybrid work arrangements?
In this report we explore trends in Financial Services as a whole, as well as dive into particular segments of interest like Banks. We analyze 777 companies that collectively employ more than nine million people to understand the trends over the last year and compare sector-by-sector differences.
Want a sneak peek of what’s in the report? Here’s a little preview👇
Despite the Headlines, Full Time in Office in Financial Services Is a Rarity
In the last 12 months, more and more Financial Services firms have set their office expectations and are overwhelmingly opting for Structured Hybrid models. As a result, the percentage of Full Time In Office firms has dropped from 20% to 9%.
FinTechs Lead on Flexibility, Banks Require the Most Office Work
62% of FinTech companies are Fully Flexible, but it’s important to note that number has dipped by 16 percentage points year over year as more FinTech companies shift toward Structured Hybrid models. Banks have also heavily embraced Structured Hybrid models over the past 12 months.
Surprisingly, Small Banks Are More Likely to Require Full Time in Office
One surprise — smaller banks (e.g., regional banks, credit unions, etc) are more likely to require employees to work Full Time in Office. Only 4% of Banks with 5k+ employees require Full Time In Office work, compared to 31% under 5k employees.
In the Media
P&C Specialist: Compared to most industries, Insurance has been among the most open to remote and hybrid work.
Analyst News: The rise of flexible work arrangements has enabled more women to juggle their careers with motherhood.
Fortune: Gympass stood firm on work from home and reduced its voluntary turnover by almost 70%.
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About Scoop
Scoop offers powerful planning tools that empower hybrid employees to make great decisions on how and where to spend their time at work. For HR and workplace leaders, Scoop provides insights on work location trends, office usage, and additional workplace solutions to get the most out of hybrid work.