Just when business leaders thought the storm that is Covid-19 was behind them, they are now presented with another hurdle: Determining working arrangements that suit the needs of both the organisation and employees.
As economies progressively lift pandemic-related restrictions, there is a push to return to the office with the goal of improving employee collaboration, productivity, and workplace culture.
The Singapore government has allowed all workers to return to the office from April 26 onwards, and many companies have since made it mandatory for employees to work on-premise for at least three, if not all five days of the work week.
On the other hand, a sizable proportion of employees in Singapore prefer to retain flexible or hybrid work arrangements.
A recent study by the Institute of Public Policy polled from mid-July last year to April this year showed that between 41% and 52% of the local workforce felt that flexible work arrangements should be the new norm for workplaces in Singapore. In fact, many have indicated willingness to leave their jobs if the companies where they work do not adopt flexible working arrangements.
It is a tough balancing act for business leaders when determining the best working arrangements for their organization, more so when the nature of some job roles precludes them from being able to take advantage of hybrid arrangements.
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For the financial services industry – which has historically been built on personal relationships between customers and bankers, as well as the relationships between a bank’s various departments – the shift to hybrid work arrangements can be that much more challenging.
Finding the best balance of hybrid work arrangements won’t be easy, but whether for the financial services industry or others, the right use of technology in the form of audio and video conferencing, as well as collaboration tools, can go a long way in overcoming these challenges, but also in enabling them to thrive in this new way of work.
Bringing high-stakes interactions into the virtual
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The financial services sector is no stranger to high-stakes mergers and acquisitions, as well as major investment-related discussions involving multiple stakeholders – many of which involve senior executives. These engagements rely not only on quantitative data and insightful analysis, but also on emotional cues and body language, which are equally important for financial professionals to determine the most appropriate responses in such discussions.
These subtle physical cues might go unnoticed in voice conferences, but even as travel restrictions are easing and with varying comfort levels in attending in-person meetings, our ongoing discussions with partners and customers are indicating a clear shift towards video as a viable mode of communication, especially in matters of dealmaking, portfolio reviews and investment discussions. After all, the customer can only benefit if decisions can be made faster via video call instead of having to spend the afternoon meeting with your banker.
Financial services professionals can recreate similar meeting dynamics and experiences in virtual spaces using pro-grade audio and video conferencing devices, bridging the divide between meetings from home and in person. State-of-the-art devices can prove beneficial to companies by capturing non-verbal communication effectively. In addition, the speakers’ physical appearance and mannerisms can be enhanced through AI-powered cameras and smart lighting, while pro-grade high-quality microphones and headphones can now mute external sources of sound, preventing distractions and letting the customer engagement feel more personal and private.
Delivering top-notch white-glove experiences, virtually
Another challenge posed by hybrid work in the financial services sector is the ability to create and cultivate strong client relationships, something which is usually more effective through in-person engagements. While phone calls and written communications can be temporary intermediaries, they simply cannot capture the nuances of these interpersonal interactions.
At the same time, ongoing geopolitical and economic crises are causing heightened market volatility and rattling client portfolios at a time when many are still wary of in-person meetings due to health and safety concerns. Growing client demand for ad-hoc check-ins and reservations around frequent in-person meetings can be mitigated by relationship managers and traders with an ‘anytime, anywhere’ approach to video meetings.
Employers can equip financial advisors, traders and relationship managers with pro-grade audio and video equipment that would enable them to deliver top-notch virtual meeting experiences akin to in-person meetings on-the-go. This lets bankers more effectively bridge the gap between face-to-face interactions and virtual interactions, allowing for a more equitable experience wherever and whenever financial services professionals engage their clients.
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Improving collaboration by delivering meeting equality
As in many other sectors, jobs in financial services often demand high levels of collaboration and cooperation between departments to deliver the best offerings while elevating customer experiences across the board.
With the workforce working whether on-premises or remotely, a disparity of work experiences may arise from the latter not having access to the same quality of collaboration tools and equipment as those working from the office. This disparity may hamper inter- and intra-team collaboration and productivity as well as efforts made to build a positive workplace culture. That said, business leaders should not, based on this disparity, conclude that the FSI sector is incompatible with hybrid work.
Advances in modern-day audio and video conferencing technologies have made it possible for employees to make real personal connections from anywhere. This is achieved through delivering both consistent and equal meeting experiences, regardless of where they work.
By equipping both office and remote employees with pro-grade collaboration tools and devices, it allows workers from both groups of employees to participate in meetings and collaborate with one another on equal footing when the need arises, by bridging the gap between in-person and virtual interactions. This, in turn, will benefit customers, the company, and more importantly the bottom line.
To be sure, hybrid work is becoming a key consideration for just about all industries, making it even more important that traditionally in-person businesses and sectors such as financial services must adapt to this new way of work.
Firms that can figure out how to effectively create clear and equitable experiences for a hybrid workforce will be better positioned to build stronger customer relationships, improve operations with better communication and collaboration, and more importantly, attract and retain top talent in an increasingly tight labour market.
Samir Sayed is the managing director for ASEAN and Korea at Poly
