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For banking (and some other industries) WFH is more problematic because FSA rules mean that all digital conversations should take place on recorded lines which clearly isn't possible whilst people WFH. The rules have been relaxed during the pandemic but likely won't stay that way.
I would think the most likely conclusion will be that for the majority of companies people will do a bit of both with the main benefit being that any perceived stigma associated with WFH should hopefully be gone.
I think most people would be onboard for something like that?
For banking (and some other industries) WFH is more problematic because FSA rules mean that all digital conversations should take place on recorded lines which clearly isn't possible whilst people WFH. The rules have been relaxed during the pandemic but likely won't stay that way.
I would think the most likely conclusion will be that for the majority of companies people will do a bit of both with the main benefit being that any perceived stigma associated with WFH should hopefully be gone.
I think most people would be onboard for something like that?
SB
Yep, definitely a hybrid approach I think although, as you say, it depends very much on the nature of the organisation.
There's an advantage in having most people in the same space, at least some of the time, in energy/commodity trading so think we'll be more office based with flexibility.
I've found from speaking to people it generally falls into two camps. People either hate it and can't wait to get back to the office or enjoy it and, in some cases, prefer it. I think companies would generally benefit from letting people work out what works best for them within reason.
Personally, at first I was all for WFH permanently. However, as the last year has gone past I definitely miss aspects of being in the office. I realised it wasn't the office I disliked but the commute. Hopefully going forward once we're back to the office there will be a better balance so people can access the benefits of being in the office whilst moderating more of the negatives such as long commutes etc.
Either way I think the days of all people being required to be in the office 5 days a week 9-5 are largely going to be a thing of the past.
For banking (and some other industries) WFH is more problematic because FSA rules mean that all digital conversations should take place on recorded lines which clearly isn't possible whilst people WFH. The rules have been relaxed during the pandemic but likely won't stay that way.
I would think the most likely conclusion will be that for the majority of companies people will do a bit of both with the main benefit being that any perceived stigma associated with WFH should hopefully be gone.
I think most people would be onboard for something like that?
SB
I've come to the conclusion that my workplace is never going to be the same again. It's looking like we are going to be pretty flexible. I am keen to get back into the office for the social aspect more than anything else but I should imagine there will be colleagues I will rarely see again that were travelling into Ipswich from the other side of Colchester. If you are in the office yourself, it is going to be a lot of Teams calls and virtual meetings still.
Presenteeism is dead. Some dinosoars will fight it but the world has moved on.
Better for the employees, better for the environment and better for the bottom line. If people can do 1 day or so a week in the office rather than 5, what's not to like?
And employers who rigidly stick to the old ways/expectations will pay for that with employees simply moving on. Only it will be the best employees. So they will adapt, even if a little slower than others.
There is little argument for returning to the old ways if where is a choice, imho.
I've found from speaking to people it generally falls into two camps. People either hate it and can't wait to get back to the office or enjoy it and, in some cases, prefer it. I think companies would generally benefit from letting people work out what works best for them within reason.
Personally, at first I was all for WFH permanently. However, as the last year has gone past I definitely miss aspects of being in the office. I realised it wasn't the office I disliked but the commute. Hopefully going forward once we're back to the office there will be a better balance so people can access the benefits of being in the office whilst moderating more of the negatives such as long commutes etc.
Either way I think the days of all people being required to be in the office 5 days a week 9-5 are largely going to be a thing of the past.
I know there has been a lot of noise, particularly from those with interests in property in cities, where they want people back for obvious reasons.
That is going to be a major factor. Can companies downsize office space to reflect homeworking and use savings to pay for better office equipment at home?
I know there has been a lot of noise, particularly from those with interests in property in cities, where they want people back for obvious reasons.
That is going to be a major factor. Can companies downsize office space to reflect homeworking and use savings to pay for better office equipment at home?
or Can companies downsize office space to reflect homeworking and use savings to pay for better office equipment at home"
and increase their profit margin??
Some interest knock effects if city/town centre office space does start to come free.
I know there has been a lot of noise, particularly from those with interests in property in cities, where they want people back for obvious reasons.
That is going to be a major factor. Can companies downsize office space to reflect homeworking and use savings to pay for better office equipment at home?
No reason why not. PwC were hot desking 25 years ago, all to save office costs.
Short term some companies will have leases they are tied into. No costs are fixed costs in the long term so it may take a little while to crystalise those savings.
And even longer term,, the office owners will find alternative uses, be that retail, wharehousing, storage or most likely, residential.
I know there has been a lot of noise, particularly from those with interests in property in cities, where they want people back for obvious reasons.
That is going to be a major factor. Can companies downsize office space to reflect homeworking and use savings to pay for better office equipment at home?
I think you're right - property owners/ developers in cities will lobby to get as many people back to offices as possible.
Unfortunately, I imagine a lot of companies trying to downsize office space will do as much as humanly possible to avoid giving better office equipment for people in their own homes. There's already been talk (I believe for Facebook about their employees) about reducing salaries for people who WFH more as this is deemed a cost saving.
It'll be interesting to see which way it ends up going!
or Can companies downsize office space to reflect homeworking and use savings to pay for better office equipment at home"
and increase their profit margin??
Some interest knock effects if city/town centre office space does start to come free.
There will be knock ons for the office landlords/owners. But the companies leasing the offices wont give a fck, why would they?
Companies do whatever makes them the most dosh hence why we have seen 30 years of back offices moving offshore. Same logic applies, if you get 95% of the service (from an employee) for 2/3 of cost...what you going to do?
And arguably you get more from an employee who is less tired and better rewarded due to the removal of their commute.
I think you're right - property owners/ developers in cities will lobby to get as many people back to offices as possible.
Unfortunately, I imagine a lot of companies trying to downsize office space will do as much as humanly possible to avoid giving better office equipment for people in their own homes. There's already been talk (I believe for Facebook about their employees) about reducing salaries for people who WFH more as this is deemed a cost saving.
It'll be interesting to see which way it ends up going!
We all get a London weighting in our salaries and have done throughout the pandemic.
I imagine that will be challenged at some point in the next 12 months.
Of course, if the bottom line says it works it will be accelerated. All depends how long term those office leases are
Having spoken to some pension fund managers they have real concerns over the effect an 'exodus' from centre office space leading to following rents yields added to which are the implications if that space gets converted to residual use.
Last Friday I collected some food from a charity called "Food for All", from a basement loading bay in Holborn. Their banner also included the name "Extinction Rebellion". The entrance to that building... Opposite the northern side of Plumtree Court. Extinction rebellion and GS, neighbours in Holborn.
As for WFH
Having worked in field sales / account management I used to work from home, my car, cafes and only went into the office once a week. For me that was great, an element of freedom, as long as I hit KPIs.
But then I would class myself as largely self motivating, requiring the off spark from others.
Many need people around them all the time. Training and mentoring need face to face contact, at very least in the short term.
No reason why not. PwC were hot desking 25 years ago, all to save office costs.
Short term some companies will have leases they are tied into. No costs are fixed costs in the long term so it may take a little while to crystalise those savings.
And even longer term,, the office owners will find alternative uses, be that retail, wharehousing, storage or most likely, residential.
There is a limit to how much can convert to residential and remain financially viable... Though it'd be nice to be able to turn it into >DECENT< social housing rather than some of the slum / prisons that seem to be appearing.
There is a hardy industry that seems to be able to ride out recessions and financial crises
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