Future C-suite leaders banking on continued hybrid work model

While the large majority of future C-suite executives at financial services institutions don't view a fully remote work model as ideal for their roles, most are opposed to a return to fully in-office work – something that C-suite leaders of today would be wise to keep in mind.

Two-thirds of 700 next-generation and senior leaders at large financial services institutions (FSIs) surveyed by Deloitte said they were likely to leave their current role if required to return to the office five days a week. Deloitte defined the group surveyed as future C-suite executives.

"Any significant changes to the current working arrangements may be met with strong opposition," the Deloitte report said.

Changes necessitated by the pandemic and enabled by the constant march forward of technology have altered the way we work forever, so it's not surprising that an attempt to return to the pre-pandemic norm could come at a cost to workforce morale at the least and quite possibly to the talent pipeline itself.

Fifty-six percent of those surveyed said, "I feel pressure to go into the office more often." For those C-suite executives advocating for a return to the office, the survey reveals a potential path forward – if they are open to respecting the benefits of flexibility.

That's because, by and large, respondents see value in spending some time in the office.

While 66% of future C-suite executives at FSIs said they'd likely leave if forced to work fulltime in the office, just 5% reported being in a fully remote situation currently, and just 8% labeled fully remote as their ideal work model. Eighteen percent were fully in office, with 13% calling that ideal.

But while more respondents favored fully in office over fully remote, their true preference was a model featuring flexibility.

Seventeen percent described their current work model as flexible, but 35% called that the ideal – the biggest divide in the survey. A similar divide: 34% says they're in the office three to four days per week, but just 18% called that ideal.

The potential sweet spot for mandating days in the office? Twenty-six percent described their current work model as one to two days per week in the office; 25% called that ideal.

"Starting with [fewer] days in office, before ramping them up, would allow employees time to soak in the benefits of an in-office environment," Deloitte said.

The survey shed some light on why employees place value on at least some work hours out of office:

• Sixty-six percent credited remote work for personal improvements in mental health; 62% credited it for improved physical health.

• Seventy-one percent said remote work had improved their relationship with their children; 53% said it had improved relationships with their co-workers and 47% with their managers.

Just how strongly did the future C-suite executives value the positives they associate with some remote work? Sixty percent responded that "switching between different work environments is challenging to me," yet 62% would prefer to work remotely more often even though "it would be bad for my career."

Source: www.journalofaccountancy.com