Remote work in quarantine conditions has posed a challenge for many companies, including the finance sector, to keep their employees motivated and engaged.
As the world adapts to the pandemic and its effects, the way financial institutions (FIs) companies treat their existing personnel and the methods they employ to attract new talent will be one of the defining factors of their long-term success. This has led FIs to adopt new practices to ensure employee well-being.
Permanent WFH policy
While some tech giants are reluctant to maintain the WFH policy, fintechs like Revolut are taking it one step further by instating the option of permanent remote work. A company-wide survey revealed that for 92 percent of its staff, the shift to WFH has not impacted their productivity, in fact, for some it has even increased. Having noticed the employee appetite to continue working from home, recently Revolut extended its policy by allowingemployees to work from abroad for up to 2 months annually.
To alleviate screen time pressures, investment bank Citigroup has introduced Zoom-free Fridays. The company’s move aims to tackle employee burnout by reducing widespread video meeting fatigue. According to chief executive J. Frase, as the intense pandemic workdays have taken a toll on the staff’s well-being, this will help to promote a better work-life balance. Citigroup has also declared May 28th as a new company-wide holiday, known as a “reset day”, giving their workers extra time off work to rest and recharge.
Meets-and-greats with entrepreneurs
Alongside remote yoga classes, online meditation sessions, and a day off on birthdays, ConnectPay, an online banking service provider, has found a new way to keep its team inspired. As A. Selemonaitė, the company‘s Deputy CEO, shared, they regularly invite entrepreneurs from different fields to provide the team with unique insights in order to foster the teams’ innovative mindset. The prominent guest list ranges from business entrepreneurs and Olympic champions to government officials, e.g. the Mayor of Vilnius, the capital of Lithuania, where the company is headquartered.
During the pandemic, investment banks have seen a high increase in deals made, leading to a heavier workload. To combat mental fatigue related to working long hours, as well as prevent burnout in young bankers, the boutique investment bank Houlihan Lokey has announced plans to send its employees on an all-expenses-paid vacation. While this particular opportunity may not be available for every team member, other changes in the company’s people practices affect the entire staff, such as no work past midnight, 10 days uninterrupted holiday, and protected weekends.
The world is much different from what it was just a year ago. That is why both managers and employees will have to fundamentally change their habits to ensure a harmonized post-pandemic work environment. Until the pandemic is officially over, FIs will probably have to come up with even more non-traditional ideas to motivate their employees.
ConnectPay is an online banking service provider for internet-based companies, offering a wide range of payment solutions, including SEPA and SWIFT payments, IBAN multi-currency accounts, Mastercard online card payments, and merchant accounts. All processes are operated via a fully automated fraud prevention and compliance management ecosystem. Smooth onboarding process and customized client solutions enable businesses to utilize innovative payment solutions to meet the needs of their digital customers. ConnectPay holds an EMI license, issued by the bank of Lithuania, and is a member of monetary authority of the Eurozone.