Approximately 11% of finance firms will permanently alter their approach to working in the office, and allow some employees to work from home in the future, according to data from the Xerox Future of Work studyApproximately 11% of finance firms will permanently alter their approach to working in the office, and allow some employees to work from home in the future, according to data from the Xerox Future of Work study
The study of 600 IT leaders across five countries revealed how the financial sector was impacted by its technological abilities following the COVID-19 lockdown, and how this would impact firms in the future.
The survey revealed the need for technological advancement, after 76% of IT leaders in financial services reported that they were not technologically prepared for the shift to remote working. A further 36% of finance firms said that technology was the biggest issue they faced whilst working from home.
However, the study also revealed that the sector is the most likely to invest in this issue, with 57% of respondents saying that they planned to allocate a greater proportion of their budget to technological improvements. Financial firms are also the most likely to invest in collaborative software for its staff, such as Slack, out of all surveyed (61%).
Whilst financial firms have prepared to improve how its staff work from home, data collected by Xerox showed that companies across all sectors don’t see this move as permanent for all employees, with 82% of respondents expecting to return to the office within 12 to 18 months.
Steve Bandrowczak, Xerox President and Chief Operations Officer, said: “While there is no doubt the COVID-19 pandemic has changed the way we work, our research found that over time many companies plan to have most employees back in an office environment.
“This could be for a variety of reasons, including communication, speed of decision-making and talent development. At the same time, the sudden shutdown and ongoing hybrid work environment has exposed technology gaps that require new or additional investment in the coming months.”