The vast majority (96 percent) of private wealth professionals believe the pandemic will drive either ‘much more’ or ‘somewhat more’ homeworking on a permanent basis.
Just four percent predict there will be the same amount of homeworking as there was before the pandemic. No one predicted there would be less homeworking than before the pandemic.
This is according to PAM Insight’s latest work habits in the private wealth sector survey.
The 2021 survey showed little change in this view from last year, where 94 percent believed the pandemic would increase homeworking on a permanent basis.
With homeworking looking like it is here to stay, it follows that remote meetings will remain.
Similarly to the 2020 survey, 56 percent said they will conduct ‘a great many more’ meetings online, while 39 percent predict they will conduct ‘somewhat more’ meetings online.
Staff are yet to rush back to the office. Just 8.7 percent said all staff have returned on a normal basis, while 17 percent said staff have returned on a staggered basis.
However, plans are now more firmly in place, with 52 percent saying they have a set date for a staggered return to the office. A further 22 percent said their firm is consulting on this, but firm plans are yet to be made.
When asked whether particular cohorts appear keener to return to the office than others, opinions differed.
Some echoed the widely reported view that junior staff – who often have less comfortable work spaces in their homes and are trying to learn on the job – are the most keen to return.
Others suggested that it is older partners and senior individuals that are most keen to return to the office.
One respondent said: “I think a lot of people still live by the mantra that transactions flow better when you can approach someone in person. I personally disagree with this statement, and instead have learnt to appreciate and utilise the focus time I have at home, and contacting colleagues when necessary.”
While another said the chief executive has insisted on a full return to the office, which has led to many unhappy staff looking to move to firms with greater flexibility.
Opinions are also split on future office plans. While 43 percent said no changes are planned to their office space, 35 percent have either already downsized or have plans to downsize in the near future.
Nearly one in ten (8.7 percent) of respondents said their firm plans to cut its office space by over 20 percent.
Respondents highlighted that working habits are likely to evolve. Some said they are currently “experimenting” with different forms of flexibility as it is difficult to make firm plans until there is much more clarity on how people will want to work after the pandemic.
The PAM Insight private wealth work habits survey was conducted in June and July 2021.