Financial services staff spend 39% of their time working remotely

14 March 2016

Productivity benefits in the offing with effective technology, according to workers

Flexible working is on the way to becoming the norm in financial services with the average employee spending 39% of their time working remotely, according to new research from communication and information technology specialist Intercity Technology.

The company surveyed 100 employees from different organisations within the financial services market to gain insight into their workplace technology habits and opinions. The respondents also thought this proportion of time spent remote working would increase in the next two years to 41%, with an ever increasing adoption of technology-led solutions in the workplace.

Additionally, the results showed that 70% of employees believe using a device of their own choosing positively impacts the way they work with their colleagues, with the biggest specific benefits identified as flexibility (51%), more productivity (42%) and improved collaboration (33%).

Richard Burke, group managing director at Intercity Technology said: “The culture and working practices in financial services companies are changing and technology is the driving force behind it. Remote working is close to becoming the norm, underlining that in this industry work isn’t somewhere you go, it’s something you do. The businesses that adapt quicker to this fact are more likely to see engaged and productive staff, and ultimately greater business performance.”

The survey also found a real appetite from personnel in the financial services sector to better use technology, with 84% adamant that technology has the scope to make them more productive than they currently are. They claimed that productivity could increase by 36% with the optimal use of technology, and respondents were split on what they would do with this saved time, with 39% suggesting admin tasks, 37% personal development and 28% innovating.

Richard continued: “Successful organisations have to constantly look for ways to improve their productivity. It’s an ongoing issue for organisations across the UK.

“What this data shows us is financial services workers see effective technology use – the sort that can facilitate remote working and bring-your-own-device (BYOD) – as something that could provide direct productivity improvements. Workers that are 36% more productive would no doubt deliver a massive boost to a company’s bottom line. That’s a strong argument for a CIO to take to the board when putting the case together for investment in new IT solutions.”

Gary Tipper, managing partner at Palatine Private Equity said: “The top companies in our industry are those that attract the best people. In order to attract and retain them we have to ensure our technology makes working as easy as possible. Enabling remote and flexible working not only appeals to potential employees – particularly those that are young and up-and-coming – but also is becoming a necessity these days. If our employees can work on the train on the way to a client’s site, for instance, then we can significantly improve productivity.”

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