New normal part 2 - your team
From a new normal, have you started to think about your staff and the next stage from an employee perspective?
The wealth management industry have had constant connectivity through our technology for some time now. We all have a work laptop and for some the move to work from home was simply take your laptop home.
Was that all you did? Were other steps taken?
Due to the rather quick transition to a full work from home, for some that is all that was applicable especially if your IT systems allowed it (whether it be Office365, G Suite or one of the alternates).
If we are set for a much longer stint at home (as some firms have stated a 2021 return to the office) then a few other areas should be reviewed.
1. How has your team’s productivity been at home?
Have you checked in on how efficient your business has been since the pandemic began? Due to the market reaction to the pandemic, for many it was all hands on deck and this carried on for some time. However is this still the case? Are you back to normal operating rhythm? Have some team members been more efficient at home?
2. Has your team completed an ergonomic/office assessment around their workspace at home?
Have you asked your team about their home workspace? We probably all know of someone who loves to work from bed or from the couch, however what will this mean if they are required to work from home longer term? Have any of your team had workplace style injuries at home?
3. Have you provided any additional technology to your team at home?
As mentioned above, for many the transition to working from home was as straight forward as taking your laptop home. However I know personally, I am more efficient with a larger monitor and elevated laptop than I am staring at my laptop screen on its own. Have you spoken to your team about other technology? Did you provide them any assistance to get set up at home?
4. How are you tracking tasks with your team?
For some, working from home has made it harder to interact with others in the team. Whilst when you are in the office you may ask the person next to you where something is at, it may not be as easy at home. Have you started using more technology to assist? Are your tasks and threads up to date or have you brought in a software like Trello to assist?
5. What is your future strategy with regards to your team working from home?
This one will be a key driver behind future employee satisfaction. Have you started the dialogue around what your future plan will be around working from home? EY recently surveyed their staff and 2 in 5 want working from home to be the default moving forward (AFR Article titled “The office will need to be worth getting out of bed for” 24/08/20). This is a significant number who believe you only need to be in the office for meetings and team building exercises. If you are intending for everyone to come back full time, have you worked through what that would look like?
6. And Lastly, how is the soul of your company going?
Whilst many surveys have been completed around the financial benefits and employee benefits from working from home, very few look at the impact if may have on the soul of your business. People get substantial enjoyment and fulfillment coming to work. The interaction with colleagues (many of whom become friends) and shared problem solving re-iterate why you joined a business. Team culture is a driving force behind why you not only attract quality talent but also retain them. This should not be forgotten when assessing moves to a more permanent working from home culture.
To conclude, start the conversation with your team around future working from home and setting up for long term success (if you haven’t already). Some of your team may be more eager to return to the office than others and that is ok. Working through the next phase for your business now will have longer term benefits. This will also help with staff retention and business outcomes.