Hybrid working has become a staple of financial services since the pandemic, and while research points to the many positives around employees' work-life balance, some advisers say it brings more disadvantages than benefits.
While for many advisers hybrid working is a must have in today's financial services for others the "negative" consequences when it comes to office culture are unsurmountable.
Recent research from Vitality found:
- Hybrid workers lose fewer days to health-related productivity loss compared to their full-time office and home working counterparts;
- Hybrid workers exhibit lower rates of obesity and depression and engage more with workplace wellbeing initiatives;
- Workers engaging with workplace health initiatives lose 15-20 per cent less productive days than those who don’t.
The insurer had surveyed more than 4,700 individuals and their employers and found persistent poor health remained a pressing issue in the UK but was significantly reduced when workers were offered hybrid working.
It found both full-time home and office workers lost more productive days (50.8 and 50 respectively) than their hybrid counterparts (47.8 days), and that hybrid workers demonstrated lower rates of obesity and better mental well-being compared to office-based and remote workers.
But what does it mean for advice businesses in particular? Are hybrid employees always happier?
"Like it or not, hybrid working is here to stay," says Ben Perks, managing director at Orchard Financial Advisers.
"For us as a business, it works well. The team have the freedom to pick when they work from office or home and it actually provides a better office environment."
He adds: "People are in the office because they want to be and not because they are chained to their desk and phone."
Scott Gallacher, director at Rowley Turton, agrees. "Hybrid working is a must-have in today's workplace," he says.
"Employers who ignore this are falling behind as employees demand flexibility. During the pandemic, almost everyone worked from home, so it's daft to now say they can't."
Rowley Turton offers hybrid working to nearly all its employees. And while he personally is rather in the office than at home, he says the firm's hybrid workers report a better work-life balance.
"While we haven't seen a significant difference in sickness rates, those working from home may find it easier to continue working when feeling slightly under the weather as opposed to those commuting," he adds.
But Dariusz Karpowicz, director at Albion Financial Advice, is not so sure.
He says: "Hybrid working became more prevalent with Covid and lockdowns, but it does have its disadvantages.
"Employees often miss out on the company vibe, which can't be easily replaced with video team meetings. Additionally, training new employees remotely is extremely challenging."
He admits the firm's clients have accustomed to a remote service, which has resulted in fewer in-office visits—less than one a month.
But he adds: "While I agree that hybrid working may offer health benefits, such as reduced health-related productivity loss and lower rates of obesity and depression, I don't think these benefits fully overcome the negatives, particularly the impact on office culture and team cohesion."
