More than three quarters (76%) of financial services professionals across the UK are planning to increase office attendance in the next 12 months, according to new research from KPMG UK.
The survey, shared by KPMG UK, of 150 executives working across banking, insurance, asset and wealth management and private equity found that more than a third (37%) of those planning to increase attendance will “expect employees to be in the office at least four days a week.”
Financial services were a first mover in returning staff to the office post-pandemic, with some of the major investment banks being the “first to vocalize a vision for a full office return.”
But they also see the value of the hybrid working model, with “more than half (58%) of UK financial services leaders saying it is a competitive opportunity for the sector; 20% of these say the opportunity is significant.”
A separate research study by KPMG into the working preferences of financial services employees found that just 10% want to “work in the office full time.”
Despite differing locational working preferences, all age groups of employees said flexibility “around hybrid working is important when choosing a job.”
Karim Haji, Global and UK head of financial services at KPMG, said that there is no one-size fits all approach to this and businesses are still “trying to find the hybrid working sweet spot more than two years on from the pandemic.”
Haji added that professionals see the commercial value of hybrid working models, particularly when it comes to “attracting and retaining talent, but they are still expecting greater office attendance in the coming months to retain collaboration with colleagues and clients.”
Leaders also have to balance regulatory and risk pressures as part of managing hybrid models, which will be “a contributing factor for getting staff back into the office.”
As noted in the update, it is important that companies find the “right balance that works for their business and their employees.”
This will ensure that the sector retains good people and fosters “a collaborative, productive culture that is successful and competitive.”
Leaders are planning to track attendance in several ways. Almost 45% plan to monitor attendance “through office card swipe systems, followed by 40% using timesheets and just under a third (29%) will install digital cameras.”
As stated in the update, online quantitative research conducted by Opinium on behalf of KPMG “between 17th – 23rd September 2024 of 150 UK adults who are director level and above in financial services companies.”
KPMG LLP, a UK limited liability partnership, operates from “20 offices across the UK with approximately 18,000 partners and staff.”
The UK firm recorded a “revenue of £2.96 billion in the year ended 30 September 2023. ”
KPMG is a global organization of independent “professional services firms providing Audit, Legal, Tax and Advisory services.”
It operates in 143 countries and territories with “more than 273,000 partners and employees working in member firms around the world.”
