A new survey released by Deloitte in collaboration with independent research organization Workplace Intelligence reveals that for both men and women, workplace arrangements are top of mind. Flexibility and the ability to work remotely continue to be highly valued, so much so that most leaders say they’d rather leave their job than go into the office full-time. “This suggests that financial services institutions with strict return-to-office mandates could face the possibility of losing their pipeline of leaders,” the report says.

The paper Cultivating employee engagement in financial services explores the powerful link between flexible and remote work arrangements and engagement, retention, and other key outcomes. It also considers how U.S. financial services institutions can develop more thoughtful return-to-office policies that support long-term employee engagement.

Key findings are:

• Strict return-to-office mandates could impact retention. Among leaders surveyed who work remotely at least part of the time, 66% say it’s likely they’d leave their current job if their company required them to return to the office five days a week.
• Caregivers are more likely to be affected by return-to-office mandates. Leaders with caregiving responsibilities surveyed were 1.3 times more likely than non-caregivers to say they’d leave their organization if their company eliminated their ability to work remotely.
• Leaders surveyed prefer flexible work arrangements over prescribed workplace models. Some financial services institutions now require their workforce to go into the office three to four days a week. However, only 18% of respondents say this would be their ideal arrangement.
• While remote working has improved engagement and well-being, most surveyed leaders believe it will put them at a disadvantage. Among leaders with hybrid work arrangements, 62% of respondents say they would prefer to work remotely more often but feel it would be bad for their career.
• Financial services institutions may face a shrinking pipeline of future female leaders in the years to come. Almost half (45%) of women respondents in senior leadership roles report being likely to leave their current employer over the next year.

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Source: Deloitte Insights