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Finance workers to quit over flexibility

A significant amount of banking and financial services workers are likely to leave their current job if they are not offered flexibility, new research from EY shows.

EY data showed 62% of financial services workers will quit their role if they cannot access flexible working arrangements, while 79% want ongoing remote work and believe fully remote work will impact career opportunities.

However, when given a choice between flexibility in work location and work hours, 54% prefer flexibility in when they work, while 40% would like flexibility in where they work.

In addition, 63% agree the COVID-19 vaccination should be made mandatory for all workers to return safely to work, with only 16% in disagreement.

"New tools and greater trust, as well as new ways to measure productivity, will be the key to success in the workplace in the post-COVID-19 world," EY people advisory services partner Matt Lovegrove said.

"Our leaders and managers need to evolve and mature their approaches to leading and managing, focusing more on outputs than hours, and while employees are demanding flexibility, there is also the need to balance this with the viability and feasibility of remote working for employers to be able to meet the demands of their clients and their markets."

For Australia and New Zealand workers in general, 47% are likely to quit their current job if they are unable to access the flexibility they want and 55% agree the COVID-19 vaccine should be mandatory for returning to work.

Further to this, 70% believe fully remote work will impact career opportunities.

"I feel 'productivity' is now a euphemism for a foundational lack of trust between employees and employers. More work needs to be done to establish greater trust between employee and employer to ensure the transition is a success, for all parties," Lovegrove said.

Read more: EYMatt Lovegroveremote working