As the workforce moves toward hybrid models, financial services (FS) firms face a tough balancing act: how do they stay productive and meet the demands of flexible working while also keeping their employees empowered and engaged?
How the financial services industry has adapted to flexible working
Remote work has resulted in increased flexibility for FS employees. 79% of FS employers had at least 60% of their employees working from home, and more than 70% said they found the work-from-home experience to be successful, according to PWC’s Remote Work Survey in 2020.
Moving forward, FS employees want their organizations to continue supporting alternative working patterns. The same PWC survey says 86% of FS employees support the idea of working from home at least one day a week, and 35% want remote work as a full-time option.
While working from home proved relatively easy for many FS firms, operating in a remote environment came with some dire consequences. The financial sector suffered a surge in mental health issues. More than half of FS workers feel more burned out in their job now than at the beginning of the pandemic, according to Ketchum’s research study, “The New Essentials: Working Lessons from a Year in the Pandemic.”
FS employees also feel that their sense of belonging to their team and organization decreased as a result of remote working. Only 24% of FS workers worldwide feel connected to their workplace and its mission, values, and purpose, based on findings from the 2021 LiveTiles Global Employee Experience Survey. The survey also reveals that only 25% of FS workers feel that their work is recognized and valued by managers and colleagues.
Modern Intranet: Building a digital workplace experience in financial services
Today’s workforce demands more connection, more alignment, and more transparency than ever before. In an agile working landscape, FS firms must ensure that their workers enjoy meaningful employee experiences wherever they are working. Here’s how a modern intranet can improve communication in the digital workplace and deliver a more streamlined, collaborative experience for all.
Promoting a digital-first culture
With a modern intranet, FS employees enjoy seamless digital experiences and integrations with key business systems. Firms can use the intranet to support workers in navigating the technologies and processes they need to succeed at work.
Take for example “The Hub” — a LiveTiles Intranet solution that was tailored specifically to the requirements of Legal & General, a leading UK financial services provider. The mobile platform is a digital home that unites the company’s people, knowledge, and technology securely.
The Hub provides Legal & General’s employees with resources and information that are up-to-date, easy to find, and accessible at any time. It features a searchable “How Do I” library detailing key processes and tasks. Plus, workers can access all the digital tools and third-party systems they need to achieve results independently.
The intranet created a unified digital employee experience by helping everyone collaborate in a more distributed workforce model. “It’s been great to build a digital workplace platform that connects everyone across the organization,” said Tariq Maonah, Digital Product Lead at Legal & General.
Bridging the internal communications gap
FS firms can bridge the gap between the office and the frontline by enabling everyone to effortlessly communicate with each other through a central, familiar platform.
LiveTiles Reach, for example, is a mobile platform that can keep FS employees in the loop via audience targeted, channel-based communications. It solves the disconnect between FS leaders and employees through the efficient exchange of knowledge and communications. Both parties can easily send critical updates and concerns. This way, FS employees are aligned and engaged no matter where their job takes them.LiveTiles Reach, for example, is a mobile platform that can keep FS employees in the loop via audience targeted, channel-based communications. It solves the disconnect between FS leaders and employees through the efficient exchange of knowledge and communications. Both parties can easily send critical updates and concerns. This way, FS employees are aligned and engaged no matter where their job takes them.
Giving FS employees a voice
A modern intranet can also go a long way to foster inclusivity by elevating employee feedback. With LiveTiles Reach, FS employees can leverage a valuable feedback tool that enables them to give — and ask for — thoughts, tips, and coaching. The platform creates a space for critical coaching, mentoring, and feedback between leaders and employees.
This employee communications app also cultivates a strong culture of empathy through one-on-one conversations. The cloud-based platform lets leaders and workers have simplified and meaningful conversations about engagement and performance. Leaders also gain detailed insights into the perceptions and behavior of employees.
Plus, a modern intranet can be a social space for building a healthy and strong digital workplace community. It connects colleagues through hybrid events, town halls, and social gatherings that can increase their happiness and job satisfaction. It also enables storytelling – the creation and sharing of employee (written or visual, or even audio) content, so critical to cultivating an authentic brand and sense of belonging.
Transform the digital employee experience in finance
To stay competitive in the hybrid world of work, financial services firms must leverage tools that empower leaders, employees, and teams to plan, align, and envision success — together.
The right modern intranet can help FS firms deliver a best-in-class digital EX by boosting trust, communication, and recognition. It brings FS employees together no matter where they work and enables a broader sense of information and collaboration.
With a powerful digital space, FS employees get to share how they contribute to their company’s vision and goals. This way, they feel a sense of value and purpose amidst the challenges of remote work.