Hybrid work opened a pandoras box – and no matter how hard companies try, it’s not going away. Working from home was the logical cure to the challenges of maintaining employment during the pandemic. But after two years, employees have learned to appreciate the benefits of a shorter commute and more accessible work/life balance. With Delta and Omicron (somewhat) behind us, what comes next? The answer is complicated.
So what is the difference between a wirehouse advisor and an independent? Certainly not as much difference as there used to be. For the last two years, most advisers have been living a hybrid existence – splitting time between the office and their home. For many advisors, the benefits of a shorter commute and more accessible work/life balance became important aspects of their newfound flexibility. With Delta and Omicron (somewhat) behind us, what are the chances that “return to normal” actually resembles a pre-COVID workplace?
To help define the problem, some recent poll information:
It’s been two years since the beginning of the pandemic and according to the Harris Poll, nearly 54% of employees have returned to the office. Despite this, 51% of workers have little interest in commuting daily. Almost half of employees report that their employers want their organizations to come back to the office full-time, but 43% would quit their job if their employer made office-work mandatory.
For most employees (73%), social time with colleagues represents the number one reason workers cite as to what they miss about the office. For almost 1/3 of workers, the desire to return to work is practical – they miss the dedicated office space of a formal office. But for most workers (55%), they don’t miss the work commute.
We may be returning to “normal” but it’s pretty clear that employees’ concept of “normal” has changed. And can you blame them? There are varying opinions as to how long it takes to cement a habit. According to research from the University College of London, even under the most conservative circumstances we should embrace the fact that every single employee has evolved to form different work habits as a result of two years of COVID. Some may be willing to return to the office, while others have formed a strong work-from-home habit they may not be willing to abandon.
Companies and organizations need to be careful walking a fine line in the reopening of their offices. Without thoughtful consideration, financial services firms risk losing some of the advisers they’ve worked so hard to recruit. Rather than laying down the law, organizations should consider the advantages of embracing a more long-term, negotiated strategy for reintroducing employees to the office. Use more carrot, less stick.
For organizations unwilling to change, you may find your advisors are unwilling to abandon the lifestyle they’ve learned to love.
At Colmina, our mission of ‘Curating well-being’ counts for advisors as well as our clients. As part of that mission, we endeavor to offer our advisors as much work flexibility as possible. As a result, we consider virtual work to be foundational to our organization. We believe that a positive work-life balance is necessary – especially in a business that elevates the value of advice. As an advisor, you’ll be encouraged to leverage your home office environment using video and other office virtualization technology to create a work environment that is productive, enjoyable, and helps encourage a better work/life balance.
Start a conversation today to discover how “curating well-being” may just be the key to the lifestyle practice you deserve.
Additional Resources:
Pew Research – “COVID 19 pandemic continues to reshape work in America”
The Harris Poll - “Covid Insights #102”
Wyley Online Library - “How are habits formed: Modelling habit formation in the real world”
University College of London - “Busting the 21 day habit formation myth” https://blogs.ucl.ac.uk/bsh/tag/66-days/