The complexity of managing the pandemic has resulted in a rethinking of the strategic imperatives for the future of work, as well as the role that workplace design should play to support these concepts, according to a study on the future of workplaces for financial institutions.
The study, which looks at the re-design of workplaces as a result of the Covid-19 pandemic, alongside digital transformation of work processes, said that organizations can remain sustainable in the long-term with a hybrid model of work.
The components for a pandemic-resilient and responsive workspace ecosystem revolve around flexibility, efficiency, divisibility and legibility, the Association of Banks in Singapore (ABS) and the Monetary Authority of Singapore (MAS), said in «Study on Future Workplaces,» published as part of the ongoing collaboration between ABS’ Return to Onsite Operations Taskforce (ROOT) and MAS.
Agile Working
The study said that empowering employees to choose where and when to do their work will be essential to support employees’ physical and mental well-being and ensure that the best talent is retained or supported, noting that FIs should embrace the pandemic by taking the best aspects of telecommuting to achieve greater work-life balance in the future.
«Equipping employees with the right technology and protocols is key to unlocking the potential of agile working,» the report said.
«Future FIs’ workplace will embrace a dynamic approach, ranging from flexibility to work-life balance. The recent experience has unlocked the potential of hybrid working, emphasising on both mental and physical well-being,» the report said.
Long-Term Impact of Covid-19
«Banks in Singapore have adapted their operations quickly over the past year to cope with the COVID-19 outbreak. However, the longer term impact of the pandemic on social behaviours and workplace norms is not yet fully known and understood,» Samuel Tsien, chairman, ABS and Group CEO of OCBC Bank, said in a statement on the report.
The report said it forsees FIs embracing remote working as part of their culture and tapping into different areas outside the CBD for workplace options near home. The real estate strategy of an FI will also explore more of the shared options available outside the CBD while maintaining their headquarters’ presence for both branding and community engagement.
Finally, digital banking and fintech will also play a significant role in shaping the future as banks move from the traditional transaction-based approach towards more of an experience-based model to attract and retain both customers and potential employees.
