How Has the Hybrid Work Model Affected Financial Departments?

May 15, 2023

Even the financial sector has felt the impact of COVID-19, and working from home and switching to a hybrid work model has gradually acquired stability as a post-pandemic norm. Thus, hybrid work is becoming a must for financial departments to attract new talent and keep a competitive advantage, driven by productivity and operational needs.

1 Digital is here to stay

Businesses have continued to embrace technological transformation and the creation of the digital workspace as a new requisite for economic survival and talent management. Therefore, it seems that hybrid working models are here to stay and financial sectors are not exempt. Accordingly, digital innovation in finance should envisage the use of secure digital tools and support services to improve a company’s efficiency and productivity while evolving towards the digital workplace of the future.

 2 Working together even when working from home

Companies with hybrid work models achieve better employee engagement and retention by implementing technologies that allow users to work together, whether on site or at home. Thus, business executives should envision the advantages of using collaboration technologies in the financial department. What are the essentials for remote collaboration in a hybrid work model?

  • Establish effective channels of communication and upgrade your team’s skills to use them.
  • Implement a project management solution where both long- and short-term goals can be included.
  • Use virtual and hybrid platforms that encourage employee engagement.

Hence, the main purpose is to create an environment that inspires innovation and drives productivity, while at the same time capitalizing on growth and attracting new talent.

3 Real-time collaboration

The shift to the hybrid working model requires digital innovation in finance, which, again, means the aid of centralized collaboration tools. In this way, financial services can break down data silos and consolidate cross-departmental teams that can co-edit content in real-time. In addition to simplifying financial information management, good collaborative solutions allow:

4 Automation and flexibility of teams  

Business development managers and IT decision-makers must now join their efforts to plan how to support long-term hybrid working models. Hence, investing in an agile and open platform that can adapt to your company’s evolution and deliver an exceptional end-user digital experience should be among the top priorities of digital finance innovation. The main goals should include the following:

  • Better visibility of network and application performance.
  • Cybersecurity technology and software.
  • Efficient use of cloud-based technology and software-as-a-service applications.
  • End-user experience and digital experience monitoring solutions.
  • Integrated automation of workflows and network acceleration solutions.

In short, the future of work is clearly hybrid, combining autonomous on-site working with WFH. Consequently, a comprehensive digital solution for financial departments to embrace the hybrid work model is no longer a need but a must. If you are thinking of implementing an end-to-end solution to drive productivity and performance, Talentia can help you.