Of the 700 respondents surveyed by Deloitte, about 18% prefer to work three to four days a week in the office, but 62% believe that reducing working hours could be detrimental to their careers.
Most professionals, whose work and life have been transformed by remote work, wish to maintain the current flexibility, even if it comes at a certain cost. However, the survey indicates that more than half of the respondents (52%) reported that office employees receive higher salaries, 63% think that it’s easier for office workers to get promoted, and 55% believe that office workers have more decision-making power.
For employees who need to care for children and the elderly, about three-quarters of male respondents said that work flexibility has improved their relationship with their children and family, compared to 67% of women. However, among employees with flexible jobs, those with caregiving responsibilities are 1.3 times more likely to quit than other employees. And 60% of respondents think it's less likely for employees with caregiving responsibilities to get promoted.
Deloitte found that over 30% of Millennials and Generation X, who make up the vast majority of respondents, opt for flexible employment, with only 10% preferring a fully remote working environment.
In an interview with American Banker, Neda Shemluck, DEI leader for Deloitte US Financial Services, mentioned, “There's a perception that employers want 100% of the time in the office, while employees do not want to be in the office at all, but that's not the case. The issue is how to meet the face-to-face contact requirements while allowing corporate leaders the autonomy to decide what’s best for the business."
In some instances, the allure of work flexibility surpasses that of salary and benefits. Among respondents considering leaving their job in the next 12 months, about 35% would do so for more flexible work arrangements, and 34% for better pay or benefits.
In Deloitte's survey, although 18% prefer to work three to four days a week in the office, 62% of respondents are concerned that reducing office hours may negatively impact their careers. Shemluck stated, “If the working style of a minority of employees differs from the majority, the impact of flexible work arrangements on careers needs to be considered."
Since the outbreak of the global pandemic in 2020, there has been a split between full-time office and flexible working among financial institutions. JPMorgan Chase, Goldman Sachs, and Morgan Stanley have taken a hard stance. Citi, on the other hand, has implemented a hybrid model, which is not entirely flexible. The bank had asked managers to consider company policies like attendance when designing salary packages in June.
Deloitte advises companies with a large number of women in management to pay attention to employee dynamics, as its survey showed that 45% of female respondents said they might leave their jobs next year if work flexibility were suddenly limited. Similarly, 70% of respondents with high flexibility stated they plan to work for their current employer for the next three years or more.
