Double the number of investment professionals working 60 hours per week during the lockdown, but the industry prefers hybrid workplaces in the future despite the fact that burnout / home burnout is unclear, according to a report.
The CFA Institute report “The future of work in investment management” was the first of a four-part research study that examined the changes organizations and investment professionals are likely to adopt after the pandemic.
The report found that the future of working in investment management is in hybrid workplaces, as 87% of women would like to work remotely some of the time with 80% of men agreeing.
Employers have supported their workforce’s desire to work remotely, with strong support for remote work policies dropping from 15% before the pandemic to 77% after the pandemic.
But investment executives were unanimous in saying mental health issues were the biggest threat to employee well-being – 100% of investment organization executives said mental health issues were a concern major, followed by the impact of childcare and eldercare services (80%) on their staff. .
Given the confusion between private and professional life, many investment professionals worked longer hours during this period, leading to burnout – the number of respondents working more than 60 hours per week almost doubled during the pandemic, from 8% to 15%.
However, the study found that 20% of Australian respondents have experienced a reduction in their total compensation since January 2020.
Other findings in the report include:
- People at the start of their careers, with less than two years since obtaining the CFA charter, were the least likely to want to work remotely, since it was more difficult to learn from others in a remote environment, without benefit from a solid professional network;
- Investment professionals (53%) believed remote working increased their efficiency, which included those considered incompatible with remote working, such as CFOs and traders;
- Investment professionals have reported a shift in what motivates them most at work, with flexibility of the workplace and having good team members becoming more important which could be the direct result social isolation from the pandemic;
- On the positive side, 75% of investment professionals are confident their jobs will be secure over the next 18-24 months;
- Remote working has created an urgency for new skills, with 91% of professionals saying it is important for them to actively develop new professional skills, but less than half receive support from their company to do so; and
- Some 59% said the culture had improved because their staff learned more about their colleagues.
Lisa Carroll, chief executive of CFA Societies Australia, said the pandemic offered employers and employees the opportunity to reconsider the future of work in financial services, with remote working now the norm.
“Investment jobs have been resilient during the COVID-19 disruption and Australia is no different,” Carroll said.
“Only 10% of professionals have seen their employment status change due to COVID-19. This underlines that investment roles are well suited for remote working.
“We are seeing evidence of this in the current lockdowns in Sydney and Melbourne, where investment professionals are successfully doing their jobs from home.”