Topic 5: Strategy to Implement Work From Home in Banking
September 01, 2020
COVID 19 has forced the world to adopt social distancing. This has in turn forced most companies with two choices: shut down operations or adopt Work From Home for their employees. With a work from home options in place, the nation’s economy is not adversely affected and citizens’ health is not compromised. However, there remain certain challenges in implementing and adopting the Work From Home mode, which has led to its lower-than-expected rate of adoption. The challenges are bigger in the financial services space, owing to the critical nature of the work involved because a few critical operations (like treasury, settlement, etc.) still require the teams to be present in the office.
- Organization Orientation: The organization needs to design its functioning in a way that an employee is accessible to all co-workers and vice-versa in a seamless way without either side knowing where the other one is working from.
- Organizational Maturity: It is not possible to achieve seamless accessibility and productivity from home in one day. An organization must be committed to the same and take consistent steps forward towards achieving its goals as it matures the culture of Working From Home and is still be able to work.
- Trust in employees: Introducing Work From Home facility without developing an inherent faith in employees and their managers to trust each other would not work.
- Security: Financial services are the most paranoid sector when it comes to the security of its operations.
- There are concerns around client data and other transaction- or trade-specific data that must be handled properly.
- Client Infrastructure: To be able to work with clients, it is essential for clients to accept digital working modes. As a first step, clients must be comfortable in receiving and sending digitally signed documents instead of documents with wet signatures.
Strategy to improvise productivity of Work from Home in Banking
There may be two zoom meetings in a day. One in the morning in Banking aligning the day- tasks by the Manager to call via Zoom. The other meeting may be convened in the evening at 5:00, when the deliverable may have been delivered by all employees from Work from home. And, in the second zoom meeting, the deliverables may be discussed.
Since, banking requires Group meetings, strategized group meetings twice a day, by the Manager is imperative to Increased Productivity.