Indeed, we have found that almost all the banks interviewed
have already adopted some form of ratio that moves away
from the presumption of one person to one desk for non-
trading activities. One bank explained that, “our current
workplace only really supports formal individual working,
but obviously the studies show that it is only being used
40-50% of the time”.
But all too often ratio-based workplace strategies are focused
on space saving and cost cutting and, as a result, remove
ownership of space without giving the employee anything
back. A workplace should really be focused on people, and
not desk ratios, giving choice and variety and aligning space
with activity – the work people actually do. One of the banks
we interviewed added that, “workspace should have the
personality and authenticity of the organisation it holds”.
4.1.1. Changing perspectives
‘Fit for purpose’ has long been one of the key objectives for
real estate departments the world over, albeit that achieving
this has been a challenge. Typically banks have intricate
legacy structures, complex hierarchies and embedded ways
of working as they have grown and changed over a number
of years. In the large, very political organisations that banks
are, it is very difficult to get the concept of workplace and
property change heard.
But is ‘fit for purpose’ good enough anymore? Work and
workplace expectations of organisations and employees alike
are rapidly changing. We believe that real estate departments
should match this with a focus on creating ‘innovative and
inspiring space’ over and above being fit for purpose.
Part of this innovation will come from activity-led design of
workplace and better occupancy, but there are also a number
of organisations considering adopting new recharging models.
The idea of workplace-as-a-service or charging departments
based on what they use, would incentivise them to occupy
space efficiently while also allowing real estate teams a better
understanding of what people really need and use.
4.1. Work and workplace
Prediction
New kids on the block demanding change
and innovation: Talent attraction and
retention in a market where banks are
competing with technology and media firms
will require a different approach to work and
the workplace. Banks should adopt more
innovative strategies, and invest significantly
in technology.
We are seeing globally that young talent wants to work
in vibrant city districts, busy hubs that combine offices,
retail, arts, culture and residential – particularly so both
in Europe and in America.
As competition for talent is no longer confined to the
banking and financial services industry, and as banks
start to compete directly with media and technology
companies, we believe banks will struggle to remain
‘employers of choice’ in developed markets. As a
result of this the average age of bank employees is
likely to rise.
We believe that to meet the challenges of attracting
young talent in this more fluid era, banks should start
to invest significantly in their workplaces and workplace
technology, offering better work environments and
more flexibility in the same way the technology
industry has done so in the past ten years. There
needs to be widespread introduction of agile working
environments, and increases in the ability to work
outside of the office for most functions.
The workplace is a huge driver in relieving cost pressures, increasing
productivity and attracting and retaining talent. The vast majority of banks
surveyed are set to increase density and utilisation dramatically in the
coming years. We believe that providing flexibility and choice at work is
not an option banks might consider, but a strategy they must adopt.
38
The future of the financial workplace
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September 2014
