Hybrid working must still allow career progression

In the UK, restrictions have now lifted and professionals can return to offices, but many businesses plan to continue with a hybrid model. In this new way of working, employees in the investment sector are considering the impacts this could have on career progression.

Hybrid working has largely been welcomed by employees but stigma about working remotely remains in some organisations.

Our recent report, The Future of Work in Investment Management, which surveyed more than 9,000 investment professionals globally, found that a huge 81 per cent of investment professionals globally would like to work remotely for part of the week.

Worryingly however, a survey by Korn Ferry revealed almost 60 per cent of respondents believed it would harm their career advancement if they admitted to their supervisor that they would prefer to work remotely.

Concerns over career progression are expressed more among junior employees, with those with less than two years of experience in the investment industry least likely to want to work remotely.

There remains a fear of missing out, based on the perception that increased face time with management will increase advancement opportunities, compensation, and cross-functional collaboration – all important for junior employees.

If we are not careful, the hybrid model could create a new hierarchy of those in the office and those who are not, with serious implications for both cohorts. 

Leaders and managers in the investment profession must ensure this does not happen. In these unsettled times, the importance of good management is clearer than ever. As many as 51 per cent of our survey respondents indicated that they are motivated by a good team and supervisor versus only 36 per cent in 2019.

There are a number of ways that leaders can ensure their teams are given the best opportunities, even when working remotely.

Avoid equating remote work with lower productivity

Despite a number of studies that have found that remote working is linked with higher productivity, our report revealed that managers’ perceptions of their own efficiency was considerably higher than their perceptions of their employees’ efficiency when working remotely – a concerning disconnect, as this assumption of low productivity could become a barrier to employees’ progression.

Investment leaders must ensure that outdated philosophies on productivity when working remotely are not perpetuated and must create a culture where employees’ progression needs are still met under the hybrid model. 

Embrace flexibility but prioritise progression

Leaders at investment companies will need to clearly set expectations for their employees in the hybrid model and establish concrete guidelines for meeting etiquette, mandatory in-person time, and protocols for performance evaluation to ensure employees are not unintentionally damaging their prospects.

Alongside this, boundaries must be set and maintained to deter ‘presence inflation’, where some employees return to the office more than mandated for more face time with managers. Presence inflation can cause excessive competition among employees, some of whom will be able to make it to the office more than others.

Create opportunities for informal networks

Maintaining professional networks remains critical for career progression, but traditionally these connections are made through in-person events and meetings, which will likely be fewer and farther between under a hybrid model.

Many find that digital communications platforms can work well for day-to-day work, but they cannot replace the informal coffee machine interactions that help to build team relationships.

Investment leaders should be reassessing how they can nurture and build team relationships in light of this. They should prioritise getting informal face time with their team members on days that they are in the office, perhaps through lunch meetings or setting up social activities such as an after-work gathering.

Leaders can create 'focal points' of high-engagement opportunities in the office, by first considering the structure of their team’s week and then identifying critical times for teamwork, ideation, and cross-functional engagement.

While much is yet to unfold in the hybrid world of work, we know that there will be both opportunities and challenges. Workplace interactions will evolve and may take on a more personal, informal feel while management styles will naturally shift to being more empathetic of employees’ personal needs. 

Ultimately, businesses that can find the right balance of allowing flexibility through the hybrid model, while still prioritising conversations about careers, particularly for those starting out in their professional journeys, will come out on top.

Marg Franklin is a chartered financial analyst, and president and chief executive of the CFA Institute