Still, just 59 per cent of New York City finance workers were at their workplace on an average weekday in January, according to a survey from the Partnership for New York City, which promotes the city’s economy. Well-paid workers on Wall Street and elsewhere crave flexibility, and with unemployment at a 53-year low, they’re willing to shop around to find it.
Rob Sadow, Scoop’s chief executive and co-founder, said banks that insist on full-time office attendance could risk defections. “I think over time they will lose talent to the ones that are not fully onsite,” he said. “If you are an outlier in limiting flexibility, you will feel some talent outflow.”Article content
Financial-services companies also offer more workplace flexibility than the average U.S. firm, Scoop found, with four out of five being fully flexible or hybrid, compared with an average of 51 per cent across industries. That’s largely due to the nascent fintech sector, though, where more than three out of four firms are fully flexible, and just five per cent insist on full-time office attendance.
“This shows that financial services is more remote compared with other white-collar work,” said Arpit Gupta, an associate finance professor at New York University who viewed the Scoop data. “But there are still enough large financial institutions that still want a substantial physical presence in the city. So that’s hopeful for New York City.”Article content
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