Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • Sections
  • News

Half of financial services staff want home working after COVID-19

Open-access content Monday 26th October 2020
Half of financial services staff want home working after COVID-19

Half of employees in the UK's financial services sector want to continue working from home for at least part of the week once the COVID-19 pandemic passes, KPMG research has found.

After surveying over 1,500 financial services workers, the researchers also found that one-quarter want a permanent switch to home working after the crisis, and that one in 10 will look to relocate.

This is consistent across age groups, although workers aged 31-45 are the most driven to work more flexibly, on 53%, while employees under 30 are the keenest to work from home permanently, on 28%.

“It is important to note that only half of the workforce want to continue working this way, and that clear division is important,” said Mel Newton, head of Financial Services People Consulting at KPMG UK.

“It demonstrates that flexibility is more than just allowing people to work from home on the occasional Friday – what the future workforce wants is personal choice.”

Although 78% of workers surveyed said they’ve been able to work effectively from home during the pandemic, 30% said they need more digital expertise, while only a quarter have been offered digital training by their employers. 

Furthermore, 21% said that they are relying on different management and leadership skills while working remotely, yet only 17% have been offered training on it.

With 12% of workers saying their employer had not done anything to equip them for the changing circumstances, it's possible that upskilling opportunities may not have increased proportionally to bridge what could be a growing skills gap.

“As we have experienced a huge leap forwards in digitisation and remote working, the need to upskill our employees in digital and technological expertise is more important than ever,” said Claire Tunley, CEO at Financial Services Skills Commission, which co-produced the research.

“Increased investment in our employees’ future skills, alongside a sophisticated remote and flexible working offer, will help the UK financial services firms address the skills crisis the sector has been facing, attract talent, and position it for a successful future.”

 

Image credit: iStock

Author: Chris Seekings

You may also be interested in...

Blockchain 'tipping point' forecast in 2025

Blockchain 'tipping point' forecast in 2025

Blockchain technologies will reach a tipping point in 2025 and be adopted at scale across the global economy, boosting GDP by nearly $2trn (£1.5trn) over the next decade, forecasts by PricewaterhouseCoopers (PwC) suggest.
Wednesday 14th October 2020
Open-access content
Mandatory climate-related financial disclosures announced

Mandatory climate-related financial disclosures announced

Pension schemes, insurance companies, asset managers and banks will all be forced to disclose their financial exposure to climate change by 2025 under new rules unveiled by the UK chancellor Rishi Sunak yesterday.
Tuesday 10th November 2020
Open-access content
Global assets under management top $100trn for first time

Global assets under management top $100trn for first time

Assets under management (AUM) at the world’s 500 largest asset managers exceeded $100trn (£76.8trn) for the first time last year – totalling $104.4trn.
Monday 26th October 2020
Open-access content
Huge pandemic insurance protection gap uncovered

Huge pandemic insurance protection gap uncovered

Property and casualty (P&C) insurers would have to collect business interruption premiums for 150 years to make up for the projected global output losses related to COVID-19 in 2020.
Tuesday 27th October 2020
Open-access content
Study links 15% of COVID-19 deaths to air pollution

Study links 15% of COVID-19 deaths to air pollution

A new scientific study has linked 15% of worldwide COVID-19 deaths with long-term exposure to air pollution, with the figure rising to as high as 27% in East Asia.
Wednesday 28th October 2020
Open-access content
Pension fund recovery falters

Pension fund recovery falters

UK pension funds endured faltering returns in the third quarter of this year, despite recording their strongest quarterly performance in a decade over the previous three months.
Wednesday 28th October 2020
Open-access content

Latest from Technology

gc

Free for all

Coding: those who love it can benefit those who don’t by creating open-source tools. Yiannis Parizas outlines two popular data science programming languages, and the simulator he devised and shared
Wednesday 1st March 2023
Open-access content
ty

Data detective

Heard about the chatbot ChatGPT? Artificial intelligence is advancing rapidly, says Arjun Brara – and could soon be used to refine ESG ratings and expose greenwashing
Wednesday 1st March 2023
Open-access content
td

Brain power

The latest microchips mimic cerebral function. Smaller, faster and more efficient than their predecessors, they have the potential to save lives and help insurers, argues Amarnath Suggu
Wednesday 1st March 2023
Open-access content

Latest from News

tf

New online forum 'IFoA communities' – now live

IFoA communities is your new online digital community. Here’s how to get started on the platform
Thursday 2nd March 2023
Open-access content
uh

Climate risk course sees new growth

In April, the Climate Risk and Sustainability course will be one year old. During its first year, we welcomed 155 participants and awarded 148 certificates. Members from more than 19 countries came together at the seminars to discuss and share what they had learnt.
Wednesday 1st March 2023
Open-access content
uh

Actuarial Profession Standard Z1: have your say

The IFoA is consulting on proposals to introduce a revised Actuarial Profession Standard (APS) Z1 on ‘Duties and responsibilities of members undertaking work in relation to UK trust-based pre-paid funeral plans’. APS Z1 sets out specific ethical and professional obligations that apply, in addition to the Actuaries’ Code, for members providing advice relating to funeral plan trusts.
Wednesday 1st March 2023
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Actuarial Contract Opportunities - Life Insurance

United Kingdom, Ireland and Remote
Competitive
Reference
148599

Pricing Manager (Mid-Corp)

London (Central)
£75000.00 - £90000.00 per annum
Reference
148749

Head of Insurance Pricing Risk

London (Central)
£100000.00 - £130000.00 per annum
Reference
148748
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ