Vidyard Study Finds 96% of FinServ Professionals Would Take a Pay Cut to Permanently WFH

January 19, 2022

Sarah Duckett

88% of financial services professionals say they are more successful working from home during the pandemic versus working in the office

KITCHENER, Ontario – January 19, 2022 – To better understand the evolving preferences of financial services professionals in today’s remote-first business world, Vidyard and Atomik Research today released a new study examining how these individuals feel about working from home versus returning to the office in the months ahead. The new study, titled The Future of Work in Financial Services: Remote or In-Office? found that 96% of financial services professionals would give up a percentage of their salary to work from home permanently. And while employees would prefer to remain remote, 86% fear that doing so would result in missed opportunities and perks at the office.

As companies continue to postpone their return to the office plans and as COVID uncertainties accelerate, many professionals across industries are hesitant to abandon working from home. Vidyard conducted its latest survey with independent market research firm Atomik Research, with more than 500 financial services professionals, between November 22-26, 2021. Respondents were asked how they felt about remote work, a potential return to the office, and their productivity while working from home.

“Amid the great resignation, it’s more important than ever for leaders to listen to their employees. Our study found that financial services professionals felt significantly more productive while working from home, despite the added stress of the pandemic,” said Tyler Lessard, vice president of marketing at Vidyard. “The last 18 months have taught us that employees with the right technology can produce great results no matter where they work, while flexible working arrangements are vital to employee retention and satisfaction.”

Returning to the Office
Overall, financial services professionals weigh the benefits of returning to the office and have concerns of being forced to return to the office, yet also have considerable “fears of missing out” (FOMO) if they choose to remain working from home. The survey found:

• 40% of respondents fear their productivity will decline if they are forced to return to the office.
• 33% fear their dog would miss them if they were forced to return to the office.
• 30% fear a forced return to the office would cause their stress to skyrocket.
• 38% sometimes feel ignored when they participate in meetings remotely.
• A third or 33% say their “big wins” have not been acknowledged since working from home.

Peak Productivity
While some employers believe that a return to the office is necessary for peak collaboration and productivity, indications from employees are just the opposite. The survey found:

• Nearly 9 in 10 or 88% of financial services professionals who worked from home during the pandemic say they experienced more successes than when they were in the office.
• 82% of financial services professionals think the overall productivity at their organization has increased with team members working from home during the pandemic.
• 45% say they can better limit the distractions around them while working remotely.
• 45% report they get more work done in a shorter amount of time while working from home.

Financial services professionals were asked where they have successfully led business meetings while working remotely during the pandemic. The survey found:

• 37% admit successfully conducting a work meeting from a vacation.
• 36% say they have successfully led a meeting from the parking lot of a store.
• 36% say they have successfully conducted a work meeting at a house showing while searching for a new home.
• 35% admit to successfully leading a work meeting while sitting in the bathroom.

As employee attitudes towards the new workplace and ways of doing business continue to shift, Vidyard consistently surveys professionals. In the coming weeks, Vidyard will release additional findings gauging financial services professionals and their attitudes around the change in business culture and the use of new technologies to support remote work.

More Information:
For more insights and to dive deeper into the data, please download the complete report, The Future of Work in Financial Services: Remote or In-Office?

Methodology:
Vidyard commissioned Atomik Research to conduct an online survey of 503 financial services professionals with sales, marketing, human resources, or client services related job functions throughout North America (Canada and the United States.) Financial services professionals in the sample are defined as adults who work full-time within the financial services, insurance, banking, investing, and wealth management industries. The margin of error for the overall sample is +/- 4 percentage points with a confidence interval of 95 percent. Fieldwork took place between November 22- 26, 2021. Atomik Research is an independent market research agency.

About Vidyard:
Vidyard is the leading video platform for businesses. More than 200,000 unique businesses use its video messaging and video hosting tools to engage their customers and prospects more effectively. Vidyard enables enterprises across high tech, SaaS, financial services, professional services, and other industries to use asynchronous video to transform their approach to remote sales, marketing, and customer service. Business professionals can use Vidyard everywhere they work, on any digital platform, to create and share custom videos to deliver their message in a more personal and impactful way through its free and pro tools. Sign up for Vidyard for free: /free.

Media Contacts:
Josh Swarz, Big Valley Marketing for Vidyard – press@vidyard.com
Sarah Duckett, Public Relations & Communications, Vidyard – sarah.duckett@vidyard.com