Future of the Workplace with EY | Thursday 9th September

On Thursday 9^th September, FWB Park Brown and EY hosted a joint event to discuss the ‘Future of the Workplace’.  David Borthwick and David Storrie presented the findings from EY’s ‘Work Reimagined’ paper which was conducted in March 2021 and received 16,264 responses across 16 countries and a wide spread of industries.

Following this, FWB Park Brown facilitated a Q&A session and further conversation allowing guests the opportunity to ask EY questions and to share information on their experiences so far of returning to a new normal at work.

With lockdowns lifting, companies are now planning what the return to work looks like for them. For many, this “transition phase” is a matter of trial and error and organisations must plan what this will look like through consultation, collaboration and effective leadership.

Market Trends & Employee Sentiment

We all have a vested interest what the future of work looks like and this is certainly a complex issue with many moving parts. The market trend towards remote working has in many cases been seen as a huge success. Hybrid is the new future and now the conversation has shifted to recruiting, retaining, manging and developing talent. Organisations are listening to employees and agility and productivity are being viewed as just a few of the positives emerging from remote working. A strong employer value proposition remains really important in attracting and retaining good talent.

Key findings from the report:

• Employees expect to work between 2-3 days remotely
• 81% want flexibility in where they work and 85% in when they work
• 54% are likely to quit if their preferences for work are not met, with Gen Z twice as likely to quit as Baby Boomers
• 61% of respondents believe their productivity can be measured irrelevant of location
• 57% agree or strongly agree hybrid work will help their organisation be more creative
• 56% of respondents strongly agree/agree that their company should require vaccination of all employees for a safe return

The event had representation from all sectors including financial services, manufacturing, FMCG, professional services and utilities.  There was a very engaged discussion around real estate and its viability, the complexities of being fair and transparent with employees, how to implement a ‘one size fits all’ strategy for returning to work, and indeed, if this is at all possible, agile working and pay and reward and how this might change to reflect new working structures.

The messaging seems clear: we need to test and refine while understanding we are in a transition phase. Companies need to go through a natural equilibrium while we work through the significant change needed to adapt to new ways of working.

EY are refreshing the ‘Work Reimagined’ paper soon and we will run a follow up event to share the new findings, as well as best practice and different approaches that have been taken to date. If you would like to be included in the next event, please send us an email to lauren@fwbparkbrown.com