Fewer Drawbacks
The drawbacks of granting flexibility aren’t as steep as in some other parts of their business. Software engineers rarely have to deal directly with the firms’ clients and are used to working on projects from anywhere.
“Coders are introverts by nature anyway,” Jason Kennedy, chief executive officer of U.K.-based recruiting firm Kennedy Group, said in an interview. Flexibility “minimizes the risk of losing people, because those who don’t want to work in a crowded place don’t have to.”
Under newly installed Chief Executive Officer Jane Fraser, Citigroup Inc. has vowed most employees will be able to work from home at least part of the week on a permanent basis - a more flexible approach to office life than many of her peers across Wall Street. That’s helped the lender in its ongoing battle for technology talent.
“In some ways, hiring has gotten harder and other ways it’s gotten easier,” Stuart Riley, who oversees operations and technology for Citigroup’s institutional clients group. “One of the reasons someone would have gone to a big tech firm is there was just generally a bit more flexibility. Citi has caught up in that.”
Still, even the more flexible banks will struggle to match the pitch from some rivals. British fintech Revolut Ltd is allowing all employees the flexibility to work from home or from the office. Staff can also work overseas for as long as two months per year.
This article was provided by Bloomberg News.