Peoples and Organization Principal Practices in Global Context (Blog 1)

 Hybrid work settings for the Banking sector

 

 A hybrid work model combines a physical office with a remote working system. It is a flexible work paradigm that gives employees the freedom to select how and where they are most productive. As a result, it combines the advantages of a regular working model with those of a remote work system, such as greater working flexibility, lower labor costs, and better environmental experiences. There is no standard hybrid model size that works for all businesses. A corporation might create a hybrid model taking into account the demands of both the employees and the business. (Vidhyaa and Ravichandran, 2022).

The Covid-19 epidemic has caused many organizations to reconsider their actual working environments, which has provided them with a lot of advantages. In order to maintain corporate operations, tighter health standards and a demand for social segregation led to the relocation of work locations to workspaces. The hybrid work model was in demand even after the pandemic era because it was able to give the necessary flexibility for both employees and employers, particularly in the domains of knowledge work and the banking industry.

However, the hybrid work approach, as articulated, combines remote work with entirely in-person employment. It is not just about remote work. Following the Covid-19 epidemic, major international banks like HSBC switched to a hybrid work strategy in accordance with technological advancements and to reduce the costs of managing properties. (Wee, D and Lacqua F, 2021).

 

Advantages to employees

Flexibility	Employees are free to choose the most efficient times to start and complete work.
Increased family time	Working from home allows employees to attend to family duties, which improves the job output. In the end, this promotes work-life balance.
Possibility to work from home in a case of sickness	This enables workers to work remotely even when they are unwell and still counts as presenteeism in the office. This improves time management abilities and encourages fewer sick days.
Save on travel expenses	This lessens the need for fuel-intensive travel and commute costs, which pleases the workers.
Safety	Increased safety in the COVID pandemic situation

 

 

Disadvantages to employees

Professional isolation	Remote workers may have a sense of professional isolation since they are kept in the dark about company affairs and their coworkers. The personnel will see a decline in organizational identity as a result.
Damages manager-employee relationship	This lessens face-to-face contact, which will negatively affect managers' ability to provide fast feedback on tasks, eroding the relationship between supervisors and subordinates.
Damages employee-employee relationship	The burden, adaptability, and coordination will all suffer as a result. Employees who depend on other workers to perform their duties, in particular, may have trouble managing their time and interacting with others, which might result in underproductive work being done from various places. Additionally, this results in a lack of contact, companionship, and feedback among employees.
Difficulty with the tools and skill set	Employees struggle with the lack of tools available to connect with office systems and documents, as well as with learning the necessary skills to work from home.

 

 

References

Beno, M. (2021). On-Site and Hybrid Workplace Culture of Positivity and Effectiveness: Case Study from Austria. Academic Journal of Interdisciplinary Studies, 10(5), p.331. doi:10.36941/ajis-2021-0142.

Diab-Bahman, R. and Al-Enzi, A. (2020). The impact of COVID-19 pandemic on conventional work settings. International Journal of Sociology and Social Policy, 40(9/10). Doi: 10.1108/ijssp-07-2020-0262.

Vidhyaa, B. and Ravichandran, M. (2022). A LITERATURE REVIEW ON HYBRID WORK MODEL. International Journal of Research, Publication and Reviews Journal homepage: www.ijrpr.com, [online] 3, pp.292–295. Available at: https://ijrpr.com/uploads/V3ISSUE7/IJRPR5648.pdf.

Wee, D and Lacqua F (2021) ‘HSBC Plans for Permanent Hybrid Work Model’ https://www.bloomberg.com/news/articles/2021-09-02/hsbc-ceo-plans-for-permanenthybrid-work-much-less-jet-settin