Advertisement
Wednesday, Jun 29, 2022
Outlook.com
Outlook.com

What does the future of work look like for asset managers?

The COVID-19 pandemic altered working patterns in many areas of financial services. As tech-driven practices become prevalent and with many firms likely to offer remote working options indefinitely, what is the bigger picture for the future of work in asset management?

What does the future of work look like for asset managers?
What does the future of work look like for asset managers?
outlookindia.com
2021-12-22T17:17:57+05:30

The COVID-19 pandemic altered working patterns in many areas of financial services. As tech-driven practices become prevalent and with many firms likely to offer remote working options indefinitely, what is the bigger picture for the future of work in asset management?

1. As COVID-19 spread around the globe, asset managers faced the challenge of the shift towards remote working. This transformation to staff working away from the office relied on technologies that had not been tested in this way.

2. The industry succeeded, with very little disruption to businesses. Not only did this accelerate the use of data and technology, but it also showcased its effectiveness

3. As technology evolves, the future of work may focus less on the location of the asset manager and more on how they access data and the value they glean from i

A successful transition to remote working

What sometimes gets lost in the discussion about the pros and cons of remote working is the question of what’s best for the business in general – and clients in particular.

To answer that, we need to go back to the beginning of the COVID-19 pandemic when asset managers faced twin challenges.

The first was managing assets and clients during a period when investment and income models were challenged: between 12 February and 23 March 2020, the Dow Jones lost 37 percent of its value. But that at least was a familiar problem for those who had navigated previous crises.

The new challenge was the shift towards remote working, relying on technologies that had never been tested in this way.

The industry succeeded, with very little disruption to business. Not only did this accelerate the use of data and technology, it also showcased its effectiveness. It also saw staff make more use of portable devices. Source ; Workspace without limits

Many employees discovered that working remotely could not only be more productive, it also gave them more time with family and friends, as well as saving on commuting costs. And a number of those with greater family and/or caring responsibilities flourished in this more flexible environment, while the value of ‘presenteeism’ waned.

All in all, a difficult genie to put back in the bottle.

The future of work will be tech-driven

So, what does the future of work hold?

Well, driven by the factors described above, there may be little incentive for either management or employees to return to the status quo. Remaining issues, like the ‘apprentice model’ where junior staff learn through experience, are already being addressed with new programmes designed to deliver more formalised levels of networking and on-the-job learning.

The biggest risk may be that by focusing too heavily on ‘the future of work’, there is not enough focus on the future of the industry.

The real question may not be how to mix office and remote working, but how to switch safety and seamlessly between platforms and devices: 82 percent of respondents in our survey say that interoperability standards are important to their companies.

In an increasingly competitive space, it will be technology and data rather than working patterns that will drive efficiencies and help to generate the all-important alpha that can set active manages apart from passive investment models. While the human element will likely be more vital than ever, physical location or proximity could be less of a factor.

So, in future, the question may not be about where you work from, but how you access your data and how much value you derive from it. Workspace without limits: Exploring how financial institutions can drive productivity and uncover insights through new ways of working with dat

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

Lament Of Separation: Songs Of Habba Khatun, Last Queen Of Kashmir, Still Echo In Valley

In happy times and sad, Habba Khatun’s sensuous songs make both young and old emotional. With the never-ending conflict bringing tragedies to every doorstep, Habba’s lyrics of separation amplify their mourning.

How Indian Laws Govern People’s Right To Love And Live

How Indian Laws Govern People’s Right To Love And Live

In India, only those relationships between a man and a woman are considered to be legitimate when there is a marriage between the two.

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Kohli Quits Test Captaincy, Leaves Leadership Vacuum

Virat Kohli, 33, had recently stepped down as India's T20I captain and was subsequently removed as the ODI captain.

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

UP Elections 2022: How Congress Is Harnessing Power Of 'Persecuted' Women To Counter BJP

A Mahila Congress leader, who is the face of the ‘Ladki Hoon, Lad Sakti Hoon’ campaign, however, has accused the party of anti-women bias after she was denied a ticket.

Advertisement