This 186-Yr Old Bank Allows Permanent Work From Home For 85,000 Employees; Allows ‘Work Near Home’ As Well
Standard Chartered Plc New Working Model
As per the reports, Standard Chartered Plc is leaving no stone unturned to get ahead of the changes the pandemic might make to people’s work-life balance.
Some may think that it is trying to take the things a little too far but shouldn’t forget that caution is the better side of valor.
According to this emerging bank, it will “push the boundaries” for half of its 85,000 staff, who work in nine of the 55 countries where it operates.
Further, the bank is planning to offer the option of heading to a “near home” location to those employees from early next year.
Talking about the location, it plans to rent from an office-sharing company.
In addition to that, the workers will have the option of permanently working from home and more.
It doesn’t end there as the Chief Executive Officer Bill Winters plans to roll out a “hub-and-spoke” model for his offices that few big companies have ever even tested.
Many Questions And Benefits With This New Approach
For those who find WFH too stifling, the thought of a satellite office in their nearest town may definitely hold an appeal for them.
It can be a hit for the countries like Poland, Malaysia, China and India where StanChart has big support functions.
This model will give an opportunity to the worker as rather than commuting into a big city, they will get the option of recreating the community aspects of office life closer to their home.
Additionally, it would help in addressing technology deficiencies in some places.
But this will come with some challenges too as the organizational challenges of managing all of these new locations will be a job to consider.
Many other questions like will it work as well for frontline bankers as for back-office staff?
Also, there is no mention yet of the impact on cost.
Another point is, renting desks from a WeWork-type company would be cheaper and more flexible than the earlier leases that downtown commercial property commands, especially in prime cities such as London and New York.
In addition to that, the co-working spaces offer pay-per-use models which helps in keeping the costs in check.
So far, the bank’s profitability targets are slipping amid the pandemic recession.
They could follow the Facebook Inc. approach and ask their staff to accept lower pay if they choose to work out of town.
Need to keep a close eye on this space since the changes could re-define the working life forever.