Permanent Work From Home For Bank Of Baroda Employees; 1st PSU Bank With 100% WFH Model!
The covid-19 pandemic has been a force of change that has disrupted the way the world works. WFH has been the answer of human ingenuity to this juggernaut. Work from home is when, instead of being physically present in a company, employees complete their work duties from their home.
These employees are called a virtual workforce, and in this employees have a dedicated home office workspace equipped with a computer. Many IT companies like TCS etc. have posted good revenues and profits this year and WFH has been one of the keys reasons why the margins increased while the costs decreased.
There are strategic reasons like having a globally distributed workforce that supports company operations, especially during a crisis. Increased company loyalty, morale as well as job satisfaction are facilitated by WFH to companies. For individuals, it is the work-life balance.
Appointment of Mckinsey To Devise WFH Strategy:-
WFH has been increasingly adopted by many corporates and many are considering making it a permanent policy. However, PSUs have also jumped on the bandwagon and Bank of Baroda is doing the same as it has appointed management consultancy firm McKinsey & Co to devise a strategy for the same in the post-Covid world.
In this changed post covid world, this move to appoint McKinsey & Co is basically to help the Bank stay ahead of the curve.
BoB’s MC and CEO Sanjiv Chadha said that the Bank is thinking of how their staff could work from home, if at all hybrid model can be implemented wherein the employees could come to the office for a day or two, giving them flexibility whilst keeping the Bank open to hire talent, which might be there despite not being available for the full-time environment.
While announcing the third quarter’s financial results he announced the bank’s strategy. For the third quarter, BoB reported a net profit of Rs 1,061 crore. This comes in contrast to the loss of Rs 1,407 crore in the corresponding period of the previous year.
“Branches” To Be Less Central To Banks:-
Due to the pandemic, people have increasingly resorted to digital banking services than actually visiting the branch. And since consumer behavior once changed, remains the same. Hence, Mr. Chadha said that the bank must come up with a strategy in which branches are less central to the BoB network. The bank would, instead of focusing on branches, would focus on the customer touchpoints. Much lighter footprints, where the branches are redesigned, are required as the reasons why customers would come to branch post-pandemic is going to be different that pre-pandemic.