Hybrid work is here to stay; fintech leaders must adapt
“Some CEOs are afraid to let go of the reins”
Hybrid work relies heavily on a model of trust. Historically, we’ve all sat in an open office in front of our screens every day for a certain number of hours, then commute home. Team leaders could come and look over our shoulders if they suspected problems or inefficiencies. That level of control has gone. Some industry executives are afraid to let go of the reins. Their leadership style relies heavily on presenteeism or being visible in office environments from 9am to 5pm every day. Having people visible at a desk does not mean they are more productive. What ensures productivity in a company is clear core values, a five-year plan, identification of the right roles needed to fulfill that five-year plan, and targeted recruitment.
Hybrid work is a challenge because it requires a company setup that allows the person to work from home as easily as in an office space. Video conferencing has been a problem, and some companies need to ensure that new systems are implemented to facilitate hybrid work. Extra coordination is needed to set up meetings with those in the office and those who work remotely. If not handled properly, it can lead to a breakdown in communication. Leaders and managers must work harder to ensure connection between colleagues. Relationships must still be nurtured and ways of ensuring that this happens must be carefully thought through and monitored. Finally, company culture must be a consideration when your team works half the time in the office and half the time from home. As a growth fintech company, you need to ensure that your company’s ethos is attractive and solid. It will ensure that you continue to attract the best talent in the industry.
These questions are new considerations, and before a CEO or founder sits down with management, they must have clearly defined the answers to these problems independently. Many CEOs find it unhelpful to have difficult, complex, and often confidential discussions with members of their team. The reason more founders are working with business coaches is because these planning conversations need to hit rock bottom before they go in front of management or the senior leadership team. Coming to that team with a clear idea of how to navigate hybrid work ensures you’re in a better position to have conversations with them about managing it and ensuring productivity.
The nature of work is fundamentally changing
Suzi Read is director of talent development, diversity, equity and inclusion at Kindred Group, an online gambling company, and she recently told the FT: “People have fundamentally changed. Many organizations underestimate what people have been through and [they need] the chance to take stock, find out what their values are, and understand things.”
The numbers indicate that hybrid work is here to stay, but this fundamental shift in the way companies and their teams operate continues to pose major challenges for senior managers and CEOs and their continued growth in the fintech industry. Coupled with a difficult economy and supply chain issues, CEOs and managers feel that failing to navigate hybrid work can have negative consequences for the operation of their businesses and subsequently their profit margins and growth.
About the Author: Peter Boolkah is an award-winning business coach with 30 years of experience helping CEOs and founders scale and grow their businesses in the UK and US. Working with CEOs and founders, he enables them to effectively lead their teams and businesses to ensure growth and profit.
