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Only 15% of finance workers believe new tech has improved productivity

by LLB Reporter
25th Apr 23 10:34 am

New research from Doherty Associates, the leading IT consultancy and services provider, has found that over three-quarters (78 per cent) of financial services workers state their company has introduced new technology to support hybrid working. However, the research found it has not had the desired effect on productivity, with only 15 per cent stating the tools have substantially improved productivity.

The research, which gained insights from 499 financial services employees in the UK, found that only 31 per cent of IT decision-makers noticed a substantial improvement in productivity following the implementation of hybrid working. With the rise of flexible working practices across the UK, it’s clear the solutions are stifling employees rather than helping them.

The IT decision-makers’ perception is reality amongst workers in financial services, who feel overwhelmed by new technology tools:

  • 1 in 4 think they have too many different tools to be productive.
  • Over a third (37 per cent) struggle to find the information and data needed to do their jobs.
  • Of the 37 per cent, 17 per cent of workers state this is a daily occurrence.

Terry Doherty, Founder and CEO, Doherty Associates said: “It’s clear that across all levels of an organisation, the technology implemented to support hybrid working is not meeting the needs of the team. Business leaders want to support productivity and inspire collaboration in their teams wherever they are, but the reality is that employees are struggling with new tools.”

“Technology is ultimately about helping people – the implementation and application needs to be people-centric. During the pandemic and after in the world of hybrid working, we’ve seen rapid adoption of various communication and collaboration tools. Every organisation would be wise to audit the technology they are using and gain feedback and insights into what is working and what is not and set out clear processes that focus on people.”

The move to hybrid working is far from over. The research found that 54 per cent of financial services workers stated their firms have changed their hybrid working policy within the last year, with four per cent changing their policy in the last month.

With only 36 per cent of financial services workers stating that hybrid working and collaboration tools are extremely effective, the research highlights how crucial it is that leaders review their processes and policies with a critical lens.

Doherty continued, “The research has given us a fascinating insight into the success of initial ventures into hybrid working undertaken by financial services firms. We’re seeing its popularity continue.”

“With the news that the four-day working week trial is extending in the UK, productivity is firmly back in the spotlight. However, this research shows that if leaders are set to support productive flexible working, and truly make an impact for their team, it’s critical to get the right processes and technology in place.”

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