Hybrid & Flexible Working - Insights from our recent UK Insurance Industry Working Policies Study
Our recent hybrid working survey, conducted in collaboration with Insurance Times and Gerrard White Consulting, delves into the critical aspects of remote and flexible working and their impact on talent acquisition and retention strategies. This comprehensive survey provides valuable insights for the UK Insurance Industry that are helping to shape the future of work.
People Want a Choice
One of the key findings from the survey was that employees like having the choice of when and how to work. This preference for flexibility is a significant driver in employee satisfaction and engagement. Companies that offer options for hybrid or flexible working arrangements tend to see higher levels of productivity and morale. The ability to choose working hours and locations allows employees to better balance their professional and personal lives, leading to a more motivated and committed workforce.
Better Flexibility, Better Wellbeing
Our survey reveals that flexible working policies not only enhance the hiring and retention of top talent but also positively impact employee well-being and company culture. The data indicates that 65% of companies have adopted uniform hybrid working policies, while 43% offer flexible work arrangements around core hours. These policies are typically authorised by HR and C-suite executives, highlighting the strategic importance of flexibility in today's work environment.
The Impact on Hiring and Retention
One of the key takeaways from our survey is the direct correlation between flexible working policies and recruitment success. Companies that clearly define their in-office expectations in job advertisements tend to attract more applicants and secure higher job acceptance rates. Conversely, rigid policies can deter potential candidates, leading to a lower quality talent pool. This finding underscores the need for transparency and flexibility in hiring practices to avoid losing top candidates at the job offer stage.
Productivity and Remote Work
Contrary to common assumptions, our survey suggests that remote work does not necessarily reduce productivity. In fact, we encourage companies to review their working location and hours policies to dispel such myths. Tools to measure and report the effects of these policies can provide better insights, enabling companies to make informed decisions that balance productivity with employee satisfaction.
Enhancing Company Culture and Wellbeing
Flexible working policies are not just about where and when employees work; they also play a crucial role in enhancing company culture and cohesion. Our survey indicates that hybrid or remote working options, coupled with flexible core hours, can strengthen team loyalty and cohesion. However, achieving this requires investment and innovation. Companies that invest in flexible working arrangements often find themselves better positioned as employers of choice, fostering a positive and supportive work environment.
Challenges and the Road Ahead
While the benefits of flexible working policies are clear, the survey also highlights the challenges faced by less flexible organisations. These companies may need to offer additional benefits to compensate for rigid hours and work location policies. As we look towards the future, few companies expect their policies to become less restrictive. By 2025, many anticipate more restrictive policies, which could negatively impact staff retention, hiring, and overall wellbeing. Monitoring these changes closely will be crucial to mitigating potential adverse effects.
Vermelo’s hybrid working survey provides a wealth of insights into the current and future state of work in the insurance industry. The findings emphasise the importance of flexibility, transparency, and innovation in crafting policies that meet the needs of modern employees. As the debate on returning to the office full-time continues, our survey offers a compelling argument for embracing hybrid and remote working models. By doing so, companies can not only attract and retain top talent but also enhance productivity, wellbeing, and company culture.
For those interested in a deeper dive into our survey findings, the full report is available to download.
The report is essential reading for those companies looking to hire, it provides evidence-based insights into how companies can effectively implement hybrid and flexible working policies to enhance their talent acquisition and retention strategies without a detrimental effect on productivity, collaboration and cohesion.
To discuss the findings in more detail or to find out how Vermelo RPO can support you with your talent strategies please contacts us.