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In July 2020, ACSA reached out to members to gain insight into how member firms have adapted, systemic challenges, and views on what may lay ahead for the future of work in securities services and investment administration. The survey indicated that on average 82 percent of staff moved to working from home, with some member firms close to 100 percent. No respondents reported significant service delivery disruption, but all indicated that challenges arose with rapid deployment of technology access to support a distributed work force, along with fast-tracked adoption of new processes. While the bulk of securities services and investment administration functions are highly automated, and therefore could be supported remotely, exception processes that still rely on physical documents and wet ink signatures created the greatest challenges. For example, mail room and vault access remain reliant on some level of central office access. Awareness of the impact on people was reflected across all respondents with approaches put in place to bolster support. Availability of counselling, more frequent virtual interaction, and a focus on social dimensions (“ask anything” sessions) being some of the common approaches by member firms. Opinions differed widely on whether workplaces will return to normal post-COVID. Around half of the respondents believe they will return back to the office – although most think this outcome will vary by job function. Nevertheless, the bulk of respondents believe that the disruptions have accelerated the trend to more flexible working conditions, a better appreciation of work / life balance and tangible benefits like reduced commute time.
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