OPENworking: Architecting the workplace of the future around choice

Over the last 50 years, new inventions and developments have redefined our concept of work. From affordable air travel to the digitization of work, each step has created moments that have required a step change in the shape, and culture of, the workplace. Every transition has come with an opportunity to learn and grow; as individuals, companies, even countries. It has required a greater ability to adapt faster and be more cognizant of an unwritten future.

COVID–19: An unwelcome yet pivotal moment in history

I’d been with Finastra for just under a year when COVID-19 was declared a pandemic. This moment was surreal, a real-life disaster movie playing out. All our business continuity planning made transitioning ~10,000 people to the safety of their homes easier, but nothing prepares you for the moment. Just as critical was ensuring that the 5% of workers that needed to remain on site were fully protected.

As a leadership team, we instinctively and collectively knew that our focus had to be on job protection. Being a fintech with a strong cloud-enabled business model, we have been somewhat buffered from the pandemic, but not immune. It has – and continues to be – anything but straightforward, as we balance an ongoing trilogy: the health and wellbeing of our people, the needs of our customers and our cash.

COVID brought the future forward, and reinforced several priorities

The pandemic was ruthless on the world’s most vulnerable. The fault lines under poverty, inequality and exclusion have been exposed further, SMEs have been desperately hit and black- and minority-owned businesses have found it harder to access financial support.

Yet, pockets of hope emerge too. Our customers pivoted quickly to channel COVID relief to those most in need and continue to reach the unbanked. Globally, the pandemic saw records levels of philanthropic activity; nearly $12Bn in fact, (16 x the funding for Hurricanes Harvey, Irma, Maria, Dorian and the Australian bushfires – combined) and whilst too little of this has been directed to minority groups, through initiatives like channeling funding through CDFIs (Community Development Financial Institutions), we can hope to bridge the divide.

We saw the positive impact of digital technology – in supporting local businesses, connecting communities and of course, in financial services. What pleased me in particular is the news that older generations have embraced online banking wholeheartedly, and one research house found that around 95% of those that have migrated to digital are planning on making it a permanent move.

What COVID taught us about Finastra

• We learned to create more opportunities to listen. Weekly EXM surveys and regular informal checkpoints – open Q&A sessions with our leadership team – helped us engage more deeply with our employees. No questions were off the table, and we openly discussed questions about family support, job security, financial and emotional wellbeing.
• We learned that around 90% actually preferred some parts of this new way of working, and found they were more productive without travelling.
• We learned that our investment in collaboration tools paid dividends, as employees used the platforms to connect, fundraise, chat about anything from mindfulness to childcare.
• We learned that our investment in platform technology meant we could accelerate products that the world needed. It took just two weeks for us to create a PPP funding solution that delivered over $6BN in loans, allowing a million people to receive paychecks and stay afloat.
• We learned that collaborating with experts – such as those championing women in the workplace, leaders in D&I and charities like Mind – were invaluable to our people
• We learned that that our leadership training, as with our project implementations themselves, could all be delivered remotely with just as much impact and a greatly reduced carbon footprint. Free LinkedIn Learning for all employees let them take control of their learning and career growth at their own pace.
• We learned that we had the responsibility to support; not just employees, but vulnerable citizens, which is why we donated the PPP profits (around $2.2M) into Feeding America and financial literacy programmes.
• And finally, we learned that our people were even more incredible, even more able to adapt, listen and support each other than we could have hoped for. Everybody stepped up, and we saw our culture come to life amid the most disrupted and anxious times. 

Declaring OPENworking

What became crystal clear was that our people want choice – when, how and where they work. We’ve seen that growth, trust and brand advocacy don’t rely on us being together, physically. The last three months have been spent in deep consultation with our employees, and the way that our people have adapted and delivered has given us more flexibility to redesign our workplace around choice.

That’s why we’re switching to a hybrid work model – 2+ days in the office, and 2+ days at home. We’re reconfiguring the offices themselves to make them even more inclusive: mum-friendly, adapted to welcome those with special abilities and always an open, inclusive and safe space regardless of gender, age, colour, sexual orientation and religious beliefs.

Hot desks, safe collaboration zones and enhanced technology that mirror our open working culture will provide digital-first working, but offer the chance to come together. We are pack creatures, after all.

COVID really brought the need to focus on the work/life balance to the fore. For many, it was a chance to reconnect with families – our CPTO Eli Rosner said on one panel that his biggest learning was that his family actually quite liked having him around! Now that the world is beginning to settle, we can control our integration of life and work, proactively and not reactively.

For all the pain, anxiety and sadness that COVID brought about, I’m pleased that it has given us the opportunity to change life at Finastra for the better. It’s accelerated and cemented the trust we have in our people, which is why we’re also switching to uncapped holidays. It’s opened up communication even further, so that we can better support our staff through hard times, through policies supporting those dealing with bereavement or domestic abuse. They can speak up, as they know we are listening.

And we’ll continue to listen – to our people, to our customers and to our stakeholders – and adapt and iterate whatever the future brings. It’s a great time to be a People leader, and an honour to be able redefine the future of our company.