Investment financial company UBS will offer US employees a new flexible work arrangement, where some staff will have the option to work remotely full-time.
According to an internal survey the firm conducted of its global employees, 86% said they value having flexibility in the company’s work policy.
Taking these results, UBS is launching its Virtual Worker Framework that will be initiated in phases and solidify some of the practices it has adopted over the last two years.
The new model is being coined as a “natural extension” of UBS’ hybrid work policies it has embraced since pandemic restrictions began to be dialed back.
“Hybrid working has positively reshaped the future of our workplace,” said Tom Naratil, co-president of global wealth management and Americas president at UBS. “We’re reimagining the way we work and believe this framework will provide an enhanced work-life balance for some of our employees, appeal to a more diverse pool of applicants, and increase employee retention.”
This new initiative sets UBS slightly apart from many other financial firms. For instance, Wells Fargo employees that were working remotely started returning to the office this month, but can work remotely for up to two days.
“Our go-forward approach will be office-based, with flexibility,” Wells Fargo said in a statement. “We strongly believe in the benefits of seeing our colleagues on a regular basis…It will help each of us foster stronger relationships, support in-the-moment collaboration, and allow us to better serve our clients and communities.”
However, UBS recognizes that flexibility is in high demand from workers and improves their satisfaction levels with the firm. By receiving more control over their schedule, employees can be more productive and achieve a healthy work-life balance.
Although it is still uncertain which workers will have access to the fully remote positions, a source believes that eligible workers will be able to complete their tasks completely remote.