In an announcement that went out on Tuesday to the roughly 36,000 staff of Goldman Sachs, the bank’s new CEO David Solomon, CFO Stephen Scherr, and COO John Waldron indicated that employees would now have more flexibility in deciding what to wear to work, joining a growing number of financial and professional services firms that have embraced less formal dress codes:
Given our firm philosophy and the changing nature of workplaces generally in favor of a more casual environment, we believe this is the right time to move to a firmwide flexible dress code. Goldman Sachs has a broad and diverse client base around the world, and we want all of our clients to feel comfortable with and confident in our team, so please dress in a manner that is consistent with your clients’ expectations.
Of course, casual dress is not appropriate every day and for every interaction and we trust you will consistently exercise good judgment in this regard. All of us know what is and is not appropriate for the workplace. We hope this approach will provide flexibility for our people and create a welcoming environment for all.
The trend of “white-shoe” firms going business casual took its last big step forward in the summer of 2016, when JPMorgan Chase and PwC both relaxed their policies. Reuters characterizes Goldman Sachs’ decision to follow suit as “a move once considered unimaginable for the Wall Street firm’s leagues of monk-shoed partners and bankers in bespoke suits”:
Historically known as a white-shoe investment bank, Goldman Sachs traditionally required formal business attire. But since 2017, the bank began relaxing its dress code for employees in the technology division and other new digital businesses. This created a divide in the workforce as clear as denim versus pinstripes.
Today’s digital work environment has opened up a whole new world of possibilities for working outside the traditional model of 9-to-5, Monday through Friday, chained to your desk. While some jobs will always require employees to be in a certain place at a certain time, communications technology now makes flexibility possible for most knowledge workers in terms of where, when, and how they get their work done, at least some of the time. Flexible work is attractive to many employees, but it’s more than just a perk: Many organizations are discovering that it can help drive important business goals such as engagement, retention, productivity, and inclusion. To that last point, flexibility is now seen as a valuable tool for helping working parents and caregivers manage their home obligations without sacrificing professional growth and career progress.
One company that has had a positive experience with flexibility is PricewaterhouseCoopers (PwC), which over the past ten years has evolved a culture of “everyday flexibility” that makes flexible work available to all employees, regardless of their role or circumstances. Anne Donovan, U.S. People Experience Leader at PwC, recently outlined what the company learned in this process at the Harvard Business Review. One key lesson, she writes, is to “be ‘flexible’ when creating a flexibility culture,” rather than implementing a rigid, formal policy:
Flexibility for a caregiver might mean being able to leave work early to take an elderly parent to a doctor’s appointment. For a parent, it might mean taking a midday run, so evenings can be spent with their children. And for others, it could simply be taking an hour in the afternoon to go to a yoga class and recharge. When we look at flexibility this way, it’s easy to see why formal rules actually hinder adoption and progress. It’s impossible to have a one-size-fits-all approach for flexibility. We let our teams figure out what works best for them, as long as they deliver excellent work, on time. The rest is all fair game.
A new analysis of US Census Bureau data by the Pew Research Center finds that stay-at-home fathers are becoming more common, suggesting a slow shift in parental roles that Pew says is driven by more than just economic considerations:
The stay-at-home share of U.S. parents was almost identical to what it was in 1989, but there has been a modest increase among fathers. The share of dads at home rose from 4% to 7%, while the share of moms staying at home remained largely unchanged – 27% in 2016 versus 28% about a quarter-century earlier. As a result, 17% of all stay-at-home parents in 2016 were fathers, up from 10% in 1989, the first year for which reliable data on fathers are available. …
However, the long-term uptick in dads at home is not driven solely by economic factors. The modest increase is apparent even after excluding those who were home due to unemployment. Furthermore, a growing share of stay-at-home fathers say they are home specifically to care for their home or family, suggesting that changing gender roles may be at play. About a quarter (24%) of stay-at-home fathers say they are home for this reason. Stay-at-home mothers remain far more likely than dads to say they are home to care for family – 78% say so.
Pew also finds that Millennial parents are more likely to be at home with their children than Gen X parents were at the same age in 1999-2000, with a particularly significant jump among fathers from 3 to 6 percent. A larger proportion of Millennial dads are staying home deliberately to care for family, rather than as a result of unemployment or for some other reason.
Identifying “stay-at-home parents” is increasingly difficult in the era of remote work and the gig economy, which Pew acknowledges. Parents are defined as “stay-at-home” based on their employment status during the year prior to the survey, which is similar to how the Census Bureau categorizes them:
When we think of the “gig economy,” we usually think of platforms like Uber, Deliveroo, Fiverr, or Freelancer.com, which offer users flexible, contingent work on a piece or project basis. Taking a broader view, however, the advent of the gig economy has also had an impact on the way traditional employers think about meeting their talent needs. In our research at Gartner, over the past several years we have seen a number of organizations experiment with new models of hiring, engaging, and assigning workers, inspired by the gig economy. At our ReimagineHR event in London last week, Gartner Practice Leader Thomas Handcock walked HR leaders through several of these models and discussed how they might leverage them in their organizations as well.
Internal Career Marketplaces
Compelling career paths and opportunities to learn and grow within the organization are increasingly important aspects of the employee value proposition, particularly—though by no means exclusively—for Millennial employees. The stereotype of the Millennial job-hopper reflects the notable desire among employees of this generation for a greater variety of experiences in their careers. If your organization can’t offer employees this range of experiences and opportunities to acquire new skills, they are likely to seek them elsewhere: Lack of development opportunities is among the leading drivers of attrition for employees worldwide, Gartner’s Global Talent Monitor data show.
To address this demand for development and variety, innovative employers are making it easier for their workers to find their next job within the company rather than outside it, through internal career marketplaces. These marketplaces, which at companies like HCL Technologies operate through digital platforms, can help employees plot their career paths and understand what internal moves they need to make to reach the position they desire. This allows them to develop their careers more rapidly or grow in new directions more easily without changing employers. For the employer, these internal labor markets offer an effective way to retain and develop high-potential employees. Internal hires for new roles also require less onboarding and come with the benefit of pre-existing institutional knowledge and alignment with the organization’s culture. (Gartner Corporate Leadership Council members can learn more about HCL’s Career Connect portal in our case study.)
A new poll from YouGov has found that just 6 percent of employees in the UK are working traditional 9-to-5 hours, while only 14 percent said they would prefer to work those hours, Personnel Today reported on Tuesday:
The survey, commissioned by Blue Rubicon and McDonald’s, asked more than 4,000 adults for their views on working hours and found that most full-time workers preferred to start earlier and leave earlier: 8am to 4pm were the most popular hours for 37% of respondents while 21% chose 7am to 3pm.
Just under four in 10 respondents (42%) were already working according to shift patterns, compressed hours and job shares and many of these people told researchers that they felt more motivated than when in fixed-time work and being able to work flexible hours led them to stay in the job longer.
The desire to work more flexibly in future was expressed by 70% of respondents, with 65% adding it would improve their wellbeing and satisfaction at work. However, a third of people said they didn’t think their employer would allow them to work more flexibly. Just under half (48%) said they would prefer to work a longer day in return for a shorter working week.
Evidence that traditional work schedules are becoming obsolete has been accumulating for a few years now, and not only in the UK: A CareerBuilder survey in the US in 2016, for example, found 59 percent of US workers saying they believed the typical 9-to-5 workday was a thing of the past. Work-life balance is also an increasingly important driver of talent attraction and retention around the world, as our research at Gartner has found.
At People Management, HR experts at the CIPD underscored that the survey’s findings reflect a need for organizations to be more attentive to employees’ needs in managing schedules and designing the workweek:
Significantly more North American employers are offering “Summer Fridays” to their employees this year, the latest data from Gartner’s Global Talent Monitor shows. A poll conducted in the second quarter of 2018 of more than 144 HR leaders in North America found that 46 percent of organizations were giving employees the option of leaving early, working remotely, or taking the day off on Fridays this summer—a jump of more than 30 percentage points from 2012.
Though some companies worry that summer schedules can have a negative impact on productivity, but as Gartner’s own Brian Kropp notes, “most companies have told us that with this benefit in place, they’ve found employees work harder earlier in the week because they know they have to complete their work before Friday,”
Summer Fridays won’t work for every organization, of course, or for every workforce, but Kropp outlines an alternative option too:
Short-term assignments are becoming more popular among skilled professionals in India, the Economic Times reported this week, with an emerging “white-collar gig economy” in IT implementation, marketing, design, and other fields reflecting these professionals’ desire for more flexibility and control over their careers:
It’s early days, but as more Indians opt for new work arrangements, interest is growing across age and experience brackets. Leading the charge are young employees with five-plus years of experience, confident in their abilities to do well even without the cushion of a permanent job, and mid-career people who have built up a nest egg and now want more flexibility and a work-life balance. …
Three months ago, EY launched GigNow, a tech platform that connects people seeking short-term employment options or flexibility with EY in India. Sandeep Kohli, national director for HR at EY, told ET that over 70 such jobs are on offer on the platform and almost 700 people have applied. Initially, it started with consulting and now it has added finance and HR gigs. The next step is to launch a GigNow for women.
While Indian professional culture has historically put a premium on strong ties between employees and their employers, times are changing. Indian Millennials, like young professionals around the world, are putting greater emphasis on autonomy and work-life balance. Greater flexibility is also seen as a key tool for encouraging Indian women to remain in the workforce after having children. To that end, Indian entrepreneurs are establishing online recruiting platforms and coworking spaces specifically geared toward connecting women with flexible work or facilitating the launch of their own businesses.