What does the ‘new’ flexible working look like?
Five years ago, the world was adjusting to remote working after being instructed to ‘stay at home, save lives’. The Covid 19 pandemic meant governments laid down rules encouraging workers to avoid travelling to the office where possible.
A new dawn emerged with many firms embracing flexible working practices even after social distancing rules were relaxed – businesses could adapt and cope with employees working from home more often – permanently in some cases.
Prior to this, many gender diversity networks had been calling for firms to adopt more flexible working practices. The message was to move away from ‘presenteeism’ and towards something that is more aligned for a family with working parents. Focus on output was underlined.
See also: Drive for flexible working pushes junior bankers towards fund management
In more recent years, companies, particularly investment banks in the City, have reversed some of their flexible working policies and the pressure is on to be in the office three, four or even five days a week. JP Morgan Chase and Goldman Sachs mandated full return to office policy for most of its employees, which took effect in March 2025, while Amazon, Boots and WPP have announced similar. Barclays, Citigroup and HSBC has also summoned staff into the office for an increasing number of days.
Of course, every company is different and there is no one size fits all, and according to a new report from City Hive, firms should be ensuring their practices reflect the different working styles and requirements for each employee, and be clearly communicated. This will benefit the firms in the long run, it said.
“A firm’s approach to everyday working practice, leave-taking and longer-term variations play a vital role in sharing how the best teams are created and connected to deliver the best outcomes for clients,” the report titled Working Forwards: Flex for the Future said.
Looking at data accumulated from 56 firms completing the ACT framework in January 2025, which discloses a firm’s processes and initiatives to give fund selectors a transparent account of firm culture, said while 9-to-5 schedules are long gone, constraints on flexibility among investment firms remain.
On the one hand, the report said flexible working had reported benefits of role autonomy, loyalty, improved wellbeing and reduced sick days. But on the other hand there were concerns about lack of productivity and performance management.
What is key, the report hammered home, is transparency around policies. Nearly all firms said they are proactive in sharing policies that relate to working practices, but less than 10% reported having mandatory policy acknowledgment.
Red and green flags
Our sister publication Portfolio Adviser carried out its own research asking asset management firms for their latest flexible working policies. The majority responded to say it wasn’t something they wanted to discuss currently.
However, Premier Miton said: “We understand the need for flexibility, especially for those employees who may have specific needs or caring responsibilities. We trust our employees, and value their output over their presence in the office but also believe in the value of our people working in-person together.”
A Jupiter spokesperson said: “We strive to create an environment where everyone feels valued, supported, and empowered to achieve their best and as part of that we continue to offer flexible working, that includes hybrid work arrangements and other options. We recognise the importance of balancing working in the office to support collaboration and working from home and are proud to offer all our staff.” At Jupiter, employees can work remotely for up to two days per week with Tuesday and Thursday designated as office days.
In its report, City Hive summarised that while there are many different practices towards short and long-term leave, working hours and role design that support good outcomes, potential employees, as well as fund selectors assessing company, are looking for green and red flags in how a business operates because they directly affect business and financial outcomes.
“Forward-thinking investment companies are actively reflecting on how people’s lives, expectations and needs have changed, and how the workplace is evolving in response. These firms are not only adapting, but also proactively seeking out the opportunity to reimagine their practices in ways that better align with business needs, while simultaneously maximising talent,” the report said.
City Hive called on firms to reframe its approach to flexibility as a business asset and detailed actionable takeaways for investment firms including adopting firm wide flexibility strategies that align with business goals, using data to monitor uptake, measure impact and drive accountability, and reframing flexibility as a business asset.
Mandy Kirby, co-CEO of City Hive, commented: “Flexibility is about far more than where we work, it reflects a firm’s culture. Organisations wishing to get flexible working practices right should ensure they are carefully designed to address changing employee needs, support cognitive diversity and build resilient and future ready teams.”
This article originally appeared in our sister publication, Portfolio Adviser