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7 out of 10 Financial Sector Employees Worked From Home During the Corona Lockdown

Efficiency remained high and levels of job satisfaction reasonable within the finance sector during the corona lockdown, when 7 out of 10 employees worked full-time from home. That's what the results of three parallel studies of companies and employees in the sector show.

Three major surveys conducted by the Danish Employers’ Association for the Financial Sector (FA), Finansforbundet and Forsikringsforbundet have defined the state of the financial employment market during the corona lockdown, when 7 out of 10 employees worked from home.

And they did so efficiently, say employers, in a study conducted by the FA.

54% of employers surveyed stated that they were ‘highly satisfied’ with the efficiency of their employees working full-time from home during the lockdown.

“Employers and employees have tackled the crisis constructively. I believe that a large part of the level of efficiency achieved is particularly due to them both demonstrating extra flexibility during the crisis. Employees who also had domestic duties such as looking after kids and helping with homework have been able to work outside normal working hours,” says Mariane Dissing, Managing Director of the FA.

Worked unsupervised

Employees have also expressed satisfaction with their work despite the unusual situation.

A survey of Forsikringsforbundet members showed that 8 out of 10 were able to perform their work satisfactorily.

“They were able to do so by holding virtual meetings, and doing things in new ways. They’ve worked unsupervised, and been able to do their job without the presence of a manager. Trust was also displayed by the management. Our survey showed that 88% had enjoyed a high level of trust from the management concerning working from home,” says Lone Clausen, Vice President of Forsikringsforbundet.

Responsibility for society and customers

Finansforbundet ran a similar survey among its members, who are primarily employed in the country’s banks and mortgage lending institutes.

79% of respondents said they had been able to a ‘large degree’ or ‘very large degree’ to do their jobs satisfactorily from home, and that their average number of working hours had not fallen, thanks to such measures as being given more freedom to plan their work themselves.

“Employees and management in the finance sector have all taken considerable responsibility for society and their customers in this extraordinary situation. Strong, common focus has been directed towards dealing with the problems of working in a totally different way for most, yet their work still got done. And the work certainly did get done. Even under wholly different working conditions, which in some areas allowed more freedom and responsibility, even though it may have meant having to do without their colleagues. That's why we can also learn from experience gained during the crisis, to employ some of the positive elements such as greater flexibility, planning work independently, etc.,” says Michael Budolfsen, Vice President of Finansforbundet.

All three surveys were conducted in late April and early May 2020. 

2,443 members responded to Forsikringsforbundet’s survey, and 72 businesses took part in the FA’s. Those 72 employers cover around 43,400 employees in the finance sector. 3,200 members responded to Finansforbundet’s survey.