If you do not have some type of virtual work/work-from-home policy, you are at a disadvantage when recruiting for new talent today. In practice, advisory firms that have ‘always’ run in-person do often struggle to convert to a fully remote working environment, but it isn’t necessarily a need to allow 100% virtual work (unless the firm wants to); allowing even just some work-from-home (e.g., 2 out of 5 days per week) can still have positive impact for the team, while still largely conforming to the firm’s existing culture, management style, and way of doing business.  Furthermore, recent research suggests that allowing employees to work virtually, even on a part-time basis, is not just a perk anymore—it can enhance productivity, employee satisfaction, and the overall efficiency of a business.

 Here are some reasons why companies should embrace virtual work as at least a part of their business model, if they haven't already done so.

Broader Talent Pool

One of the most significant advantages of offering virtual work is the ability to attract and retain top talent from across the country. Organizations no longer have to limit their hiring efforts to local candidates, or bear the costs of relocating employees (if they’re even willing to relocate). By allowing remote work, companies can tap into a global talent pool, hiring skilled professionals who might not be available locally. In fact, the typical job opening that we recruit for will see 5- 10X as many high-quality candidates reaching out as a comparable job even in a dense metropolitan area.

Increased Productivity and Efficiency

The absence of lengthy commutes, constant interruptions from colleagues, and unnecessary meetings allows them to allocate more time to meaningful work. Virtual work often encourages employees to manage their time more effectively, as they gain the autonomy to choose when and how they work best. Though notably, this does require the firm to be very clear about what the employee’s job tasks and expectations are, to ensure both that they’re focusing on the right work given greater autonomy, and that the firm has a means to monitor and hold them accountable.

Cost Savings

Virtual work can offer substantial cost-saving benefits for companies. Reducing the need for physical office space, utilities, and other overhead costs can significantly impact a company's bottom line (though this may be partially offset by the need to conduct periodic in-person team retreats to bring everyone together from time to time). 

Beyond the direct savings, virtual work also lowers costs related to employee turnover. Satisfied employees who enjoy a good work-life balance are more likely to stay with their employers long-term, reducing recruitment and training costs associated with high turnover rates. Some of our clients offer a monthly stipend ($100-250) for house cleaning to help cover the costs of having a home office cleaned regularly. 

Improved Work-Life Balance for Employees

Work-life flexibility is increasingly becoming a priority for today’s workforce. Employees value the flexibility that virtual work provides, allowing them to better manage their personal and professional responsibilities. This flexibility can lead to higher job satisfaction, reduced stress, and overall better mental health. It isn’t necessarily about trying to work fewer hours; it’s simply about giving team members the flexibility to decide to take an hour for the doctor’s appointment at 10AM one morning, and make it up by working an hour at 10PM after the kids have gone to sleep (easily done when the home environment is the work environment and there’s no commute back to the office for some late-night catch-up).

Business Continuity and Resilience

The COVID pandemic demonstrated the importance of having a resilient business model capable of adapting to sudden changes. Companies with existing virtual work policies were better positioned to transition smoothly during lockdowns. Allowing virtual work builds business continuity into a company's framework, making it easier to respond to future unforeseen events.

 Whether it's a natural disaster, a public health emergency, or other disruptions, a flexible work model ensures that employees can continue to work productively, no matter where they are located. Timely considering Florida has now faced its second major hurricane in a span of two weeks. 

Environmental Impact

Embracing virtual work also supports sustainability goals. With fewer employees commuting to the office, there is a reduction in carbon emissions and a lower environmental footprint. Organizations that prioritize sustainability can leverage remote work as part of their corporate social responsibility strategy, contributing to global efforts to combat climate change, which is attractive positioning to many next-generation candidates today who are very concerned about what the planet’s environment will be for their coming decades of life on Earth.  

Adaptation to Changing Workforce Trends

Millennials and Generation Z, who are becoming a larger part of the workforce, value the freedom to work from anywhere, at any time, more so than prior generations, and are more likely to be attracted to companies that offer this flexibility.  By adapting to these changing expectations, companies can position themselves as progressive, forward-thinking employers. This not only helps attract young talent but also aids in retaining experienced professionals.  

Keep in mind that we do encourage newer planners starting their careers to find an in-office position since the profession is an apprenticeship model, to learn their craft more quickly then they can always go virtual later in their career once they have the skills, confidence, and experience. But many still show a preference for a virtual work environment from the start, having already gone through academic programs that increasingly leverage virtual classrooms already.

Conclusion

Allowing some level of virtual work is not just a trend; it's a strategic move that can yield significant benefits. Embracing virtual work is a win-win strategy that can drive innovation, enhance employee satisfaction, and strengthen a company's competitive edge in the market. 

Some firms will choose to remain fully in-person for the type of business and culture they want to build. And similarly, there are certain workers who are not interested in a virtual position, and prefer to be around other people all day, something a phone and video screen cannot fully replicate. However, as our recruiting consistently shows, firms in today’s environment that insist on hiring in-person only will have fewer high-quality candidates to choose from than their at-least-some-virtual-work-opportunity peers.

Feel free to contact us at blog@newplannerrecruiting.com if you have any questions and/or would like to hear more about how we have alleviated many of the headaches over the last 15 years that plague financial planning firms when hiring. 

 

Caleb and the New Planner Recruiting Team*

*AI assisted