Finance

Home workers less likely to get bonuses and promotions, says ONS

Nearly half of financial services staff worked from home during 2020, according to data from the Office for National Statistics.

According to ONS statistics, 11.6% of financial services and real estate workers mainly worked from home in 2020, with 35.5% saying they had worked from home recently and 8% saying they worked from home occasionally. There were 44.8% that said they never worked from home.

However, it’s unclear as the pandemic restrictions ease how long that trend will continue. The ONS report also said people who worked from home could face a penalty, with home workers pre-pandemic less likely to receive a bonus, get promoted or receive training than office-based staff.

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People who mainly worked from home were less than half as likely to be promoted than all other workers between 2012 and 2017, the report said.

Home workers were also around 38% less likely on average to have received a bonus compared with those who never worked from home between 2013 and 2020.

In 2019, 63.8% of financial services workers said they never worked from home, 4.3% said they mainly worked from home 15.7% said they had recently worked from home and 16% said they occasionally worked from home.

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The statistics follow a year of extensive home working in the industry in the face of Covid-19 lockdowns and also lay out a vision of the future with remote working expected to become increasingly common.

HSBC boss Noel Quinn said the bank was planning on slashing its real estate needs and embracing greater home working to keep down costs.

Building society Nationwide said in March it would let the majority of its 13,000 office-based staff continue working from home post-pandemic.

To contact the author of this story with feedback or news, email James Booth

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