Can the Finance and Insurance sector benefit from the accelerating trend of remote work?
When COVID-19 arrived in March 2020, lockdowns caused a rapid and forced shift to working from home for many employees. Over a year and a half later, remote work is becoming increasingly common, even across provincial and international borders. These trends have major implications for employers – including in the Finance and Insurance sector (i.e., commercial banking, loan administration, life insurance, brokers and agencies, real estate investment trusts), which has a high potential for long-term hybrid or fully remote work arrangements.
Remote and cross-border employment trends – is Canada ready? a new report from PwC Canada, commissioned by the Canadian Payroll Association, examines the business and payroll impacts of the accelerating trend toward remote work and interprovincial and international employment. Included in the research is an examination of key sectors, including the Finance and Insurance sector.
PwC found that:
- New work arrangements may help address skill shortages faced by employers.
- Remote work can help employers retain and attract talent by providing employees the flexibility to choose where they work and by expanding the talent pool.
- Remote and flexible work can facilitate workplace equity, including accommodating those with childcare or eldercare responsibilities and those with disabilities.
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