What N26 and Revolut did to traditional banking services, Remote Work will do to traditional advisory – And not because of COVID-19.
Changing Working Habits
The rapid escalation of COVID-19, resulting in unprecedented levels of social distancing measures, isolation and quarantines, is forcing white-collar employees to work from home, making the effects of the Corona Virus outbreak on the global workforce significant.
While the general trend in recent years has certainly been an upward one for advocates of remote team setups with a general increase in the number of companies that are either completely remote or offer flexible work arrangements for their employees. Up until now it has been a choice, rather than a necessity. As a result, some organizations have, in under a month, had to make changes to their working practices that it normally would take years to transition to.
Outside of it being forced upon teams in these times there is a reason there has been such a strong positive momentum in business adopting remote practices. From a manager’s perspective the clear advantage of working with distributed teams revolve around access to talent, no longer restrained by location requirements rather than finding the best fit candidate for each job within a commutable distance to the office. In a remote team the focus is on the best fit for job. Period.
Combine this with reductions in office overhead costs and a happier workforce empowered by autonomy in their responsibilities and motivated by getting to spend more time with their families and less time on trains. It proves a very powerful combination.
The Rise of Remote Work
With technological innovation and advancement, remote freelancing – where freelancers who perform client from their own premises and across geographical borders rather than from their client’s offices – into a fully developed member of the 4th Industrial Revolution. Today, over 100 million people work as remote freelancers. In the USA alone, more than 55 million people earn part or all of their income as remote freelancers, with Europe following this mega trend.
Hiring global freelancers is seen as a way to overcome the talent barrier, and the breaking-down of the standard “9 to 5” workday to provide the firm a full array of skills anywhere in the world across all the time-zones in which they operate.
At the same time, remote workers strongly tend to be more effective than traditionally employed employees. 77 percent of remote workers accomplish more in less time thanks to fewer distractions. Remote workers were also found to take fewer sick days and request fewer vacation days, meaning they put in more work days overall. (see footnote)
Fintalent: BCG, McKinsey and Goldman Talent “as-a-service”
Looking specifically into the Financial services sector, it is arguably one of the most institutionalized industries out there. It was for this reason the Fintalent platform was created; to offer a platform that provides an alternative to the traditional hierarchical, location based hiring policies ingrained in the industry. Where talent and expertise is the key currency, regardless of location. Face-time is out!
By working in this setup organizations and talent alike are able to take advantage of opportunities that simply wouldn’t exist otherwise.
As part of Plug & Play Tech’s Ecosystem (early Google, Dropbox, Paypal, etc. investor), Fintalent is actively aiming to disrupt the advisory industry and remove the excessive overhead costs that come with traditional M&A and Strategy consultancies while offering the same quality of tier-1 talent to Fortune 1,000 companies, Private Equity, Venture Capital firms as well as well Later-Stage startups from the Bay area.
Based in Vaduz and London, the platform is onboarding experienced professionals as well as talent from Ivy-League MBA Graduate programs, such as Harvard Business School, NYU Stern School of Business or Columbia Business School. Today, more than 400 remote Strategy and Finance talent have been using the platform.
Image: ©Fram Skandinavien AB