We are continually reminded about the importance of a work/life balance in terms of maximising work productivity, supporting positive mental health and achieving quality of life.
‘Working from home, are you? Oh, right…’
Pre-Covid, work-life balance was a topic that employers mentioned, but it is debatable how many actually followed through, considering work related stress increased year on year and there were no indications of change. Remote working was seen as a ‘benefit’ or only in ‘exceptional’ circumstances. In many organisations’ questions were asked regarding the legitimacy and productivity of those not being ‘visible’ in the office with the words ‘working from home’ being met with raised eyebrows and a knowing smile.
Remote working – the way forward
The impact of the COVID pandemic has changed the focus with remote working becoming the norm, video call meetings and remote accessibility are now an essential part of the business armour. What this change of approach has highlighted is the benefits that it brings with more commitment, support and flexibility from employees as they maintain a more balanced lifestyle. Results highlight that this is indeed the case with increased productivity, better employee retention, improved flexibility to working practices and the all-important positive mental health benefits. Statistics show that pre-Covid only 3% of the UK population worked from home periodically, it is estimated that around 35% will work from home for multiple days by the end of 2021.
We now see many leading employers in the financial centres embracing remote working too. The savings made on office rental and space requirements is obvious, not to mention the positive environmental impact with less commuters and less city rush hour congestion, but what will be the impact on the commercial property market? A pricing slump? A freeze in the building of new offices? More flexible working spaces popping up in empty space to cater for this flexible working phenomena? And that’s even before we consider the impact upon the surrounding infrastructure and local community. So, whilst a hybrid work pattern seems like a positive move, many questions surrounding the impact of this shift remain unanswered.
Post COVID opportunities
So, what next? The past 12 months have led to many pressing the ‘reset’ button and reassessing what is important to them. From a business perspective, there has been a surge in the formation of new businesses in the UK as entrepreneurs, and those sadly made redundant due to the pandemic have looked to set up new ventures, many in lifestyle niches never that have never previously been considered.
UHNWI and HNWI families have also reassessed their priorities, reviewing philanthropic structures into activities focused on socially conscious investing and wanting to make a lasting impact. We have seen the relocation of family offices, not just due to Covid but also due to the impact of civil unrest and diplomatic issues, for example, the increasing tension in Hong Kong. Jersey, as a jurisdiction, has seen a rise in applications from the HNWI community wishing to relocate in order to obtain that desired balance between quality of life and a high-quality business environment.
What indeed therefore, does Jersey offer the HNWI considering relocation?
- Strategic position between the UK and Europe, opening a world of connections
- The ideal landscape in a post Brexit Europe – bridging the gap
- The solution to the quality of life & work-life balance conundrum
- A highly regarded and well-regulated international financial jurisdiction
- A safe, secure community lifestyle
- Low personal and business taxes
Jersey has been a leading international finance centre for more than 50 years and thanks to our forward-thinking approach, our island is at the forefront of wealth management, private client, banking fund administration and capital markets, plus the specialist areas of Islamic finance, fintech, philanthropy and socially responsible investing.
Forward Thinking – aligned to the future world
At Forward we can help support HNWIs and UHNWIs with wealth planning requirements. Our values have always been client-centric and at our heart we have a core team of experienced individuals that achieve a healthy work-life balance. We put this down to actively embracing a balanced working concept, developing our people into the best they can be, and putting our client needs at the heart of everything we do. For us, the post Covid world brings one of opportunity and the realisation that our values and ethos are indeed aligned correctly to support the so called, ‘New Normal’.