In my experience, financial advisors often ask for hybrid time. This blend seems to mean more time in the “home office” and less time in the “work office.” Of course, a “home office” can be configured in many ways. To make it a designated workspace, at a minimum it should always include a door for privacy, a desk, suitable equipment and a good chair.

Employee and Client Observations

Older employees who worked for decades in an office environment seem to be willing to be back in an office again. But my earlier attempts to have everyone at our firm work together in the office did not happen. They do all come to the office when mandated, but even then, they turn on their office computers and interact that way! So little gain there.

At our firm, we have also found that many clients prefer virtual meetings when given the option of virtual or in-office. Other clients prefer face-to-face meetings, and we now visit some of them in their homes. However, when only in-office meetings are offered, or when we have a client reception, clients often show up in person. Clients responding to our surveys often say they are willing to come in person, so why not come to meetings in the office?

How Amazon Sees It

Amazon CEO Andy Jassy said in the Wall Street Journal article noted above, “We’ve observed that it’s easier for our teammates to learn, model, practice and strengthen our culture; collaborating, brainstorming, and inventing are simpler and more effective; teaching and learning from one another are more seamless; and teams tend to be better connected to one another.”

Amazon is apparently willing to make a few temporary exceptions to its five-day-a-week office-work rule, for reasons such as illness or childcare.

Looking at All Sides of Hybrid Work

Jassy’s words ring true to me. I would add some other positives and negatives — both for the firm and its employees — that come with return-to-office policies:

Pros for the Firm from In-office Work

1. Getting to know your staff and their capabilities.
2. Bonding and developing company loyalty.
3. The ability to call a sudden meeting when necessary.
4. The opportunity to ask someone nearby to share their expertise on a topic.

Pros for Employees from Hybrid Work

I canvassed members of my staff and they came up with these employee benefits offered by hybrid working, mostly from home:

1. Flexibility in work schedule.
2. Time saved from not commuting.
3. Money saved from not commuting.
4. More personal decision-making.

Cons for the Firm from Hybrid Work

1. Costlier to duplicate technology and needed materials in many locations.
2. Loss of chances to develop and advance staff.
3. Difficulty in scheduling and planning.
4. Costs of flying in geographically distant staff for in-person meetings.

Cons for Employees from Hybrid Work

1. Isolation from leadership, colleagues and clients.
2. Insufficient privacy for a work-at-home environment.
3. A longer lead time for advancing in the firm.

Sure, I realize that many employees are happier working from home. Much of the work is as strong and as good as ever. Yet employees who are very new hires and are mostly at home are not developing as well as they could be.

The New Office Space

Recently, our lease was up and we had some decisions to make. We looked around in New York City and this is what we found in the wake of pandemic-driven hybrid work changes:

• Many new or renovated buildings have an amenities floor where staff can exercise in a fully equipped exercise room, shower, change their clothes, hold meetings in a less formal situation, prepare food in a communal kitchen, store their bike and even occasionally have a massage.
• Many new or reconditioned office spaces seem smaller than before. Firms may be looking for smaller spaces; landlords are responding.

Instead of moving, we chose to remodel our office and move things around because much of our space was often unused in recent years. We’ll be reducing our number of conference rooms to three from four.

Additionally, we likely will tell our staff to be in the office not five days a week but two to three. Those who commit to this schedule will have a dedicated space; those who do not will be assigned a desk when they are in the office.

Three Tiers for Work Locations

Until now, we have had a three-tiered plan in our office:

• Tier 1. These employees have to be at work to sit at the front desk, greet clients, keep calendars or do tech maintenance. Tier 1 also includes any employee who chooses to come in-person to the office every day.
• Tier 2. These staffers work from home part-time and from the office part-time. Many of our staffers belong to this hybrid group. We are confident we can count on these people to complete tasks on time and interact frequently and professionally with clients.
• Tier 3. These members of our team have a compelling reason to live in another location but are in frequent contact with our local staff, our management and our clients. They each come to the office when needed, and some plan a monthly week at the office to meet with staff and clients.

We are lucky (or chose well): Our staff does not say no to requests. Yet, is this tiered approach the most efficient way to run a business?

Additional Arguments for Showing Up

I grew up in a 3-D world and I would like to maintain that. I place a lot of importance on communicating well with my clients. Additionally, I consider body language very revealing, and think we are missing out if we can’t see a person fully.

These days, I still often hold in-person staff meetings — and when people ask for the virtual link, I tell them there isn’t one. If they wish to participate, the meeting is only in-person at the office.

After all, how often do we have people in virtual meetings whom we forget to acknowledge or ask what they think? We miss their cues. They can easily become an afterthought in a meeting.

“I am convinced I never would have acquired the skills, knowledge and experience I have if I had always worked from home instead of being in a vibrant workplace.”

I acknowledge the rare times (for example, rainy or snowy days, and United Nations Week, which inundates New York with a lot of VIPs and traffic) that it may be easier to stay at home. But is it better long-term, and for whom?

We have tried this hybrid model for four years, and I, for one, find it doesn’t measure up. I am convinced I never would have acquired the skills, knowledge and experience I have if I had always worked from home instead of being in a vibrant workplace.

Is Amazon Showing Us the Way Forward?

Most likely, there is not a one-size-fits-all solution for every firm. If you feel it’s necessary to re-evaluate your firm’s schedules and structure, begin a list of what your company needs regarding work location and what your employees can benefit from to succeed in the future. Speak to your colleagues and peers at other firms and survey your staff. As a result of this process, you should come to a fair conclusion that will work for you, your clients and your employees.