COVID-19 has forced a mass and rapid adoption of remote working practices
and we are now facing a critical moment in history with the unique
opportunity to re-shape our work practices for decades to come. This
powerful change could help reverse the gender imbalance within the private
capital industry as flexible working is a key enabler for a more diverse
and inclusive firm.
The Australian Investment Council has devoted considerable focus over the
last five years towards leading the domestic industry through the change
necessary in the diversity and inclusion area. Significant progress has
been achieved through the introduction of various initiatives including the
first-ever Champions of Change Program to help accelerate the pace and
breadth of change across the sector. While still in its early stages and
despite the lockdowns in some States and broad adoption of working from
home, the program has been demonstrating its potential to deliver
meaningful long-term change through peer-to-peer engagement with other
leaders across the industry.
Insights drawn from the Australian Investment Council’s Champions of Change
leaders interviewed for this three-part series clearly indicate their
willingness to adopt new flexible working practice that they say are here
to stay.
The Champions of Change shared their “lightbulb moments” with Chris Nave,
founding partner and managing director of Brandon Capital. saying “The real
revelation for us is how productive it has been. This has shown the world
that teams can remain connected and be really effective working from home.”
Face-to-face interactions have always been viewed as critical in the
private capital industry and while the champions note that you can not
replace the need to have that interaction from time to time, they no longer
view it as critical. Chester Moynihan, founding partner of Allegro Funds.
say “We still have 8am meetings, but pre-COVID it was expected you would be
in the office. Now, if you are there, that’s OK. But you can dial-in too.
That has become the norm, and that change will stick.”
However, remote working has not been without its challenges. Rob Koczkar,
managing director of Adamantem Capital, says that home schooling exposed
issues within families about working from home. “Strong patterns emerged
around sharing responsibilities in households. Women, even those who are
working, tend to take more responsibility for traditional activities around
the home.”
Another issue commonly mentioned was the pressure on younger employees who
live in small apartments or share houses. They may be limited to sleeping
in one room or working in a lounge room, which also may be shared with
their housemates.
The Champions highlighted how these challenges on top of social isolation
can have a significant impact on people’s wellbeing. Anne-Marie Birkill,
co-founder and venture partner at OneVentures states that “Our most
valuable asset is our team. This is something we have worked hard on right
from the outset, as a holistic process. But we wanted to create an
environment where they could be productive, feel assured and keep
themselves well. We are very conscious that physical wellbeing is
important, but isolation can have a significant impact on people’s mental
health.”
Some Champions of Change appointed health and welfare officers who were
responsible for connecting people for social reasons. The introduction of
online drinks, quizzes, random virtual coffee meetings and work buddies
meant people could discuss issues important to them outside of work. They
also encouraged their staff to buy whatever gear they required to function
property – fast wi-fi, computers and office furniture included.
Additionally, the Champions acknowledged that some staff members are keen
to come into the office to help them balance work and home life and are now
open to offering that flexibility to their staff. Justin Ryan, managing
partner at Quadrant Growth Funds says “When we started, people were happy
to work from home. But, from where I sit, now people would be happy to get
out of home and come into the office for a couple of days a week. If they
have more flexibility to find the right balance between the two, that can
be a great outcome. There is going to be more open-mindedness about that.”
There has also been a change in hiring new staff and attitudes towards
technology. Allegro has hired two people during COVID. Chester Moynihan,
founding partner of Allegro Funds says “We had to think about the
interview, how we onboard. That meant we needed to systematise and embrace
technology more. We had to be more structured. You forget there is a lot of
communication that happens by pulling someone into a meeting.”
Professional development, particularly for young staff is another priority
for Birkill. “People are concerned that their careers will stagnate. My
counsel has been to undertake professional development and be involved in
events so they are visible. Looking after employees from a career
development point of view is really important. Regular meetings between
line managers and their employees to discuss performance and career
development must be prioritised.”
It is clear that working from home does not come without its challenges but
the Champions of Change believe that they can be mitigated through
effective management and the benefits for staff and the business are worth
it. Their commitment to offering flexible work practices to their staff
post COVID will help propel the Australian Investment Council’s work in
building an inclusive and thriving industry. To learn more about the
Australian Investment Council’s diversity work visit aic.co/diversity.
You can read the second instalment of this three-part series here.
You can read the third instalment of this three-part series here.