by Andrés Ramos, Content Marketing Specialist – eVestment Private Markets
This March, in a matter of weeks (and in some cases just days) the concept of “going to work” changed radically for the majority of knowledge workers in the northern hemisphere. The coronavirus pandemic that has spread across the globe has forced many firms including those operating in the private markets to adopt a distributed work structure with all employees working remotely from home. In the United States, as of Friday, March 20th, as many as 1 in 4 Americans were living under “shelter-in-place” orders, a number that has increased in the weeks since.
For everyday remote employees and telework companies, government mandated “stay home” orders have meant business as usual, but for the rest of the professional business world, it has proved to be a major challenge to overcome. The private markets are no exception.
The topic of remote work was part of the findings in The Work–Life Balance Report, a study eVestment Private Markets recently released that explores the balance between the professional and personal lives of employees working in the private markets.
In the study, when asked about flexible work arrangements, only 7% of respondents stated that they regularly work from home. Of these respondents, 80% were either senior staff or executives, and junior staff was entirely absent. Based on these results, it’s clear that for the vast majority of the private markets industry, the coronavirus pandemic has completely changed the way they work.
This is not to say however that employees in the private markets are not plugged in or incapable of working when they’re not at the office. When asked about how they spend their time when commuting, 21% of respondents reported taking calls and sending emails and messages.
What the results indicate is that private markets firms are now working to get up to speed and functioning as normally as possible under their new working arrangements. Something that could have been mitigated with more workplace flexibility.
Workplace flexibility (or lack thereof) in the private markets is just one of the many insights that The Work/Life Balance Report offers readers. Insights that can provide private markets professionals a new perspective on their industry and perhaps facilitate changes that positively impact employees and firms. If you’re interested in reading the report it can be downloaded below.