What influencers can do, bankers are increasingly able to do as well: Given the shortage of skilled workers, company HR departments are coming up with various strategies to attract new employees and retain existing staff. For many people, especially women, flexible working options are an important factor in choosing a job.
Workation as an Extension of Working from Home
A special form of flexible working is "workation," which is essentially an extension of working from home and was first widely practiced during the Covid pandemic. Video conferencing systems have replaced many in-person meetings. Employees are allowed to work from a vacation spot, which can even be abroad in some cases.
However, companies must comply with certain tax, social security, and regulatory requirements, so the number of permissible countries is usually limited. Countries in the European Union (EU), Norway, and Switzerland are generally acceptable.
Workation Especially Popular in the Financial Sector
The KfW (Kreditanstalt für Wiederaufbau) is introducing workation at the beginning of the summer holidays, as reported by FAZ on its online portal. The development bank allows up to 20 workation days per calendar year, which can be taken in up to four segments.
Apparently, workation is a perk that can be relatively easily implemented in the financial sector. Accordingly, it has been frequently mentioned over the past two years. In addition to KfW, other banks such as Deka, LBBW, Helaba, Bayern LB, DWP Bank, and ING Germany also allow working from a vacation spot. "DZ Bank is considering increasing the number of permitted days from 18 to 30," FAZ reports.
LBBW's HR Director Christine Neuberger expressed a positive view in an interview with Bloomberg: "We have received the most workation requests for Italy, Spain, Greece, Croatia, and France. Our experience is that colleagues usually add a full flexible workweek or more to their vacation," said Neuberger. At LBBW, destinations can be countries in the European Economic Area—namely the EU states, Liechtenstein, Iceland, and Norway—as well as Switzerland.
This way, you can take a vacation with your children and still be available to your employer. And a walk or a swim in between surely boosts work morale. According to Berlin's personnel market specialist Index Group, banks and fintech companies in Germany publicly advertised around 40,000 jobs in the first quarter of 2024… flexible work is certainly an important criterion for standing out as an employer.
Anke Dembowski is a financial journalist and author of various investment fund-related and other financial books. She is also a co-founder of the "Fondsfrauen" network.