15% say they expect employees to return to the office five days a week while 19% of asset managers allow fully remote work
(TORONTO, September 13, 2022) — A new Return-to-Office Survey by the Portfolio Management Association of Canada (PMAC) of its 300-member investment firms reveals that 19% of Canada’s investment managers have adopted a fully remote work model as of September, while 26% are requiring employees to work in the office three days a week. At the opposite end of the spectrum, 15% require employees to be in the office five days a week.
PMAC Survey looks at the current and future of Canadian in-office work arrangements and is intended as a benchmark for association members to compare policies and practices.
“The investment industry’s move to a hybrid work model reflects its confidence in the way it handled the pandemic, and the many benefits that hybrid affords both employers and employees. We have been surveying firms regularly during the past year and it’s clear the majority of firms see the benefits of more in office presence to optimize collaboration, employee mentoring, and team relations, while recognizing the work/life balance and many other benefits of offering some hybrid flexibility,” says PMAC President Katie Walmsley, adding that “policies are evolving as firms try to reach the right balance with firm culture and client needs being the key driver in determining company policy.”
Number of days per week employers expect employees to be in office: There is a wide level of variability as to exactly how many days per week firms expect their employees to be in office as of September 1, ranging from 19% of firms that plan to stay fully remote to 15% of firms that plan to be back in office 5 days a week.
Here is the breakdown of results:
- Fully remote: 19%
- 1 day/week in office: 8%
- 2 days/week in office: 14%
- 3 days/week in office: 26%
- 4 days/week in office – 11%
- 5 days/week in office – 15%
- Other – 7%
By province: The average number of days employees are expected to be in the office as of September 1 are:
- Alberta: 2.6 days/week in office
- British Columbia: 2.5 days/week in office
- Ontario: 2.3 days/week in office
- Quebec: 2.7 days/week in office
COVID protocol: Mask use in the office has now become predominantly optional (42% of firms say they do not require masks and 50% say they are optional at the discretion of employees).
- 52% of firms do not have a vaccine mandate for employees
- 39% require all their employees to be fully vaccinated, regardless of work location
- 9% require in-office workers to be fully vaccinated
PMAC represents over 300 asset management firms that manage more than $2.9 trillion in assets. Members are all fiduciaries managing investments in the best interests of their clients, which include private individuals, foundations, universities, and pension plans. As one of the largest and fastest growing investment industry associations in Canada, PMAC operates coast-to-coast in English and French-language markets. PMAC employs a collaborative information-sharing business model and advocates on behalf of its members on securities regulation and government policy matters. PMAC represents investment management firms registered to do business in Canada as portfolio managers. The Association’s mission is to advocate the highest standards of unbiased portfolio management in the interest of investors served by members.
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