The growing disconnect between employees and bosses goes beyond return to office plans, experts say. Photo: Unsplash
The growing disconnect between employees and bosses goes beyond return to office plans, experts say. Photo: Unsplash
The growing disconnect between employees and bosses goes beyond return to office plans, experts say. Photo: Unsplash
The growing disconnect between employees and bosses goes beyond return to office plans, experts say. Photo: Unsplash

Workers return to offices but remain wary of employers getting it right


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Companies are calling workers back to the office – again. But after so many fits and starts, employees are losing faith that their managers can get this right.

The share of remote workers who trust their employer to make the right decision on returning to the office hit the lowest point in 12 months, a weekly survey by pollster Morning Consult found. Slightly more than half of those surveyed agreed, down from about two-thirds who had expressed trust in recent months.

Bank of America, Citigroup and Credit Suisse Group are among the big companies bringing employees back to US offices in the weeks ahead as coronavirus conditions improve. The announcements come just weeks after many firms gave employees more freedom to work from home at the end of 2021 when the Omicron variant emerged, creating a whiplash effect.

Other employers, like Apple, have postponed their office returns indefinitely. As workplaces gird for a third year of the Covid-19 pandemic, experts say one thing is clear: making firm plans is a fool’s errand.

“Given many companies have moved, and re-moved, reopening dates, it’s no surprise that remote workers are feeling uneasy about when they’ll eventually be asked back to offices,” said Joanna Piacenza, head of industry intelligence at Morning Consult.

“Employers are currently facing a near-impossible balancing act of following through on the reopening timelines they announced back in 2021 while also being mindful of their employees’ comfort levels and health.”

The growing disconnect between employees and bosses goes beyond return to office plans. Nearly three out of four executives believe they’re being “very transparent” with regard to remote working policies, but less than half of employees agree with that, according to a recent survey of more than 10,000 white-collar workers.

Cynicism has consequences: workers who don’t think their managers are levelling with them are more than two times more likely to be looking for a new job, the survey from Future Forum, a research consortium created by Slack Technologies, found.

One reason for the growing distrust could be a lack of communication. For example, 42 per cent of companies last week told Gartner, a workplace consultant and researcher, that they hadn’t communicated anything to employees about the Supreme Court’s January 13 ruling that rejected US President Joe Biden’s requirement that large companies implement a vaccine mandate or periodic testing.

For Brian Kropp, head of HR research at Gartner, the indecision could stem from two years of pinballing policies that have left both employers and employees exhausted.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Stars: Basel Adra, Yuval Abraham

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Company profile

Date started: 2015

Founder: John Tsioris and Ioanna Angelidaki

Based: Dubai

Sector: Online grocery delivery

Staff: 200

Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
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