Local private bank CMB Monaco has announced that it will continue to allow its employees to work from home even as Covid restrictions are being lifted, giving workers flexibility and lessening overall stress.

CMB Monaco was one of the first banks to react at the start of the pandemic by creating a telework programme so that the chain between clients and bankers was unbroken. The vast majority of the bank’s 265 employees were working in this manner throughout the health crisis.

Now that the worst seems to have passed, the bank has decided to carry on using this method of working in a post-Covid environment, extending the offer to 64% of their employees to work from home one or two days per week.

The decision to embark on this experiment was based on several factors. First, the bank’s clientele became accustomed to communicating remotely with their financial advisors. This new comfort factor has allowed the bank to give customers the same experience and service, but now in a different way.

The second is that employees have found telecommuting to be more productive and generally less stressful. Commutes take their toll mentally and eliminating them a few days a week has been found to boost concentration, making for an overall better work-life balance.

The final reason is in line with the philosophy of the Principality. This is the environmental impact of fewer commuters on the road. The reduction in pollution caused by employee’s cars as well as the lessening of road traffic combine to be a significant benefit to the environment.  

CMB’s Chief Executive Officer, Francesco Grosoli says he is “convinced that we are facing a radical change and a key turning point. It is utopian to think that we can and should go back to business as usual before the pandemic.” He added that, “We have been able to reinvent ourselves and even achieve excellent results in a tumultuous and unprecedented period. It is now up to us to reinvent tomorrow’s world of work together.”

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