A more-flexible future supporting local firms

‘The finance industry has certainly proven to be robust. Guernsey has always positioned itself to be a consistently strong jurisdiction and that’s only been proven further through the pandemic,’ according to banking chief Simon Phillips.

He adds it is very likely that things will change in the way businesses operate going forward. ‘What has been encouraging to see is the communication and engagements between the banks and the States of Guernsey who have worked closely together to provide initiatives, such as the disruption loan guarantee scheme, to support the local community, and to push forward a “digital first” mindset which will benefit businesses in the long run.

‘Barclays is a global bank but it is also very local to the community in Guernsey, something I believe has been felt during this period. We have also seen the Guernsey Financial Services Commission being supportive and keen to understand how industry has been adapting to the situation, in continuing to provide the services that clients need whilst also ensuring a strong risk and control focus is rightly maintained. The Guernsey Financial Services Commission has offered some flexibility to businesses, which is also helpful.’

Working from home has also been a ‘positive experience’ for many colleagues, he notes, by enabling them to have flexibility to deal with the challenges of home schooling, looking after relatives, or maintaining their physical or mental wellbeing by enjoying some outdoor time – while maintaining productivity levels.

‘The quality of life in Guernsey is second-to-none and this adds yet more positive weight to the idea that Guernsey is a great location to do business,’ adds Simon.

While it does not look like the end of the office, work environments are likely to change as a result of the pandemic. ‘I’m sure we’ll see an increase in the number of employees working from home for one, two days a week to fit around their family and other commitments, whilst also being able to undertake their job and develop their careers.

‘Geographical location will probably become less critical, with local teams benefiting from working more closely with international colleagues and clients, as a result of adapting in recent months to the technology solutions that we have become increasingly reliant on, and the benefits they bring to how we operate and connect.’

The Barclays chief continues: ‘The technology and procedure changes that we have had to implement in such a short space of time ensured that we were able to seamlessly transition to a new way of working, and this flexibility will be a benefit that we carry out of the lockdown period back into our normal operations.

‘Many businesses have adapted to this new way of working and while some may have found it difficult at the beginning, there definitely have been benefits, such as being able to be home to share breakfast and lunch with the children or more flexibility to look after family members, which would be great to see continue.

‘As we transition out of lockdown, maintaining that flexibility could become a priority for many businesses as they realise it could be a key differentiator in attracting talented individuals and giving people the lifestyle flexibility they want.’

He also supports carrying forward the #GuernseyTogether spirit that helped the island’s community come together during the initial phase of the pandemic.

‘We’ve been impressed with the way in which the island has been led through the pandemic – the States of Guernsey has truly been outstanding in its approach and we’ve been fortunate to experience the expertise and consistent communication from those in charge,’ says Simon.

‘Barclays continues to offer free banking and opening accounts for small businesses as we consider it our social responsibility to support them. We support the disruption loan guarantee scheme and have provided mortgage holidays to homeowners who have been furloughed. We work hard to support the community through the crisis and will continue to do

so as we transition out of lockdown.

‘#GuernseyTogether has been a great rallying point for the island and one we hope will continue once we’ve gone back to normality. One thing that we would see really helping our business customers begin their recovery is for islanders to shop local.

‘Using local service providers and buying things in local shops supports businesses, using Guernsey earned pounds will help our economy to recover, create jobs and strengthen our economy for the long term.'