Remote Work Implications on Productivity of Workers in the Saudi Financial Sector

Abstract

Purpose: The aim of this study is to evaluate how remote work affects workers’ productivity in the Saudi financial sector. It tries to analyze the interrelation of workers’ productivity when working remotely with job satisfaction and work management. Moreover, the paper tries to shed light and reflect widely on the cons and pros of remote work.   Theoretical Framework: Remote work is one of the digital transformation consequences, it is a new form of work that allows workers to work away from the employer’s primary workplace. The framework of the study is adopted from the association of workers productivity with (1) working remotely, (2) job satisfaction and (3) remote work management. This framework aims to provide the magnitude of these three variables on the productivity of workers in the Saudi financial sector.   Research Methodology: Primary data collected by conducting a survey, which covers a sample consisting of 1270 respondents from banks, financial, and insurance companies in Saudi Arabia.  Secondary data is obtained from previous scientific studies, official reports issued by the Saudi Central Bank (SAMA), and other related international institutions.   Findings: The Results of the descriptive and inferential analysis showed that there is a positive effect and association of workers’ productivity by job satisfaction, remote work, and work management during working remotely. As workers in the financial sector feel satisfied with their job due to remote work, their productivity increases.  Analysis of remote work advantages revealed that remote work raises the sense of responsibility of staff, promoting self-censorship. Moreover, remote work contributes to balance in work and life, serenity, and enhances the psychological and physical comfort of the employee, consequently, it increases workers’ productivity. While physical isolation, lack of communication between co-workers, and low levels of learning due to limited direct contact between colleagues and clients can also challenge building social relationships at work and negatively affect the workers ‘productivity.   Research, Practical & Social implications: This study can be generalized and undertaken to improve the application of remote work as a new pattern of work in the financial sector, benefiting from its advantages and tackling its drawbacks.  Moreover, design work strategies and restructure the work policies to include the remote work beside the traditional presentism work. In addition to introduce new management system compatible for remote work and specialized training programs, ensuring efficient communication to enhance employee productivity.   Originality/value: This study addresses an important contemporary issue in the field of work and productivity, remote work. It is a pioneer empirical study which focused on the linkage between remote work and workers productivity in the Saudi financial sector.  It presents comprehensive conceptional framework and literature review and provides empirical results and policy implications for decision makers in the Saudi financial sector and related sectors.