A charter to provide a framework

This is the case at Seven2, or Capza for example. Several funds explain that the transition from an oral to a written agreement sometimes occurred following a complex management situation. "There was a proven case of abuse by an employee," testifies the head of an asset management company, while another explains that a manager simply decided not to allow him in his department after a bad experience.

“To anticipate the unpleasant surprises that teleworking can generate, it is essential to regulate it, regardless of the size of the company. In the presence of a Works Council (CSE), opening discussions is crucial to precisely adapt the conditions to the company. But even without employee representation, teleworking is better received by everyone when it is formally regulated,” believes Laetitia Guetta, who points out that the average staff of a fund affiliated with France Invest is 22 people.

Other major contractors have simply decided not to allow remote work. This is the case for InfraVia, which believes it harms team spirit, the transmission of knowledge and values, and collective intelligence. These reservations are indeed shared by the managers surveyed in the Apec study cited earlier, even if they ultimately consider the advantages to outweigh the disadvantages.

Risk of turnover

Doesn't an outright ban risk depriving InfraVia and other funds that have followed this position of the best junior talent, especially given the fierce competition? "This question is less relevant for the most attractive funds, but it is indeed a risk for slightly less highly regarded funds," admits Margaux de Bar , principal at Vauban Executive Search . The recruitment firm cites the case of one of its clients forced to reconsider its stance on remote work after losing several promising junior employees without carried interest due to the lack of remote work options. "The discussion wasn't easy; there was a kind of generational clash between this executive and remote work," she recalls.

The fact is that many asset management firms are run by men in their fifties for whom remote work has never been an issue. Yet today, headhunters say, it's rare to find an interview where it isn't brought up. "It's not discussed during the first meeting—which would certainly be a bad sign—but in the second or third conversation, the possibility of working remotely is raised," observes Margaux de Bar . And in reality, junior staff aren't the only ones requesting it. Young parents, already partners or about to become partners—in other words, attractive profiles for funds—are also asking for it. "Especially since some took the opportunity to relocate to mid-sized cities after Covid," she adds.

Expanded recruitment area

In reality, this new situation may present an opportunity for funds. By allowing remote work, they greatly expand their potential recruitment pool. "For example, we encountered this situation when opening a regional office for a mid-cap fund. Since the headquarters is in Paris, travel back and forth was going to happen anyway. So, it was decided to open up the recruitment area very broadly. And this works both ways," notes Laetitia Guetta.

Several factors inherent to private equity argue in favor of remote work. “People are generally bright and therefore more easily empowered. Furthermore, results are very easily quantifiable. It is therefore easy to identify if there is a problem. This is yet another argument in favor of autonomy, as is the existence of carried interest,” argues Harold Valat , partner at Vauban Executive Search . Moreover, quite simply, the widespread adoption of video interviews, a side effect of remote work, has greatly facilitated recruitment, the first interview of which is generally conducted this way.
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Published and updated on April 18, 2024 at 11:39 AM by Gabriel Nédélec


For more information, see https://capitalfinance.lesechos.fr/analyses/dossiers/teletravail-limpossible-retour-en-arriere-2088613