Bank of America strictly enforces its office return policy, issuing ‘letters of education’ as a heads-up for disciplinary measures against employees who continue to work from home.
BoA’s Warning
According to the Financial Times, several employees received these letters for failing to meet the ‘workplace excellence guidelines’ despite multiple reminders. These letters caution that ignoring the return-to-office rules may lead to further disciplinary steps.
A spokesperson from the bank confirmed that the text aligns with the warning letters being distributed, though the precise details of these letters weren’t verified.
A Shared Strategy
Bank of America joins other firms like Citigroup and Meta in this stance. These companies monitor office attendance, typically mandating a hybrid schedule of three days in-office and two days remote, with potential disciplinary actions for non-compliance.
Changing Work Dynamics
This marks a significant change from the early days of the Covid-19 pandemic when remote work was the norm. Back in 2021, Wall Street firms were among the first to reintroduce office work, and now, alongside Bank of America and Citigroup, JPMorgan, Morgan Stanley, and Barclays also enforce a three-day office rule.
Office vs. Remote Work
While the recent push to return employees to the office might seem intense after the flexibility of recent years, most firms are still offering some form of remote work, a stark contrast to the remote work scene pre-pandemic.
A Rising Trend in America
Pre-COVID, only 3% of American workers were remote part-time, but now that number is around 25%, per Goldman Sachs’ data, one of the few major companies insisting on full-time office work.
Hybrid Work Is Here to Stay?
Goldman Sachs acknowledges that the pandemic has led to structural changes facilitating hybrid work models, notably advanced technology. The trend towards hybrid work is likely to persist, with a CEO survey in America showing only six out of 158 CEOs aiming for full-time office work in 2024.
Similarly, a Deloitte survey in November revealed that 65% of CFOs plan to continue with hybrid policies this year.
Preference or Pressure?
Contrary to some managerial beliefs, certain surveys show that employees often prefer some office time. Yet, there’s a clear distinction between preferring and being mandated to return to the office, with the latter potentially leading to lower job satisfaction and no real improvement in company performance, as recent research suggests.
The End of Traditional Office Week?
Amidst the ongoing debates between companies and their employees over return-to-office policies, experts in work-from-home research are firm in their belief that hybrid work arrangements are the future, signaling the end of the traditional five-day office week.
Championing Hybrid Work
Stanford professor and remote work specialist Nick Bloom highlighted in November that modern companies, compared to those established two decades ago, offer nearly double the number of work-from-home days.
CEO’s Future Strategy
He predicts that in a decade, top CEOs and entrepreneurs will not only accept but also champion hybrid work models, moving away from urging employees to revert to full office attendance.
Post-Covid Banking
In related news, banks were among the early adopters of recalling workers to offices after COVID-19. However, by the end of 2023, 82% of large financial companies still offered hybrid working models, as per Scoop’s latest data.
Warning Letters Issued
Jeanne Branthover from DHR Global observed that banks have been increasingly strict about office attendance since this year, with the issuance of warning letters being a novel approach in the sector.
“Sending out these letters, that wasn’t happening before,” she said. “Once one firm says it is going to do X, then everyone is going to follow.”
Three-Day Policy
Citigroup has been proactive in monitoring its UK employees’ office attendance. Last summer, the company issued a notice about tracking office visits and enforcing a three-day-a-week attendance policy for almost all its staff.
A Citi spokesperson reaffirmed their commitment to the hybrid work model.
Pre-Pandemic Levels
Meanwhile, Goldman Sachs, which had pushed for a return to office in 2021, reported that Monday-to-Thursday attendance had bounced back to pre-pandemic levels, though Friday attendance remains lower.
No More Expensed Meals
Goldman has also updated its policies regarding expenses, informing junior bankers that meals will no longer be expensed if they work from home, even during late hours. “We’ve returned to our normal policy for after-hours meals,” a Goldman spokesperson announced.
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