Bank Workers Receive ‘In-Office or Lose Bonus’ Warning: Three-Day Minimum Required

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Citi employees who do not come into the office at least three days per week could have their compensation reduced as part of an assault on the work-from-home culture.

Now, managers are monitoring the use of access permits to determine how often their 12,500 UK employees are present at their workstations in London, Edinburgh, and Belfast.

The company has ‘firm expectations for office attendance,’ so employees who miss at least three days of work per week will now be subject to financial penalties.

Bloomberg reports that employees have been informed formally that they are being monitored and that “one swipe per person per location will be captured.”

Nearly eighteen months after the final Covid restrictions were lifted, other institutions such as Lloyds and HSBC are also redoubling their efforts to get employees back to work.

Additionally, Lloyds Banking Group is now monitoring the swipe cards of its 40,000 office-based employees and requiring them to be present at least twice per week.

The 18,500 employees of HSBC UK, the domestic subsidiary of the international bank, will be required to work in offices three days per week beginning next month.

The Sunday Times reported that investment management firm BlackRock has instructed its 3,700 London-based employees and others worldwide to reduce their work-from-home days from two to one.

Goldman Sachs has demanded that its 6,000 London employees return five days per week, while JP Morgan’s senior directors are no longer permitted to work from home.

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Office Return Push Correlates with Surging Remote Work Requests and Overseas Logins among Council Employees

The increase in efforts to bring staff back in for more days per week coincides with the Daily Mail’s revelation that hundreds of council employees are ‘working from the beach’ due to a tenfold increase in the number of employees permitted to log in from abroad.

In the past three years, city administrators have granted more than 1,350 petitions to operate from abroad, according to available data.

The number of approvals increased from 73 in 2020/21, when the Covid-19 pandemic was at its peak, to 440 in 2021/22.

The following year, the number increased to over 700 as the remote-working revolution took root. Over the course of three years, one local authority granted almost 300 requests.

In July, the accounting firm RSM UK reported that 33% of businesses permit employees to work remotely outside the United Kingdom.

This trend has been dubbed “working from the beach.”

It comes as the private sector moves away from working from home, with companies such as HSBC banks and Zoom stating that employees should be in the office more frequently.

Meanwhile, Downing Street is preparing to issue new guidelines to all Whitehall departments in an effort to end the culture of ‘Tuesday to Thursday’ working.

Another possibility under consideration is requiring civil servants to request permission to work from home before they can do so. 

Ministers are also contemplating, in the longer term, modifying civil service contracts for new hires to include a clause mandating a minimum number of days in the office.

The Chancellor, Jeremy Hunt, has stated that traveling to the office should be the ‘default’ option and that remote work has the potential to hinder creativity.

 

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Source: Daily Mail

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