Senior executives at Lloyds Bank may face a reduction in their bonuses if they fail to attend the office at least twice a week, as per recent reports. The Guardian has reported that the bank is considering office attendance as part of its bonus targets for approximately 60,000 of its top-ranking employees.
This move is the latest in a series of attempts by companies to encourage employees to return to the office more frequently following the shift in working habits brought about by the pandemic, as reported by .
Many employers in white-collar industries have maintained hybrid working models post-lockdown due to the increased flexibility it offers their workforce.
A study conducted by the Centre for Cities revealed that Londoners are now spending an average of 2.7 days per week in the office, a decrease from roughly four days prior to the pandemic. However, concerns are mounting that remote working could negatively impact productivity and employee development due to the lack of opportunities for face-to-face interaction.
Consequently, businesses globally are attempting to revert to pre-pandemic working conditions. JP Morgan recently informed its staff that they will be required to work in the office full-time from March, joining companies such as Amazon which also mandates a five-day office week.
However, these changes have not been universally well-received. Last week, City AM disclosed that advertising giant WPP will require its staff to come into the office four days a week, leading to over 10,000 individuals signing a petition urging the company to reconsider its stance.
Thousands of civil servants employed at the Land Registry are poised to engage in industrial action later this month following a mandate to work from the office three days a week. Meanwhile, a spokesperson for Lloyds stated that the bank is "proud to offer an industry-leading approach to flexible working which delivers many benefits for our colleagues while ensuring that we are well-placed to deliver on our ambitious strategy to transform our business and continue to deliver for our customers".
