Summer Wind-Down: RBC Aims for RTO Conclusion by Season's End
Memorial Day marks the start of discussions about post-summer work from office policies in the banking sector, with a significant evolution observed since Labor Day 2020. Initially, banks and financial institutions shifted to remote work to comply with health and safety guidelines due to the pandemic. However, as conditions improved and vaccine rollout progressed, the emphasis moved towards encouraging or mandating more in-person work.
By 2023, many leading banks, including JPMorgan Chase and major Canadian financial firms, had mandated a full return to office, with managing directors required to be in the office five days a week. Other banks, such as RBC, planned a shift to requiring four in-office days a week, starting in September 2023. Return-to-office policies generally settled into hybrid models, defining specific days per week for attendance based on role, with customer-facing roles often needing more in-office presence.
The RBC's decision to increase office attendance is an annual ritual that started with the tentative setting of Labor Day 2020 as a key date for deciding post-COVID office policies. RBC's CEO, Dave McKay, had previously emphasized the importance of direct human connection in the bank's culture and operations. The RBC's spokesperson, Gillian McArdle, stated that the bank values in-person, human connection as a crucial part of its culture.
BNY Mellon, another major player in the banking sector, has called its employees back to the office four days a week starting in September, with no plans to increase office attendance to five days unless necessary. Citi, on the other hand, has maintained its hybrid work schedule but has closed its office in Malaga, Spain, due to its appeal to junior bankers seeking a more flexible work schedule compared to London or New York.
The push for more employees to return to the office is not exclusive to the banking sector during summer months. Banks have been reminding their workforces about the importance of in-person work, often around the end of summer. The RBC's new mandate is not a significant change from its stance in March 2023, when it allowed hybrid workers to work from the office three or four days a week.
In conclusion, since Labor Day 2020, banks have moved from full remote setups to mandated in-person attendance, often four or five days weekly by 2023, signaling a clear evolution towards restoring pre-pandemic workplace norms with some hybrid flexibility. This trend shows a pivot from emergency remote arrangements towards structured hybrid or full-time onsite work environments in banks and similar sectors by 2023, balancing operational needs and employee flexibility.
- The RBC's CEO, Dave McKay, recognizes the significance of direct human connection in the bank's culture, advocating for in-person interactions that are valued as a crucial part of their business.
- In the technological sphere of the banking sector, BNY Mellon calls its employees back to the office four days a week, demonstrating how finance and business rely heavily on face-to-face interactions, even in a digital age.
