Bank of America warns employees over lack of in-office attendance
- Employees received warning letters threatening 'disciplinary action'
- Bank of America has required being in office part time since October 2022
- About a quarter of America's workers still remote: Goldman Sachs
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(NewsNation) — Bank of America is the latest company to crack down on workers not complying with in-office mandates, warning employees of disciplinary action if they don’t return to the workplace.
The “letters of education,” as they are being called, have been sent to employees who aren’t meeting “workplace excellence guidelines,” the Financial Times reported. The bank is giving notified workers two weeks to come into compliance.
Business Insider also confirmed the letters are being sent to employees.
The news outlet reported that Bank of America has been requiring workers to come to the office three days a week since October 2022. Others in more client-facing roles, such as investment bankers and sales and trading members, are required to come in five days a week.
Other large financial institutions including JPMorgan and Goldman Sachs have also issued return-to-office mandates, especially for top executives.
It marks a major shift from four years ago, when the COVID-19 pandemic upended the labor workforce and prompted companies to implement more remote work. Prior to the pandemic, only about 3% of workers were remote at least part of the week, The Guardian reported.
Now, it’s about a quarter, according to Goldman Sachs. It reached a peak of 47% during the pandemic.
Getting people back in the he office has proven difficult, though, and a recent survey of American CEOs found only six of 158 said they will prioritize bringing workers back full time this year. Many companies are instead opting for hybrid policies.
While managers have cited in-office work arrangements as beneficial for productivity, recent research suggest the mandates not only lower employee satisfaction but also don’t significantly boost profits.