Are companies slowly ditching work-from-home?

With the COVID era, and people and companies both realising the benefits of work from home culture, today it is quite normal to have a hybrid work culture in most major companies, with some companies even giving the option of full time remote work as an attraction to employees who are looking for flexibility on the go. 

Remote work can be empowering to workers, giving them the choice and control over their lives and work, while saving company resources like creating more work spaces.

Remote work can be empowering to workers, giving them the choice and control over their lives and work, while saving company resources like creating more work spaces. However, some major companies have another opinion

New York based major asset manager, BlackRock, has added a day to its current requirement of three days a week in the office. Employees are required to adhere to this rule, but they are still allowed to work remotely two weeks a year at a time of their choosing. “When fast-moving, high-client-interest events are happening, having our teams physically together to find solutions, seize opportunities and learn from each other makes a difference . . . See you in the office!”, the company says. Its intent is to increase collaboration and improve speed of decision making. 

This could signal a trend amongst major firms

This decision came soon after JP Morgan’s harsh notice to its senior bankers to return to the office for the full-five days. This could signal a trend amongst major firms. J.P.Morgan CEO Jamie Dimon, along with Wall Street counterparts at Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), has been a strong advocate of in-office work. Goldman Sachs’ anti-remote strategy aiming to call workers to the office five days a week faced its fair share of problems. Most companies abide by the hybrid rule, like Amazon and Apple who allow their workers to work-from-home two days a week. But some firms have also taken a radical approach, like Deloitte which allows its workers complete flexibility by giving them the option to work from home five days a week if they like.

The opinions are divided, with some believing that employees need this push to fall back into pre covid patterns, while others viewing this as a loss of flexibility, comfort and freedom

However it is also true that this measure will provide a relief to owners of offices and adjacent businesses that have suffered during the work-from-home era, the effect of which is particularly pronounced in major cities like New York which still has an office occupancy of less than 50%, similar trends can be seen in London and worldwide Friday occupancy rates are at an average 17 percentage points lower than the mid-week peak.

Could this move prove beneficial to the company’s working? Or will it lead to dissatisfaction amongst employees? The opinions are divided, with some believing that employees need this push to fall back into pre covid patterns, while others viewing this as a loss of flexibility, comfort and freedom. 

“Career development happens in teaching moments between team members, and it is accelerated during market-moving moments . . . All of this requires us to be together in the office,” the BlackRock memo says. Only time will tell whether this proves to be true.