HSBC Tells Staff: More Time in Office or Less Bonus Pay
Employees at one of Britain’s largest financial institutions have been informed that their bonus payments might be reduced if they do not come into the office.
HSBC
indicated that failing to show up for the mandatory three-day workweek could result in reduced pay.
This represents the most recent instance of management’s efforts to overturn the work-from-home trend that began during the pandemic.
HSBC sent an email to employees working within its Birmingham-based division, which encompasses 23,000 individuals spread across various offices and branches, detailing how their ‘hybrid’ work arrangement will be implemented.
For approximately 18 months, the bank has enforced a policy mandating that employees spend at least 60 percent of their worktime either in the office or interacting with clients.
The email notified staff members that internal attendance records would factor into determinations regarding their compensation, as per Bloomberg News, which initially broke this news.
HSBC chose not to comment. Earlier this January, it was revealed that competitor Lloyds planned to examine office presence as part of the criteria for performance-based bonuses targeting top-tier bankers.
However, regarding Lloyds — which had earlier experienced criticism when it informed employees they needed to be present for a minimum of two days weekly — this regulation affects only a limited number of higher-ranking officials. In contrast, HSBC’s most recent memorandum extended this directive to cover a wider range of desk-bound personnel.
Yesterday’s independent study revealed that employees are becoming more prone to defy directives aimed at getting them back into physical offices.
Researchers at King’s College London discovered that just 42 percent of people are willing to commit to being in the office five days a week, a decrease from 54 percent three years prior. The study also showed that 50 percent would consider searching for a different position that permits remote work if their current employer insisted on full-time in-person attendance, an increase from 40 percent in 2022.
A lot of employees who previously worked in offices got accustomed to setting up at their kitchen tables due to COVID-19 restrictions. This shift made them appreciate skipping the everyday commute, and as a result, some chose to relocate to larger residences farther from their downtown workplaces.
But five years on from the pandemic, bosses, as well as some politicians, have become frustrated that a return to the normality of a nine-to-five five-day working week has yet to return.
A lot of people worry that telecommuting might lead to decreased productivity and fewer career prospects, particularly for junior employees.