
Lloyds Banking Group has set new in-office requirements that expect senior bankers to be present at least two days per week, with the potential consequence of reduced bonuses for non-compliance. This initiative, coming just ahead of the 2024 financial year bonus distribution, is reflective of the broader trend among major corporations to scale back remote working in an effort to promote more in-person teamwork and communication.
The policy change at Lloyds, which includes top staff and employees in hybrid roles, is part of performance-based bonus measures that were previously established, such as the mandate for employees to be in the office for 40% of their working time, equivalent to a minimum of two days per week for full-time workers. The Accord union, representing Lloyds staff, stresses the importance of applying this office policy with sensitivity and fairness, taking into account individual circumstances and making reasonable judgments.
Not only Lloyds but also other businesses, like JP Morgan, Amazon, Asda, and Santander, have been implementing stricter back-to-office mandates recently. While Lloyds emphasizes its flexibility in offering remote work options, the bank is now recalibrating its approach to ensure it aligns with strategic objectives and customer commitments. Additionally, Lloyds has introduced a new bonus scheme that may benefit up to 33,000 of its lower-paid employees, potentially leading to increased payouts for outstanding performers among them. However, the union insists that any higher awards for some should not come at the expense of reducing standard awards for others. The upcoming bonus distribution for the 2024 financial year is anticipated to reflect the impact of this new office attendance policy on employees' payouts, illustrating the ongoing conflict between flexible working arrangements and the corporate need for more in-person collaboration.