Wall Street is known for its excruciating hours and embrace of hustle culture. However, younger professionals are pushing back on this norm as leaders try to usher them back into the office.
While some firms like Citigroup are offering staff the option to adopt a hybrid policy, others like Goldman Sachs are standing their ground about office returns, which is likely to lead to some contention between managers and employees.
Although some of these financial institutions have attempted to offer higher pay and bonuses to retain talent, research from MIT’s Sloan Management Review showed that remote work arrangements were 150% more predictive of employee retention than compensation.
Because of this, many younger bankers have turned their sights onto Big Tech and the emerging industry of cryptocurrency, which are more likely to offer a wider variety of perks and benefits.
Some banks are taking note. For instance, Citi recently enacted Zoom-free Fridays, as well as Citi Reset Day, which is a company wide annual holiday.
On the flip side, the likes of Goldman Sachs are continuing to emphasize the importance of their apprenticeships and in-person culture.
“What’s clear through the process is that we are better together than apart, especially as an employer of choice for those in the beginning stage of their career,” said Andrea Williams, global head of media relations at Goldman Sachs.
Despite the desire to return to pre-pandemic normalcy, banks that refuse to address the need for workplace adjustments could face their own exodus congruent with the Great Resignation. This could be particularly evident among Millennials and Gen Zers, which make up around 75% of the staff at Goldman Sachs.
However, Goldman Sachs’ summer internship program saw a record of 236,000 applications for 2022.
What this indicates is that there is no one-size-fits-all approach to the future of work. Rather than hyper fixating on each end of the spectrum, leaders are best served when they receive employee feedback, experiment with various arrangements, and embrace agility.