Despite hybrid work becoming the norm across many industries in the post-pandemic workforce, major banks in the United States are still pushing for more days back in the office — Truist being the latest to tighten its grip on workplace policies.
Starting this fall, Truist Financial Corporation, the sixth-largest bank in the U.S., will require hybrid workers to work on-site four days a week. Meanwhile, investment bankers will be required to work from the office five days a week beginning June 1.
According to a report published by HRDive, Truist previously mandated at least three in-office days for hybrid employees and four days for investment bankers. The updated policy is a creep toward full return-to-office mandates commonly seen issued by companies in the tech industry last year.
It’s reported that the bank’s management believes that increasing face-to-face interaction will foster a stronger corporate culture.
Similar policy updates have been made at other major U.S. banks, such as JPMorgan Chase, Goldman Sachs, Bank of America, and Citi — which have all been pushing for increased office presence among employees.
According to a report published by The Financial Times, some of these banks have enforced stricter in-office attendance through performance reviews and other disciplinary measures.
The stricter attendance rules at Truist could impact employee retention rates and could potentially lead to layoffs for those who choose not to comply with the new requirements.
According to HRDive, the bank is planning to undergo cost-saving measures, setting a goal to save $750 million by 2025. Therefore, enforcement of the new policy could become a factor in performance evaluations and job security.
Stricter in-office attendance policies among financial institutions is a trend that goes against more lenient flexible work opportunities that other industries have been incorporating to improve attraction and retention this year.
Although the trend is prominent among top U.S. banks, it’s possible other sectors could be influenced to revalue their remote work policies in a new wave RTO push.
