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Back to office blues. Does Wall Street split on remote work? |: Banks News:


World Bank Vice President Mark glances out of his backyard from his home office in the US state of New Jersey. In the interval between virtual meetings, he takes quick breaks to connect with his two elementary school children and talk to his wife about dinner logistics.

“Overall, working from home was amazing for our family,” Mark told Al Jazeera, who asked not to use his last name due to work concerns. “I feel even more productive because I do not walk, I can climb a significant egg at home.”

However, this new work-life balance will come to an end this summer, however, when Mark expects to be called to office, like many in the US financial industry. The executives of the big companies on Wall Street have made it clear that remote work does not work for them, they are forcing employees to follow that example.

JPMorgan Chase CEO Amy Dimon insisted that working from home “does not work for those who want to hurry” earlier this month predicted that “somewhere in September, October, it will look like it used to.”

For its part, Goldman Sachs told its staff that it “plans to make a return to office position” by June 14 in the United States and June 21 in the United Kingdom.

Some U.S. employees who have spent more than a year at home are being recalled to office and now have the prospect of moving on again. [File: Angela Weiss/AFP]

Mark does not work for Goldman Sachs or JP Morgan, but believes the policies of the two major banks will set a precedent for the industry. And Mark worries that he and his family will lose the gains they have made over the past year when he puts on a suit and tie in his suit for almost two hours in New York City.

“Because [the commute]”I know I will not be as present as I have been,” Mark said.

And not only is Mark worried about his own common sense on the go or on the train, but he’s also worried about how his wife will once again carry the burden of childcare responsibilities because of her more flexible part-time work schedule.

“I worked hard, but I was here,” she said of her children last year. “I knew the names of their teachers. I could cook. I felt we were a partnership. And I feel we will lose it. ”

“Something is changing”

The long-distance labor debate extends beyond the financial world as companies create ways to return to the office that may well leave out some employee responsibilities, such as elders and children. Some fear that the corporate culture that preferred anyone who could stay in office longer may slip back.

Last week, WeWork CEO Sandip Matran said that “those who are least busy are more comfortable working from home” to The Wall Street Journal’s Future of Everything festival.

His comments were quick to respond, but he feared he might raise an unspeakable attitude among managers.

It will reach a point where compensation will not become a significant driver. If one company is offering $ 1.2 million and one is offering $ 1 million but the opportunity to work from home, flexibility can be gained in recruiting top talent.

Alexander Tomich, Boston College Progress Studies Woods College

Experts, however, say that the “new norm” around remote work continues to change, and that exceptions will become the rule. For example, JPMorgan և Goldman Sachs’s work plans allow some employees to still work remotely depending on their role, and the number of jobs means that employees will change to an office with a hybrid schedule in the foreseeable future.

“The big banks are recalling people, but you see how they’re shrinking their tracks, so something is changing,” Roy Cohen, chief executive of The Wall Street Professional Survival Guide, told Al Aziz. Author:

But Cohen points out that the jobs themselves can have a competitive advantage over all those that offer completely remote options.

“It is almost impossible to understand the corporate culture of an organization if you are not within the organization,” Cohen said. “And you have to make sure you have seniors for leadership and mentoring. “I think there will be some temptation as companies find out what works and what their employees will get.”

“F can win”

The obvious side of the coin is that firms may have to prove to employees why they need to be in the office after more than a year of absentee work. Cohen has seen this dynamic play in conversations with coaching clients.

“I have a client who is confident that his company will support the hybrid schedule,” he said. “He knows he’s valuable, he knows his bank will work to keep him.”

Alexander Tomic, Dean of Woods College Boston College for Progress Studies, Strategy, Innovation and Technology, believes that far-reaching options will remain for talent retention, especially for management-level talent.

“I do not think that companies will have a problem recruiting beginners [to work onsite]”But I think when you look for talent, things get complicated,” Al Tomas told Al Jazeera.

“It will reach a point where compensation will not become a significant driver. If one company offers $ 1.2 million and another offers $ 1 million but the opportunity to work from home, flexibility can be gained in recruiting top talent. ”

The epidemic has brought about a paradigm shift in what people expect from their workplace,, it seems that jobs are emerging that truly empathize with their employees.

Lauren Pasquarella Daley, catalyst

Tomic’s prediction responds to statistics. According to a survey of more than 5,000 U.S. employees by management consulting firm McKinsey, nearly a third of employees would like to work part-time full-time, with more than a quarter saying they would consider changing employers if their organization returned to full-time employment. :

But, of course, many employees do not have the luxury of weighing in on multimillion-dollar job offers.

Tomic believes that strict mandates to “return to office” can disproportionately affect women, parents ությունների minorities who were previously underestimated at work, could be transferred to roles for people who can do full-time, site employment :

And if ideas link work to presence, those employees may also lose opportunities for promotion or promotion, he said.

“I think the question will not be. “Can you work at home, but can you really move forward?” Said Tomic.

“This huge unknown”

This way, people who have the option to continue working remotely or return to the office face more uncertainty.

“I feel like it’s so unknown,” Laura, who works for a New York technology company, told Al Jazeera. “She does not want her last name to be used because of the employer’s sensitivity. “On the one hand, I feel that we are being told that we can choose. And on the surface it looks great. But then I am surprised. Is it a real choice? “In a sense, the ‘job’ mandate makes it easier because you know what is expected of you.”

Catalyst’s global nonprofit study, which focuses on building justice արդար involving women in the workplace, found that although all parents took on productivity during the COVID-19 epidemic, mothers suffered the most. [File: Stefan Wermuth/Bloomberg]

Laura is already under pressure. His manager told his team that he expected them to return to office in early June.

Laura, who has two five-year-olds with a hybrid school schedule in Jersey City, New Jersey, says it is “impossible” to find childcare options in the last two weeks of school.

His manager told him that “maybe” they would find a messy room, և he made Laura feel stressed և unsure if the “special allocation” for distance work might miss opportunities.

The burden of distance learning and work intervention has already been disproportionately affected by women.

Catalyst’s global nonprofit study, which focuses on women’s justice in the workplace, found that although all parents had the productivity imposed on them during the COVID-19 epidemic, mothers suffered the most.

a Catalyst-CNBC poll 41% of mothers (36% of fathers) found that they had to hide their care problems from their employer, and that parents in particular were afraid that they would be the first to miss out if their company needed to be reduced.

“Women, parents and people of color were disproportionately affected by the epidemic,” Laurent Pasquarella Daley, senior director of “The Future of Women’s Work in the Catalyst,” told Al Azira Azira.

“I think we are looking at two things, as the companies are discussing plans to return to work. The first is that organizations do not create two levels of work, some people get the advantage of being in the office. “The second is to push for flexibility for employees who may not have remote employment options,” he said.

That, Dale explained, means using technology as a way to allow shift workers to control their time and schedule.

Daley also thinks that some companies that have a “well-functioning” schedule may refrain from culture.

“The epidemic has changed the paradigm in terms of what people expect from their workplace,” he said.





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