Major Wall Street banks that have hit pause on bringing workers back to the office due to the omicron variant may need to get comfortable with the idea of a more permanent work-from-home labor force, according to The Wall Street Journal (subscription).
Meeting with resistance: “Many of their employees have grown used to more flexible working arrangements and aren’t willing to go back into the office full time. How their return-to-work experiment plays out could set the stage for other white-collar industries.”
- In summer 2021, when JPMorgan tried to bring its staff back to at least half capacity, some employees remained at home despite the call to return to the office.
Worker shortage: Compounding the issue for banks is the tightness of the labor market. “Managers tasked with making sure employees are in the office are reluctant to go through the logistical trouble of firing and replacing hordes of workers. Companies such as Citigroup Inc. that have more flexible work-from-home policies are touting them as a way of attracting people from other banks.”