Barclays Financial institution Hybrid Coverage: Is A Full RTO Coming? 

Multinational financial institution Barclays has not too long ago introduced that it’s toughening its hybrid working coverage. 

In a memo despatched to 85,000 staff, the corporate now expects its employees to return into the workplace for 3 days per week as an alternative of two.

Barclays has turn out to be the newest agency to knuckle down on distant working, signalling a shift in the direction of an in-office presence as extra companies transfer away from versatile work preparations.

However this newest transfer as soon as once more raises questions on the way forward for hybrid work within the banking sector, or whether or not a full RTO (return to workplace) coverage is on the playing cards for Barclays.

Barclays and different main banks harden workplace attendance guidelines

Barclays has had its hybrid working mannequin in place for a while, though front-office or client-facing roles are already anticipated to attend the workplace 5 days per week.

A spokesperson for the financial institution acknowledged: “We recognise the advantages of balancing flexibility for colleagues with the significance of working collectively to collaborate in our bodily areas.

“Our minimal time in-office necessities range between enterprise areas relying on the character of the work and desires of the enterprise.”

Barclay’s announcement comes after different main banks declared more durable in-office insurance policies final 12 months.

Santander – regardless of as soon as stating that “flexibility is right here to remain” – ramped up its RTO in September 2024 by requiring employees to be within the workplace three days per week, and informed staff they’d till the top of the 12 months to adjust to the brand new coverage.

Two months later, Starling Financial institution infamously introduced an RTO mandate, which noticed employees resigning because of this. Workers additionally slammed the neobank for its organisational tradition, describing it as a “gray company hellscape”.

Why are extra banks implementing RTOs?

2024 was rife with corporations saying new RTO mandates. Nonetheless, the banking trade appears to be notably centered on pushing for in-office attendance.

For instance, Santander enforced its personal RTO coverage to encourage extra in-person collaboration, enhance teamwork and enhance productiveness by facilitating face-to-face interactions that may in any other case be troublesome to do in a distant setting.

In the meantime, Lloyd’s Banking Group defended its choice to introduce an RTO mandate primarily based on outcomes from an inside survey, which revealed that the worker engagement fee had declined from 78% to 66% in 2023. The financial institution additionally acknowledged earlier this month that senior employees might have their bonuses lower in the event that they don’t go into the workplace at the very least twice per week.

Deutsche Financial institution, which now requires staff to attend the workplace three days per week, claims that it had enforced this rule as a consequence of “inefficient” use of its actual property. The financial institution’s CEO Chief Stitching and COO Rebecca Brief acknowledged in a memo that the corporate needed to “unfold our presence extra evenly throughout the week.”

Are Barclays heading in the direction of a full RTO by stealth?

Earlier than this announcement, Barclays had already enforced a return to workplace (RTO) coverage for its London-based VPs in Could 2024. Earlier than, employees have been allowed to do business from home at their managers’ discretion.

Nonetheless, whereas its newest announcement would possibly really feel like a seesaw impact, the variety of days required for workplace attendance appears to rely on particular person departments and roles. Furthermore, in response to a touch upon Reddit, the three-day coverage hasn’t taken impact in all areas of the corporate.

“I do know individuals who work for Barclays, not all of them are being requested to go in additional,” the remark reads. “Some departments are being informed nothing is altering and others are being moved from two days per week to 3.”

Barclays’ transfer to deliver staff again to the workplace extra typically is only one a part of a much bigger development we’re seeing within the banking sector. Whereas it’s nonetheless unclear if this may result in a full RTO coverage for everybody, different banks are making comparable strikes. The change is unquestionably occurring, however the full impression on worker morale and retention stays to be seen.