Citigroup warns employees performance ratings or pay could be hit if they don’t return to office

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Citigroup warns employees performance ratings or pay could be hit if they don’t return to office

Citigroup has warned its 240,000 employees their performance ratings or pay packages could be impacted if they do not return to the office. Staff

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Citigroup has warned its 240,000 employees their performance ratings or pay packages could be impacted if they do not return to the office. 

Staff at the bank enjoy a hybrid-system where they go into the office at least three days per week and are allowed to work remotely for two days. 

But executives have now told managers to let workers know that those who do not comply with the policies for the mandatory attendance will face consequences, according to Bloomberg. 

The move is said to target those with persistent and unexplained absences, a source, who did not want to be identified, said. 

The bank joins a raft of other major firm battling to bring thousands of workers back into the office and boost productivity such as JPMorgan, Amazon, Google and Apple. 

Citigroup has warned its 240,000 employees their performance ratings or pay packages could be impacted if they do not return to the office

Citigroup has warned its 240,000 employees their performance ratings or pay packages could be impacted if they do not return to the office

Citigroup has warned its 240,000 employees their performance ratings or pay packages could be impacted if they do not return to the office

Staff at the bank enjoy a hybrid-system where they go into the office at least three days per week and are allowed to work remotely for two days

Staff at the bank enjoy a hybrid-system where they go into the office at least three days per week and are allowed to work remotely for two days

Staff at the bank enjoy a hybrid-system where they go into the office at least three days per week and are allowed to work remotely for two days

But executives at Citigroup, led by CEO Jane Fraser, have told managers to let workers know those who do not comply with policies for the mandatory attendance will face consequences

But executives at Citigroup, led by CEO Jane Fraser, have told managers to let workers know those who do not comply with policies for the mandatory attendance will face consequences

But executives at Citigroup, led by CEO Jane Fraser, have told managers to let workers know those who do not comply with policies for the mandatory attendance will face consequences

Managers at Citigroup will now look at how a member of staff complies with the firm’s hybrid working rules when rating performance and crafting pay packages, the source said.

‘We are committed to our hybrid work model and proud of the flexibility it provides our colleagues to work at least three days per week in the office and up to two days remotely,’ the bank said in a statement.

‘We have firm expectations for office attendance and know that the majority of our employees are compliant with their requirements. As necessary, we hold colleagues accountable for adhering to their in-office days.’ 

The new move comes as managers prepare for mid-year reviews and Citigroup has asked them to remind staff who have not been coming into the office regularly of the return-to-office policies. 

They are told to make sure they understand the consequences of continually not complying, a person with knowledge of the matter said. 

Citigroup is said to be considering tracking the building entry data of staff in the UK and has already been doing this across its major offices in the US. 

It is discussing a proposal with its UK employee-engagement forum where it would track individual attendance to the office monthly, according to a memo seen by Bloomberg.

It would also allow the company to collect aggregated office data for its firms in London, Edinburgh and Belfast.

‘One swipe per person, per day, per location will be captured,’ the memo states. 

‘The number of hours spent in the office will not be captured in these reports. The focus of the reporting will be on employees with consistent office absence. Reports may then be shared with managers as appropriate to prompt further discussion.’

Amazon enforced a return-to-work mandate and told its employees they had to work on site at least three days per week from May

Amazon enforced a return-to-work mandate and told its employees they had to work on site at least three days per week from May

Amazon enforced a return-to-work mandate and told its employees they had to work on site at least three days per week from May

JPMorgan Chase & Co ordered its managers to return to the office full time in order to be present for 'impromptu meetings' and 'immediate feedback'

JPMorgan Chase & Co ordered its managers to return to the office full time in order to be present for 'impromptu meetings' and 'immediate feedback'

JPMorgan Chase & Co ordered its managers to return to the office full time in order to be present for ‘impromptu meetings’ and ‘immediate feedback’ 

The data in the US has only been shared with Citigroup’s most senior executives although it is said to be looking at creating a dashboard where line managers would access it, a source said.  

Citigroup, which is led by chief executive Jane Fraser, is one of the financial firms which is receptive to employees working from home following the pandemic. 

The majority of its 240,000 workers are considered hybrid and it has used this policy to keep and and attract employees. 

Citigroup follows other multi-billion-dollar firms which have called employees to return to the office following two years of remote working. 

JPMorgan Chase & Co ordered its managers to return to the office full time in order to be present for ‘impromptu meetings’ and ‘immediate feedback.’ 

In April, executives asked those in charge to ‘lead by example’ and return to the office five days a week, even threatening that not meeting attendance guidelines could result in consequences. 

Senior leaders at Apple told its staff in August they had to return to the office at least three days a week with CEO Tim Cook saying it was meant to restore ‘in-person collaboration’.

Amazon enforced a return-to-work mandate and told its employees they had to work on site at least three days per week from May. 

Billionaire Elon Musk told Twitter employees in November that remote work was no longer allowed and employees were expected to be in the office at least 40 hours, shortly after he took over the company.

Billionaire Elon Musk told Twitter employees in November remote work was no longer allowed and employees were expected to be in the office at least 40 hours, shortly after he took over

Billionaire Elon Musk told Twitter employees in November remote work was no longer allowed and employees were expected to be in the office at least 40 hours, shortly after he took over

Billionaire Elon Musk told Twitter employees in November remote work was no longer allowed and employees were expected to be in the office at least 40 hours, shortly after he took over

Senior leaders at Apple told its staff in August they had to return to the office at least three days a week with CEO Tim Cook saying it was meant to restore 'in-person collaboration'

Senior leaders at Apple told its staff in August they had to return to the office at least three days a week with CEO Tim Cook saying it was meant to restore 'in-person collaboration'

Senior leaders at Apple told its staff in August they had to return to the office at least three days a week with CEO Tim Cook saying it was meant to restore ‘in-person collaboration’

 

Google informed its workers in the San Francisco Bay Area and 'several other US locations' to return to the office for at least three days a week starting in April 2022

Google informed its workers in the San Francisco Bay Area and 'several other US locations' to return to the office for at least three days a week starting in April 2022

Google informed its workers in the San Francisco Bay Area and ‘several other US locations’ to return to the office for at least three days a week starting in April 2022

Google informed its workers in the San Francisco Bay Area and ‘several other US locations’ to return to the office for at least three days a week starting in April 2022.

Amazon enforced a return-to-work mandate and told its employees they had to work on site at its Seattle headquarters at least three days per week from May. 

Davis Polk & Wardwell LLP, a major New York law firm, told staffers that those who don’t adhere to the firm’s three days in office per week policy could see their bonuses reduced.

Remote working, which was accelerated by the coronavirus pandemic, has decimated the commercial real estate industry as buildings struggle with the loss of tenants.

A study from researchers at Columbia University and New York University found that offices in New York City will lose 44 percent of its pre-pandemic value by 2029 due to the impact of working from home.

Its vacancy rate of offices is expected to reach 22.7 percent this year and commercial real estate used to account for 20 per cent of the city’s property tax revenue. 

Around $1.4 trillion of commercial real estate loans are due by the end of 2024, according to the Mortgage Bankers Association.

But owners who face extortionate payments while their buildings lay empty might prefer to default than borrow more money to pay it off. 

Return to office rates in America have been lower than in Europe and Asia.  

Source: | This article originally belongs to Dailymail.co.uk

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