Bank employees to be required to work in office four days a week starting September
Another major Canadian bank is calling on its employees to increase their workplace presence.
The Bank of Montreal (BMO) is the latest financial institution to mandate in-office work, requiring employees to be on-site at least four days per week.
The new requirement will take effect on September 15, according to Reuters. The policy will apply where office capacity allows, the bank noted.
Over the past decade, BMO has invested in workspaces designed to enhance team performance through collaboration, problem-solving, mentorship, innovation, and career development, said spokesperson John Fenton in a report from The Canadian Press (CP) posted in CTV News.
BMO had nearly 54,000 employees as of last year.
BMO’s move follows a similar development at Scotiabank. Previously, The Globe and Mail reported that the bank will require some employees to work onsite four days a week starting in September.
Royal Bank of Canada (RBC) has also made a similar announcement, according to Reuters.
Pros and cons of in-office work
Experts note that in-person work offers several advantages. When employees are in the office, they benefit from live observation, spontaneous interactions, non-verbal communication, shared experiences, stronger relationships, and passive learning, according to a previous report from Forbes.
“In-person collaboration offers a multi-sensory, human experience that deepens employees’ connection to and perception of your employer brand,” said Nicole Fernandes, president and founder of Beyond Culture, Inc., in the report.
She added that employers can enhance this effect through “shared, immersive experiences that reinforce your vision, values and what you have to offer as an employer.” Employers can also “integrate storytelling and opportunities for ambassadorship, and leverage videography to amplify your employer brand impact.”
“The biggest advantage is for the employees to create a feeling of togetherness which is more psychological than anything else, and for a new employee to feel the culture of the organisation through their own lived experiences,” said Prakash Raichur, global human resources director at Taghleef Industries, in the same article.
“Unfortunately, so little can be done through offline working and by not connecting the emotional part, employees will not be engaged and loyal to the organisation.”
Meanwhile, Belle Angeles-Mirano, payroll director of the Business Process Solutions/Outsourcing Practice Area at P&A Grant Thornton, emphasised the importance of flexibility in today’s evolving work environment.
“The next generation of hybrid work is about intentional design—combining virtual and in-office work with flexibility and productivity at its core,” she said.
“Companies are investing in collaboration technologies and redefining office spaces to accommodate team-building, brainstorming, and innovation hubs. Employees, meanwhile, will enjoy greater autonomy as long as they deliver results. The message? Work is no longer about where you are but what you accomplish.”
Right now, workers want more flexibility, says Becky Frankiewicz, president and chief strategy officer at ManpowrGroup.
