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Davis Polk and JPMorgan frame new tactics to restore in-office work
https://www.whatjobs.com/news/usa/us-business-news/davis-polk-and-jpmorgan-frame-new-tactics-to-restore-in-office-work
By Nithya Bose in US business news, posted April 16, 2023
Davis Polk and JPMorgan are both introducing schemes where staff pay could be affected by how much they come into the office.
The law firm Davis Polk has told staffers that those who don’t stick to the three-day work-from-office policy they may have bonuses slashed.
JPMorgan Chase’s operating committee informed managing directors in a memo that they are required in offices five days a week.
Read More: Meta boss Mark Zuckerberg says in-person work is more productive
The company also notified other staff on hybrid work schedules that three days of attendance is required at a minimum.
The memo said: “Most of you are following your hybrid models, but there are a number of employees who aren’t meeting their in-office attendance expectations, and that must change.”
It noted that if employees fail to meet mandates, managers will take “appropriate performance management steps, which could include corrective action.”
Read More: Disney managers asked to make lists of staff to be cut as 4,000 layoffs loom
Neil Barr, chair and managing partner of Davis Polk, said: “We’re very focused on having our team in at the same time.
“The expectation is that you come to the office and you support the culture of the firm by being here in person.”
Many leading companies are raising in-office obligations, with Disney requiring staff to spend four days a week on-site.
The software maker Qualtrics has also mandated employees to return to the office four days a week.
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Last month, Meta boss Mark Zuckerberg cleared his stance on in-person work, saying those who joined on-site outperformed those who joined remotely.
He didn’t explain how the company evaluated performance.
Mr. Barr said that in annual performance reviews, Davis Polk leaders told employees it will consider reviews in “a more comprehensive way going forward.”
He highlighted that the company sees benefits from the mentorship, training, and professional growth that happens in person.
Source: The Wall Street Journal
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