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Lloyds Banking Group will take senior executives’ office attendance into account when awarding their bonuses, according to two people familiar with the matter.
the movement for Lloyd’swhich has more than 60,000 employees, is the latest sign that the financial services industry is seeking to strengthen the application of hybrid work policies almost five years after the coronavirus pandemic.
From the beginning of 2023, Lloyds requires staff to be in the office at least two days a week. Under the bank’s new plan, office attendance would be used as a bonus criterion only for its most senior employees, and 80 percent of the workforce would not be affected, one of the people said.
The policy change, first reported by The Guardian, was linked to Lloyds’ desire for its most senior employees to set a role model for younger staff, they added.
Despite a hybrid working policy that is less strict than some rivals, Lloyds has previously faced resistance from staff, including a backlash when it tried encourage more employees to come to the office offering free food after the end of confinements.
Last year, almost a third of respondents to an annual staff engagement survey reported dissatisfaction with the bank, citing its flexible working policy as the main complaint, according to an internal presentation seen by the Financial Times.
Lloyds said on Monday: “It is proud to offer an industry-leading approach to flexible working that brings many benefits to our colleagues, while ensuring we are well positioned to deliver on our ambitious strategy to transform our business and continue to deliver. for our clients.”