Yahoo Finance BlackRock orders staff back to the office as companies ditch home working
The world’s largest money manager has ordered its staff back to the office for four days a week as finance companies abandon home working.
BlackRock, which has more than $8 trillion (£6.4 trillion) in assets under management, told its employees on Tuesday that they must return to their desks more frequently from September.
In a memo, executives at the asset manager said: “Career development happens in teaching moments between team members, and it is accelerated during market-moving moments, when we step up and get into the mix. All of this requires us to be together in the office…
“We will shift to at least four days per week in the office, with the flexibility to work from home one day per week. This new approach begins on the 11th of September."
In late 2021, BlackRock piloted a new post-pandemic “Future of Work” programme, which required staff to be in the office for only three days a week.
The new policy comes weeks after fellow Wall Street giant JP Morgan told its senior bankers to return to the office for a full five days, adding that slackers would be punished for poor attendance.
At the time, the company said: “As we’ve returned to more normal patterns in our lives and work, we can all appreciate the many benefits of in-person engagement.
“We believe this is especially true when it comes to the importance of being in the office – being together improves the speed of decision making, while also providing valuable opportunities for spontaneous learning and creativity, as well as allowing our professionals to learn through our apprenticeship model.”
The move back to the workplace suggests the pandemic-induced shift to remote working could be fading as bosses seek to return to pre-Covid norms.
The BlackRock memo added: “We have felt the energy generated by being together, in our larger offices, our newer spaces, as well as our smaller tight-knit communities, all around the world. This energy, and the horizontal collaboration powers, are what make BlackRock so special…
“Bringing our people into the room to observe and contribute is how we grow the next generation of leaders and stay ahead of our clients' needs.
“When fast-moving, high-client-interest events are happening, having our teams physically together to find solutions, seize opportunities and learn from each other makes a difference.”
BlackRock employs nearly 20,000 staff in more than 30 countries.
