Multinational bank Barclays has recently announced that it is toughening its hybrid working policy.
In a memo sent to 85,000 employees, the company now expects its staff to come into the office for three days a week instead of two.
Barclays has become the latest firm to knuckle down on remote working, signalling a shift towards an in-office presence as more businesses move away from flexible work arrangements.
But this latest move once again raises questions about the future of hybrid work in the banking sector, or whether a full RTO (return to office) policy is on the cards for Barclays.
Barclays and other major banks harden office attendance rules
Barclays has had its hybrid working model in place for some time, although front-office or client-facing roles are already expected to attend the office five days a week.
A spokesperson for the bank stated: “We recognise the benefits of balancing flexibility for colleagues with the importance of working together to collaborate in our physical locations.
“Our minimum time in-office requirements vary between business areas depending on the nature of the work and needs of the business.”
Barclay’s announcement comes after other major banks declared tougher in-office policies last year.
Santander – despite once stating that “flexibility is here to stay” – ramped up its RTO in September 2024 by requiring staff to be in the office three days a week, and told employees they had until the end of the year to comply with the new policy.
Two months later, Starling Bank infamously announced an RTO mandate, which saw staff resigning as a result. Employees also slammed the neobank for its organisational culture, describing it as a “grey corporate hellscape”.
Why are more banks enforcing RTOs?
2024 was rife with companies announcing new RTO mandates. However, the banking industry seems to be particularly focused on pushing for in-office attendance.
For example, Santander enforced its own RTO policy to encourage more in-person collaboration, improve teamwork and boost productivity by facilitating face-to-face interactions that might otherwise be difficult to do in a remote setting.
Meanwhile, Lloyd’s Banking Group defended its decision to introduce an RTO mandate based on results from an internal survey, which revealed that the employee engagement rate had declined from 78% to 66% in 2023. The bank also stated earlier this month that senior staff may have their bonuses cut if they don’t go into the office at least twice a week.
Deutsche Bank, which now requires employees to attend the office three days a week, claims that it had enforced this rule due to “inefficient” use of its real estate. The bank’s CEO Chief Sewing and COO Rebecca Short stated in a memo that the company wanted to “spread our presence more evenly across the week.”
Are Barclays heading towards a full RTO by stealth?
Before this announcement, Barclays had already enforced a return to office (RTO) policy for its London-based VPs in May 2024. Before, staff were allowed to work from home at their managers’ discretion.
However, while its latest announcement might feel like a seesaw effect, the number of days required for office attendance seems to depend on individual departments and roles. Moreover, according to a comment on Reddit, the three-day policy hasn’t taken effect in all areas of the company.
“I know people who work for Barclays, not all of them are being asked to go in more,” the comment reads. “Some departments are being told nothing is changing and others are being moved from two days a week to three.”
Barclays’ move to bring employees back to the office more often is just one part of a bigger trend we’re seeing in the banking sector. While it’s still unclear if this will lead to a full RTO policy for everyone, other banks are making similar moves. The change is definitely happening, but the full impact on employee morale and retention remains to be seen.
