Bank of New York Mellon has made changes to its UK employees’ work schedule by banning them from working at home. They are in a believe that working from an office desk develop your skills. The company, which was established in 1784 by Alexander Hamilton, has in the past embraced remote work and supported working from home.
However, the company has made changes and the staffs have been ordered to work from their desks full time unless they are facing unavoidable circumstances such as family emergencies or illnesses. This move is expected to affect thousands of employees who were formerly allowed to work from home several days a week.
This order comes as part of the bank’s chief executive Charles W. Scharf overhaul. Mr Scharf who is a former JPMorgan Executive was appointed for the position in July 2017. Since his appointment, he has laid off staff, adopted automated processes as well as cut bureaucracy. BNY Mellon has invested heavily on technology in a bid to automate bank processes and cut costs.
During his appointment, Scharf, who has a good track record at VISA where he worked for four years, said that technology is at the center of every financial business. He has introduced new technologies at BNY Mellon in order to improve the payment system security. In addition, he has changed the platform by allowing access to its network.
The rule change is reported to have caused anger among workers, particularly among working parents who previously enjoyed working flexibility. When asked about the changes made, workers expressed their disappointment saying that the ban would cause stress and personal problems in regard to managing work-life balance. They also said that doing this would be like adopting the 1980s/90s style presentism.
Nonetheless, a spokeswoman for BNY Mellon has defended the move saying that the company is reviewing the remote working arrangements for its employees in the UK in order to make good use of the benefits that come with working closely together. She also said that it would enhance faster and better decision making, increase collaboration among its 50, 000 employees globally and help the bank serve its clients better across its 10 UK offices.
While the rule changes take place at BNY Mellon, most employers are adopting policies to allow their employees to work from home. Flexible working is becoming extremely popular among employees and has been found to increase productivity and decrease stress. Additionally, flexible working is beneficial to companies and employers in terms of saving money and increasing productivity in employees. In fact, most employers believe that it helps to reduce the gender pay gap.
According to a January study done by Working Families, it was found that 86% of working parents prefer work flexibility. Most parents admit that they are able to balance their work and life much easier when they are allowed to work remotely. This is crucial since combining work and family life can be daunting for most parents. The survey also reported that parents are working longer than their contracted hours, and this could damage their relationships and well-being.