CEO Of This Company Wanted All 10,000 Employees To Return To Office; But Only 50% Showed Up!
Goldman Sachs CEO David Solomon has long been putting up a fight to the concept of hybrid work and repeatedly stressed that his employees return to the office full-time.
Only Half Turn Up
However when the company reopened its U.S. offices in February after closure due to the Omicron wave, only half of the workforce or about 5,000 of the building’s 10,000 workers showed up.
This, despite receiving more than two weeks’ notice.
A Goldman spokesperson provided different figures, saying that in-person attendance at the bank’s HQ has averaged 60% to 70% over the course of a week.
Office Culture Critical
This is close to the office’s occupancy before the Omicron shutdown, when 8,000 workers would report to offices at least one day a week.
Solomon says that in-person interactions are essential to the firm’s apprenticeship culture.
Its operating model includes hiring 3,000 freshers per year who learn from experienced bankers and build networks face-to-face.
Pro Office Return
This experience also encourages teamwork, which is the focal point of the firm’s culture.
None of this would be possible under a remote working model.
The effect of remote and hybrid work on career growth and companies’ performance remains to be seen.
Rivals JPMorgan Chase and Morgan Stanley are also taking a strict pro-office return stance..
Pro Hybrid Model
On the other hand, peers including Citigroup and UBS believe that the working world has been changed for good and that hybrid work is a strong attraction for top talent.
This gives them a competitive advantage when it comes to scoring talent.
For now there is no clear winning side.
At The End Of It All..
Companies will struggle with picking the best working model for its employees but eventually it is not roffice occupancy rates that will be the important metric.
Rather, market share, growth, and profit will determine the winners and the losers like always..