Return to the Office? - The masks are coming off. City Centers are opening back up. People are finally out in public again. Nature is healing.
But just because much of pre-C19 life is going back to some semblance of normal doesn't mean that it should.
Knowledge workers, finance professionals included, are in full-up rage mode against the establishment. It turns out that people would rather continue to work from home. Who woulda thought?
Employees are demanding continued freedoms that were afforded to them for roughly the past two years, and by and large, employers are recognizing these freedoms or at least granting concessions like a hybrid work environment or shifted working hours.
The ugly babies in the crowd here are the BB banks. Not only have bankers been called back to the office, but their presence at their desks is also being tracked.
While this "tracking" isn't nefarious (it's used for space planning purposes, not the NSA), it probably makes some junior staff think, "Is this the life I really want to live?"
Management can feel their junior staff's disdain for being in the office. The commute, that heartless [email protected] of an MD, the long hours. Change is hard when you have a good thing going.
There's been chatter lately about Goldman raising its dinner allowance from $25 to $30. Certain finmemers certainly would like to take credit for this subtle jump.
This came a couple of months after an Uber Eats screenshot had made its way around, showing that the old dinner stipend didn't cover the cost of a Chipotle burrito, chips, a drink, delivery, fees, and tip.
With such pricing power for something so simple as a tortilla, rice, beans, meat, and salsa, it's no wonder why Goldman maintains a 'buy' rating on the mobility and service provider.
I'd argue that management at the vampire squid probably saw the pushback coming and, in all their benevolence, thought, "If we're going to f*ck them, we might as well use a little lube."
Not a lot of young bankers work 90-100 hour weeks for the WLB or the quality of life. If you want that, take a pay cut or master python.
Everything is transitory on some time scale. The only thing constant is change.
This mindset makes you wonder, "Will this push to return to the office actually last?"