https://www.bloomberg.com/news/articles/2023-04-1…
Looks like the pendulum has fully swung back in the other direction, post-COVID. So close to major, structural changes in the way that we do work. But maybe it was always a mirage. Also likely partially driven by the market, and headwinds facing banks at the moment. In better years, I’m thinking policies like this relax.
Also aware that FO juniors at JPM have basically been 5 days a week anyways.
Thoughts?
I’m nowhere near director level but find myself much more productive WFH. In office, people swing by my desk to shoot the shit. People sitting near me will just start talking to me (and I to them), and this adds up to around an hour a day of “wasted time”.
When I’m WFH I’m able to just get balls deep in excel with no interruptions
And the commute too. When I wake up my brain is at its freshest, if WFH then I can just sit down asap and apply that mind at its most alert to work. If in office then I have to take a drag on it by walking and hopping on the train
I’m so unproductive at home. For better or worse, I need the office, at least a few days a week. I still think a trade floor is an incredibly valuable tool as well. I recognize I’m in the minority though, I have tech buddies you couldn’t pay enough to go back into the office.
I wouldn't say I'm unproductive at home, but I certainly sense a lack of team fluidity. Especially on the trading/sales floor. Just seems like more transactions get done and more paper moves when the whole team is on the field. We are much more efficient when we can yell shit at each other across the floor instead of wasting time picking up the phone. Though, I am talking about S&T - I totally get why IB guys would prefer to sit at home with soothing Beethoven in their headphones while pumping out sexy slide decks. Protocol should be group discretionary moving forward imo.
Until your Excel crashes 5x.............. ouch
The thing is, maybe when you're really junior and just heads down in an excel model that might be useful, but as you advance your career, building relationships and human capital from people just strolling by and shooting the shit becomes more valuable than hard technical skills.
Moving up on the ladder requires ever increasing amounts of soft skills, and you really can't get that over Zoom.
I believe the flexibility that arose in work location over the past few years was largely in part due to talent management / acquisition, obviously originating with initial WFH during COVID. With some of the power shifting back to the employer over the last 4-6 or so months (following 12-18 months of a job market where the employee had all the negotiating power) I think we'll start to see more of the flexibility disappear (all dependent on leadership and middle management at the company still).
I do think that a good balance is the way to go - affording employees the flexibility to work remotely but also encouraging time spent in the office (speaking as someone with 7 years of professional experience). Again, dependent on leadership and management - if senior team members are in office, makes sense for junior employees to follow suit. If they are not, why expect / care for your employees to be if they can be just as efficient from home? I for one find completely remote jobs insane and something that I cannot wrap my head around from a teambuilding / relationship standpoint (although I would be open to a position like that lol); but on other hand don't think I could do five days a week in any office again. Overall, I hesitate to complain about having to go into office since senior colleagues of mine are juggling work, a family, looking to buy a home, etc., while I am still mid 20s in an apartment 10 mins from my office.
I am lucky enough to be on a team where there is transparency and flexibility with everyone's work location for a given day / week. No groundbreaking observations here but just wanted to give my two cents as the afternoon addy & caffeine kicks in. Insane to think that this discussion is a regular part of the workplace dialect relative to pre COVID where it was basically office 5 days a week at 90%+ of jobs.
Agree 100%. When I joined my latest company it was 2 days in. Now I’m in 4-5 days a week. It’s not mandated and several times I’ve found myself to be 1 of 5 people in the entire office, but some days it’s me and just senior management.
I was remote today and extremely productive. Will log another 2-3 hours later tonight.
I have flexibility though. When I do go in, it’s typically around 10:30am. I’m online at 8:30am, but I like to wfh in the mornings. Then in office until 6:30 or so, but some days I’ll be there until midnight. Sure, those days I get dinner on company dime, but I think I’m going to try and get back to 3 days a week at most in office.
I do the flipside. Get in at 7:45-8AM, take a short lunch of only half an hour so I can bounce come 4:30PM but I'll keep tabs on any emails, projects, etc that need some work afterhours. Pop in for half-days on Wednesdays and Fridays.
I would assume JPM will move to a hybrid work model, with "must be in office" days, and one or two flexible days to work form home. I assume the "Work from the Beach" days are over. If people don't like it, they can quit - and JPM will need to respond.
JPM will never need to respond as they are JPM. Some may quit, but they’ll always have a long line of people ready to take the open spot.
Three words for that guy. Jeffrey. Epstein. Enabler.
Don't MDs travel a lot on the job tho?
Tech is headed in this direction. Most companies I know of are 3-4 days a week and some are already having 5. I would say flexibility is something I would want, but most companies I’m looking at (200k+ comp) are asking for 5/onsite. Sigh.
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Well, if people leave..they can be replaced. Many people are looking for work. It’d be a fools choice to leave because you’re being forced into office.
Fools choice to pick quality of life and flexiblity over a single job where they feel the need to babysit you?
Not sure you realize who the fool is here
Reason being if MDs or Ds weren't in, those below would use that as an excuse to not come in even though mandated for 5 days a week.. banks are really stressing the importance of being in as a learning tool for new talent and collaboration across teams which just isn't there over zoom. Have personally seen so much more interaction between CM/M&A and coverage groups in the office by way of them just stepping up/down a floor to hash out an idea or plan. And when juniors are exposed to this kind of interaction, it really helps them synthesize and understand how best to speak and carry out their jobs - especially if they want opportunities to be in the same room as clients.
Hit it right on the head. Learning by osmosis is so underrated and the value of just listening to senior bankers talk turkey is immense.
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