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Lloyds Banking Group will take into account the attendance of senior executives when awarding bonuses, two people familiar with the matter said.
The move by Lloyds, which has more than 60,000 staff, is the latest sign that the financial services industry is stepping up enforcement of hybrid working policies, almost five years into the coronavirus pandemic.
Since early 2023, Lloyds has required staff to be in the office at least two days a week. Under the bank’s new plan, only the highest-ranking employees will be eligible for bonuses based on attendance, with 80% of employees unaffected, one of the people said.
They added that the policy change, first reported by the Guardian, was related to Lloyds wanting its most senior employees to set an example for younger employees.
Despite a less stringent hybrid working policy than some of its competitors, Lloyds has faced resistance from employees so far and has encouraged more employees to offer free meals after lockdown ends. There was also some backlash when the government tried to encourage people to come to the office.
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Last year, nearly a third of respondents to the annual staff engagement survey reported dissatisfaction with their bank, citing flexible working policies as their main complaint, according to an internal presentation seen by the Financial Times. .
Lloyds said on Monday: “We are ensuring that we are well-positioned to execute on our ambitious strategy to transform our business and continue to deliver services, while delivering many benefits to our employees. We are proud to offer an industry-leading approach to flexible working for our customers.”
