HSBC says get back to the office or risk bonuses – and history shows it’s a tactic that might backfire
HSBC has told UK staff they risk bonuses unless they return to the office as the financial services giant cracks down on hybrid working policies.
According to reports from Bloomberg, HSBC told employees that those who don’t come into the office at least three days a week could end up earning less money due to reduced bonus payouts.
As part of the move, HSBC reportedly told workers it would make use of internal attendance data when making future decisions about compensation.
Notably, the company isn’t shifting to a full return to the office. Instead, the bank aims to enforce existing hybrid work policies introduced 18 months ago.
These policies require staff to spend 60% of their time in the office, or at a customer’s office.
HSBC UK refused to comment on the reports when approached by ITPro.
The return to office battle continues
HSBC is by no means the first financial services firm to implement more robust hybrid working policies. Lloyds said at the beginning of the year that in-office attendance would come into play when deciding bonuses for some senior staff, according to reports at the time.
Tying attendance to work benefits does raise some problems for those taking a stricter approach, however. Last year, Dell Technologies warned staff that they risked missing out on promotions if they failed to come into the office at least three days a week.
The move was met with a fierce backlash from staff at the tech giant, and prompted a nosedive in workforce morale, according to an internal survey conducted in the wake of the policy change.
RTO crackdowns vary in severity
While RTO mandates at most other companies tend to require a minimum of around three days in the office, some have taken a harder stance on the matter.
Amazon ordered staff back for the full five days a week, even though it lacked office space for everyone, while JP Morgan has also required all staff to return to the office five days a week.
Others are seeking to encourage rather than force employees to come back to the office – with Google dangling potential perks and benefits for staff.
Back in 2023, Google reportedly offered discounts at its Mountain View hotel in a bewildering move to help staff “re-transition” back to the office and also offered free e-scooters.
Similarly, other companies have offered perks including free lunches, raffles to win prizes such as a car, or even allowing pets to join their owners at corporate headquarters.
While surveys suggest perks do help — Robin’s Return to Office research showed 44% of staff polled saw catered lunches, wellness events, and guest speakers as a real draw.
Broadly speaking, bosses remain keen to encourage staff back into the office, but employees overwhelmingly favour flexible working, with three-quarters saying they would turn down work that didn’t offer at least a hybrid option.
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