Business

Office attendance will affect year-end bonus for executives at top bank

Almost five years since Covid-19 pandemic, move seen as latest sign of hybrid working rethink in financial services industry

The move by Lloyds to take into account time spent in the office by senior executives is the latest sign of the financial services industry seeking to tighten up hybrid-working policies almost five years since the coronavirus pandemic. Generic photograph: iStock
The move by Lloyds to take into account time spent in the office by senior executives is the latest sign of the financial services industry seeking to tighten up hybrid-working policies almost five years since the coronavirus pandemic. Generic photograph: iStock
Wed Jan 15 2025 - 05:24

Lloyds Banking Group will take into account the office attendance of senior executives when awarding their bonuses, according to two people familiar with the matter.

The move by the UK bank, which has more than 60,000 staff, is the latest sign of the financial services industry seeking to tighten up its enforcement of hybrid-working policies almost five years since 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, office attendance would be used as bonus criteria only for its most senior employees, with 80 per cent of the workforce unaffected, one of the people said.

The change in policy, first reported by the Guardian, was linked to Lloyds wanting its most senior employees to set a role model for more junior staff, they added.

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Despite a hybrid-working policy that is less stringent than that of some rivals, Lloyds has previously faced resistance from staff, including a backlash when it tried to encourage more employees to come in to the office by offering free food following the end of lockdowns.

Last year, nearly a third of respondents to an annual staff engagement survey reported dissatisfaction with the bank, citing its policy on flexible working as the main complaint, according to an internal presentation seen by the Financial Times.

Lloyds said on “it is proud to offer an industry-leading approach to flexible working which delivers many benefits for our colleagues, while ensuring that we are well-placed to deliver on our ambitious strategy to transform our business and continue to deliver for our customers.” – Copyright The Financial Times

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