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3mo ago

HSBC UK Ties Staff Bonuses to Office Attendance

Employees must meet a 60% in-office requirement or face reduced variable pay, with stricter monitoring beginning in September.

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The bank said workers’ variable pay could be “impacted” if they don’t spend 60 per cent of their time in the office
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Overview

  • HSBC UK has informed its 24,000 retail and commercial banking employees that failing to meet a 60% in-office attendance requirement could result in reduced bonuses.
  • The policy, first introduced in 2023, will now involve monthly attendance data being provided to line managers starting in September to guide performance assessments.
  • This move aligns HSBC with other major financial institutions, including Barclays and Santander, which have also tightened return-to-office policies post-pandemic.
  • The stricter enforcement reflects broader concerns in the banking sector about remote work's impact on collaboration, innovation, and career development for junior staff.
  • HSBC's UK division is headquartered in Birmingham and is undergoing broader strategic changes, including job cuts in France and a planned headquarters relocation in London.