Australia's Major Banks Stick To Hybrid Work: How They Differ From JPMorgan

American banking giant JPMorgan Chase's CEO Jamie Dimon has expressed frustration with Gen Z employees and their approach to remote work, criticizing the young bankers for being distracted during virtual meetings, such as texting and checking emails while on Zoom calls.

He also dismissed the idea that "work-from-home Fridays" were effective, highlighting that many employees were unreachable on those days. Dimon's comments came after employees protested the bank's decision to end hybrid work.

The company was now requiring employees to return to the office, and Dimon firmly stated that those unhappy with this policy were free to leave the company.

"You have a choice. You don't have to work at JPMorgan," Dimon said, News AU reported.

How are Australia's major banks adapting to hybrid work models?

While major banks in the United States may be moving away from the work-from-home culture, Australia's top banks, including Commonwealth Bank, NAB, ANZ, and Westpac, were still allowing employees to continue the hybrid system.

Commonwealth Bank and ANZ currently require employees to work in the office at least 50% of the time. An ANZ spokesman explained that working together in the office helped build stronger connections and teamwork, which can be different from virtual interactions.

As a global company with teams spread across different locations, ANZ acknowledges the importance of a hybrid work model. Being in the office also provides opportunities for learning, personal development, and relationship-building, the spokesman said.

Expert's suggestion

The University of Queensland's work design expert, Caroline Knight, acknowledged Dimon's concern regarding working from home, noting that in some cases, starting in the office can be beneficial.

Based on her research with a large consulting firm in Australia, she found that new employees benefit from being in the office initially. It helps them meet colleagues, understand the company culture, and navigate the learning curve of a new role.

She suggested that spending a few months in the office before transitioning to a hybrid work model could be helpful. This approach can improve social skills, workplace interactions, and overall learning.

However, in response to Dimon's comments, she noted that there was no evidence showing that hybrid work reduced employee performance.

Employee retention

Julia Angrisano, the national secretary at the Finance Sector Union (FSU) of Australia, cautioned that companies may face difficulties in keeping employees if they do not offer work-from-home options.

She noted that many workers prefer employers who provide flexible work arrangements. Forcing employees to return to the office without proper consultation or flexibility could make it harder for companies to attract and retain staff.

According to feedback from FSU members, employees who feel respected and have some flexibility in their work tend to be more engaged and productive.