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August 17, 2022

Royal Bank of Canada updates remote work policy

Royal Bank of Canada (RBC) is updating its remote work policy, which could see more employees working from the office, RBC CEO Dave McKay said in an internal memo.

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As per Bloomberg’s report, McKay’s rationale behind the move is that “technology cannot replicate the energy, spontaneity, big ideas, true sense of belonging and fun” of being together in person.

RBC chief’s memo did not provide details about the specifics of the arrangement.  

The new arrangements will require the bank’s staff to work from the office two to three days a week for most office jobs, the publication reported, citing an email from the bank’s spokesperson Rafael Ruffolo.

While the hybrid work arrangement is already being followed by some teams, the bank aims to implement it by the end of September, Ruffolo said.

“For hybrid to continue to work effectively, we need to get the balance right and be a bit more deliberate about when and how we organize on site,” the CEO said in the memo.

“That is why, as we move into the fall, I am asking our leaders and colleagues to come together more often in person to work and collaborate.”

Notably, RBC holds top position in the Canadian banking space in terms of assets and employs around 89,000 across the globe.

McKay’s move could be an early sign that top Canadian banks may join their US peers in moving away from remote work.

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Disruptive start-ups to watch out for

2021 was a record-breaking year, with more businesses breaking into the billion-dollar club. Many start-ups have achieved or retained the unicorn status by the end of the year to reflect nearly a fivefold growth from that in 2020. This boom can be linked to a financing frenzy spurred by the quick adoption of technology and innovative solutions by start-ups gaining traction in response to the pandemic. However, the start-up ecosystem is now facing turbulent times for fundraising as investors seek long-term business strategies, valuations, and a route to profitability amid uncertain market circumstances. Nevertheless, 2022 has the potential to carry forward the momentum with multiple entities having a fair chance of being in the right place when aided by the right technologies. GlobalData leverages the power of alternative data to examine the health of start-ups across multiple dimensions including the quality of their innovations, market presence, and the funding they can attract. This helps our clients to analyze the disruptive potential of start-ups for early alliances, investments, and acquisition prospects to develop future-proof strategic roadmaps for a competitive advantage. Read our report and gather insights on the following topics:
  • Recent Unicorn trends
  • Unicorns in 2022
  • Future Unicorns
  • Start-ups to watch out for
Start-up ecosystem outlook by top geographies
by GlobalData
Enter your details here to receive your free Whitepaper.

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