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.
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.