The investment banking sector has taken longer to get on board with the future of work being flexible and hybrid.
Back in March, Goldman Sachs’ CEO David Solomon made headlines by declaring working from home as an “aberration”, while JP Morgan’s CEO Jamie Dillon suggested workers were less productive from home and that long-term remote working was not in the bank’s future.
Morgan Stanley’s CEO also made waves when he declared “if you can go to a restaurant in New York City, you can come into the office” back in June.
However, as the pandemic has continued to rage on and the ‘Great Resignation’ became a crisis, banks, like companies in other sectors, got on board by allowing workers to continue to work from home and offering new benefits to keep workers happy.
While law firms have offered huge bonuses to retain staff and retailers like Amazon, Walmart and Target have upped their education benefits, in the US, Morgan Stanley has extended two of its pandemic benefits until the end of December.
The benefits in question are $75 per day for private car transportation to and from the office and $35 credit for meals ordered when working nights or weekends from home, according to Business Insider.
Talking about the extension, Morgan Stanley wrote in an internal memo: “As we continue to welcome employees back to our corporate office, we do so with a sustained focus on health and safety.
“To further support the needs of employees at this time, continuing through December 31, employees who return to the office will be eligible for a subsidy of $75 a day, to help pay for your commuting costs.”
COVID-19, the ‘Great Resignation’ and benefits
“The cascading effect of these compensation increases are putting companies in a place where retaining talent is not financially sustainable and creates a whole other set of long-term problems around equity and fairness”, added Kropp.
Instead, focusing on employee experience with the help of benefits and flexible working options are a particularly effective way to keep employees happy and valued in the pandemic and the ‘Great Resignation’.
This doesn’t just have to be food, transport or education benefits. Employers can get creative, for instance, with offering equity to create more employee loyalty and encourage them to stay at the company.
It is important that employers get serious about stopped the ‘Great Resignation’ in it tracks because, as things stand currently, it is showing no signs of letting up in the new year.