Finance

Bank of England’s COO says the pull of the office might be ‘bigger than we anticipate’

The pull of returning to the office might be “bigger than we anticipate”, the Bank of England’s chief operating officer said.

“We anticipate that the number of staff in our buildings will increase over time and that – in accordance with a recent study of the personal preferences of Bank staff – staff will average about 3-4 days in the office and around 1-2 days from home,” said Joanna Place at a virtual event for the Investment Association on 5 July.

“My own personal view is that the pull of the office might be a bit bigger than we anticipate.”

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During the event, focused on the future of the world of work, Place said that the central bank would be asking employees to work for at least one day per week in the office from September.

The guidelines issued by the Bank encourages teams to have “regular ‘team days’, where staff are encouraged to engage in collaborative work and on building social capital”.

Firms across the City have been announcing plans to roll out a hybrid working setup, which would see employees split their time between the office and home.

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The Bank’s COO said that staff will average about three to four days in the office and the rest of the time at home.

“Our aim is that this flexibility will better allow us to deliver our mission, creating time for onsite collaboration but also allowing colleagues the flexibility which can improve our employment offering (flexibility is consistently listed as a strength of the Bank by our new joiners), as well as saving significant commuting time,” said Place.

“In fact pre pandemic, Bank staff in total spent approximately 10,000 hours a day commuting.”

To contact the author of this story with feedback or news, email Bérengère Sim

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