It’s always a sad day for us when an employer decides to reduce the amount of workplace flexibility it offers employees. So it’s with a heavy heart that we pass along news about Bank of America doing just that.
This from the Winston-Salem Journal:
Bank of America is preparing to add more restrictions to its popular work-from-home program, meaning more employees across the company will be sent back to the office more often.
The program, known as “My Work,” had grown significantly since it was introduced in 2005 and was widely touted as a cost-saver. It also has proved popular with employees who say it saves on commuting costs and helps them balance work and family.
Now the bank has asked department managers to determine which job categories would better serve the bank by having workers come into the office, a bank spokeswoman said.
Clearly Bank of America saw the bottom-line payoff of providing workflex to its employees, which as of 2010 15,000 employees were taking advantage of. But the financial institution is reconsidering the benefit as part of overall measures taken in recent months to help the struggling firm.
In September, the company announced it was boosting its efforts to shrink its workforce by 16,000 employees by end of the year, according to a story in the Wall Street Journal.
Taking aim at workflex may help them reach that goal.
“Turnover may result from their actions,” maintained Kenneth Matos, Senior Director of Employment Research and Practice for the Families and Work Institute.
According to the Institute’s report titled “The State of Health in the American Workforce: Does Having An Effective Workplace Matter”:
Work-life fit is the second most important predictor of job satisfaction and intent to stay in one’s job.
What’s your take? Is this a smart business move?