Royal Bank of Canada (RBC) is urging its employees to return to their offices four days a week, marking a significant milestone for major employers in Canada. As Canada’s largest bank and one of its largest employers, RBC’s move is a milestone for companies looking to bring staff back to the office on a closer to full-time basis. RBC employees will maintain the three-day requirement for the summer before the four-day minimum takes effect in the fall.
Scotiabank is changing its return-to-office policy to require some employees to work in person four days a week starting in September. This change is expected to be implemented by Canada’s Big Six banks, which have the largest presence in Toronto’s financial district.
While traffic in Toronto’s financial district has picked up from pandemic lows, office occupancy has yet to rebound. In March, Canada’s downtown office-vacancy rate notched its first improvement since the beginning of the COVID-19 pandemic. U.S. banks have been more aggressive in calling employees back to the office, with JPMorgan Chase starting to bring staff into the office for a full five days a week.
TD, CIBC, BMO, and National Bank have also implemented return-to-office policies. Toronto Mayor Olivia Chow has met with several bank CEOs to discuss ways to get Torontonians back in the office at least four days a week, if not five, to ensure the vibrant financial district.
Source: Globe and Mail
Source: The Star
