So is the announcement of RTO aimed at further reducing headcount? Not sure what to make of it?
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When one banks starts rolling out RTO - Royal Bank in this case. The other banks will follow. CIBC will go to 4 days after their new towers are built. It would be interesting to see if everyone came in on the first day back It would be chaos based on how TD rolls.
Good luck having RTO 4 days a week. There is no reservation system and there are certainly not enough desks. READY, FIRE, AIM - TD's new motto.
It's a soft layoff. Like the other big banks, they are hoping some people will quit which will reduce headcount without having to pay severance. It will be interesting to see whether they will seriously enforce it given that some staff are not even complying with the current 2 day per week RTO requirement.
@a3 Well, if that's the case then I can tell you what will happen, as I've been through it before. They'll start recategorizing people as "hybrid" who were previously remote based on their location to an office. If you are truly remote (IE do not have a hub within 50 miles of you) then you will remain remote but they will start limiting your options for expansion (IE: strictly identifying in roles that applicants MUST be able to be hybrid in office). It's truly awful, and it goes downhill fast.
It's actually a good thing since it will help with the current long days and excess hours. When people have to commute, the fixed work day hours (which will eventually back fire since that will be an unintended consequence) forces people to start and stop at more predictable times. All those extra hours people put in because they are not commuting will be gone but hey - seeing my face every day will make up for the lost productivity. It is interesting to see how Vlad and team are selling this.
Of course it is.