HSBC to let Hong Kong employees work up to four days a week at home
- HSBC to provide up to US$322 in a one-time allowance for equipment purchases
- Flexible roles will allow employees to choose to work remotely up to two days or up to four days a week depending on role
HSBC will allow some of its Hong Kong employees to work as many as four days a week at home as lenders embrace more flexible working arrangements following months of working remotely because of the coronavirus pandemic.
The bank, one of Hong Kong’s three currency-issuing lenders, will allow a variety of options for employees to work remotely if a staff member’s role allows them to do so, according to revised human resources guidelines seen by the Post. Any changes in work arrangements will follow a discussion with their manager.
“We are constantly looking to develop overall flexibility in how we work,” Luanne Lim, HSBC’s chief operating officer in Hong Kong, and Betty Lam, head of human resources in Hong Kong, said in a separate November 4 memo. “In recent employee exchanges and surveys, some of you have expressed an interest in a blend of in-office and home working as we adapt to new ways of working in the past year.”
In the memo, HSBC told Hong Kong staff it would provide a one-off allowance of up to HK$2,500 (US$322) to purchase equipment for employees who commit to work at least two days a week from home and for a minimum of 12 months. Eligible items include ergonomic work chairs, computer monitors and desks.
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Bloomberg reported the news earlier on Wednesday.
“I’d like to think the balance we could get to is two or three days at home, two or three days at the office,” Stevenson said in an interview on Bloomberg Television on October 27.
Under its revised guidelines, so-called flexible office workers would be able to apply to work up to two days a week at home. A “flexible home worker” would primarily be based at their residence, working up to four days a week remotely, according to the guidelines.
HSBC, which employs about 22,000 people in Hong Kong, has previously allowed some flexible working arrangements for staff members as necessary in the past.
The move also comes as banks are grappling with an extended period of historically low interest rates, which have cut into their bottom lines and fuelled efforts across the industry to further reduce costs.
Standard Chartered employs about 6,000 people in the city.
Standard Chartered and HSBC combined rent about 440,000 square feet (40,800 square metres) of office space outside their own buildings in the city, according to market sources.