Introduction
Citigroup's recent announcement regarding its embrace of hybrid work marks a significant milestone in the world of corporate work culture. As Chief Executive Jane Fraser leads the charge into this new era, we explore the details and implications of Citigroup's bold move towards hybrid work, which has set it apart from many financial institutions.
The Evolution of Work at Citigroup
Citigroup's decision to adopt a hybrid work model stems from a recognition of the transformative impact of the pandemic on work practices. Fraser acknowledges that the pandemic stretched the boundaries of innovation, problem-solving, and adaptation. This acknowledgment has led Citigroup to redefine the future of work for its 210,000 global employees.
Three Models of Work
Citigroup's new work policy supports three distinct models of work:
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Hybrid Work:
- The majority of roles globally will fall into this category.
- Employees in hybrid roles will work in the office three days a week and remotely for the remaining two.
- The approach emphasizes thoughtful scheduling to optimize in-office collaboration.
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Resident Work:
- Reserved for roles that cannot be performed offsite, such as branch-based or data-center jobs.
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Remote Work:
- Allows colleagues to perform their functions from locations outside of Citigroup's physical offices.
- While previously remote roles, such as contact center support, are not new, the company plans to introduce more remote positions.
Prioritizing Employee Well-being
Before implementing the new work policy, Jane Fraser is committed to addressing the challenges of blurred lines between work and home life. Several key measures are introduced to enhance employee well-being:
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Zoom-Free Fridays:
- Encouraging employees to avoid internal Zoom meetings on Fridays.
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Limiting Calls Outside of Traditional Work Hours:
- Recognizing the difficulty in coordinating with employees across different time zones.
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Encouraging Vacation Time:
- Citigroup introduces "Citi Reset Day" to allow employees to plan a day off, fostering a quiet work environment.
Balancing Hybrid Work and Office Centrality
Citigroup's hybrid work model emphasizes the importance of the office for specific reasons articulated by Jane Fraser:
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Belonging:
- Fostering a sense of attachment to the firm and pride in serving clients.
- Upholding a duty to protect the financial system.
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Collaboration:
- Recognizing that in-person collaboration is dynamic and fosters idea generation and synergy.
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Apprenticeship and Learning:
- Banking is seen as an apprenticeship business, which is most effectively conducted in person.
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Competitiveness and Performance:
- Emphasizing that being together promotes collaboration and breaks down organizational silos, improving competitiveness and performance.
Aligning with Accenture's Vision
Citigroup's new work policy aligns with forward-thinking strategies developed in collaboration with Accenture before Jane Fraser's tenure. The 2020 think piece, "Workforce and the workplace: from surviving to thriving," emphasized the importance of nurturing culture, team identity, and relationships, which are fundamental to Citigroup's approach.
Conclusion
Jane Fraser's leadership and Citigroup's progressive approach to hybrid work demonstrate the financial giant's commitment to a more humanized workplace. While the journey ahead may include adjustments to the policy based on employee experiences, Citigroup's focus on data-driven insights will be instrumental in shaping the future of work.
By embracing hybrid work and acknowledging the centrality of the office, Citigroup is pioneering a new path that other organizations can draw inspiration from. As the corporate world continues to evolve, Citigroup's innovative approach stands as a beacon of change and adaptability.
