Lloyd’s of London CEO About RTO

  • The CEO of Lloyd’s of London said people were mainly returning to the office from Tuesday to Thursday, per FT.
  • “We need to recover on Monday,” CEO John Neal told the Financial Times.
  • Many business leaders are trying to bring employees back to the office after three years of pandemic-induced remote working.

Business leaders who are desperately trying to get their employees back into the office are finding it’s still hard to get people to come in on Mondays.

“Tuesdays, Wednesdays and Thursdays are busy,” John Neal, CEO of the the largest insurance market in the world Lloyd’s of London, told the FinancialTimes in an interview published Wednesday.

“We have to come back on Monday,” Neal told the outlet, summing up the challenge of getting employees back to the office earlier this week.

He was talking about bringing brokers and underwriters back to Lloyd’s trading floor – where transactions for specialist insurance policies – such as marine insurance And body parts insurance – are struck.

This isn’t the first time Neal has called for a return to the office after employees were in a prolonged remote work situation during the pandemic.

“I think it’s extremely important for young workers to experience trading in person,” Neal said. The Telegraph in September 2021. “We have the best talent in the world in London in the insurance industry, but we need to be with those talents to help develop them so that the next generation can be better than mine. We have a responsibility to the next generation “, did he declare. added, according to the UK-based newspaper.

Business leaders at all levels are now pushing back on remote work, with some echoing Neal’s sentiment that the arrangement is not ideal for the development of young workers, as it harms their opportunities for learning, socializing and networking.

David Solomon, CEO of Goldman Sachs, who once called remote work “an aberration”, said CNBC in October 2022 it was above all important for young employees report to the office. “We have an organization where 50% of people are in their twenties. They come to Goldman Sachs to learn, to meet people, to interact,” he told the broadcaster.

“It doesn’t work for young children, it doesn’t work for spontaneity, it doesn’t really work for management”, JPMorgan CEO Jamie Dimon told CNBC’s Squawk Box on January 19.

Other high-level executives who want their employees back in the office include Ken Griffin, CEO of Citadel, James Gorman, CEO of Morgan Stanley, Howard Schultz, CEO of Starbucks, And Tesla CEO Elon Musk.

While Lloyd’s Neal may have been referring to employees in the UK, the experience across the Atlantic is similar.

Office occupancy in 10 metropolitan cities across the United States peaked at 58% on average on Tuesdays and Wednesdays and was just above 50% on Thursdays in February, far exceeding occupancy rates of 46% and around 30% for Mondays and Fridays, castle systems, an office security company, said in a March 6 report.

Lloyd’s of London did not immediately respond to Insider’s request for comment sent outside normal business hours.

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