Goldman Sachs 'Reminding' Employees Of 5-Day In-Office Policy

The increased number of return-to-office mandates thus far hasn't spurred a noticeable rise in daily office usage, but big corporations like Goldman Sachs are now pushing for greater enforcement of their office policies.

The financial giant began requiring employees to come back in-person full time in May 2022. Now, the company is "cracking down" on those that aren't following the policy, Bloomberg reported Tuesday.

Goldman Sachs HQ 200 West St. NY
Goldman Sachs Is Headquartered At 200 West St. In Manhattan.

Though revenue-producing employees have for the most part returned full time, the publication reports that senior managers are frustrated by the reluctance of other staff, “constituting a significant chunk of its workforce,” to come back.

“Since we communicated our approach for returning to the office, we have continued to encourage employees to work in the office five days a week," Goldman Sachs Global Head of Human Capital Management Jacqueline Arthur told Bisnow in an emailed statement. "While there is flexibility when needed, we are simply reminding our employees of our existing policy which is broadly in line with other leading firms in the industry."

Six months after Goldman Sachs' mandate went into effect, only 65% of employees were back full time, Insider reported in October.

Goldman Sachs operates office buildings in 38 countries, with more than two dozen U.S. locations, according to its website. The firm is headquartered in New York, with a 2M SF footprint at 200 West St.

It is in the process of building an 815K SF office in Dallas, expected to cost $500M. Some 5,000 employees are expected to operate out of the property — one of the largest office buildings the city has added in decades — beginning in 2027.

Even as return-to-office requirements roll out across the country, data shows it has had a muted effect on in-office occupancy.

An estimated 1.7 million workers have been subject to new in-person policies since the beginning of the year, according to JLL, but Kastle Systems card tracking data shows the percentage of in-office traffic has hovered around 50% of pre-pandemic levels since the beginning of the year.

“There’s still a disconnect with the way that organizations have sentiment towards return to office and what their expectations are versus what employees are really, actually doing,” CBRE Global Head of Occupier Thought Leadership Julie Whelan told Bisnow in an interview earlier this month.

Along with that increasing number of mandates, analysts told Bisnow they expect to see a ramp-up in enforcement. A survey this month of 1,000 corporate decision-makers found that 28% say their company will threaten to fire employees who don't comply with office mandates, according to ResumeBuilder.

“I can feel that in conversations that I'm having with clients, and with our customers about how they're thinking about it, and how they're managing it," Kastle Systems CEO Haniel Lynn told Bisnow. "They're asking their managers to enforce it more."

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

From Bankruptcy To $400M Buying Spree: Michael Shah's Rapid Comeback

Trump's New Canadian Tariffs To Spike Additional Materials Costs

Pace Of NYC Housing Construction Plunges As Developers Play Small Ball

Wells Fargo Moves To Foreclose On $1.3B Workspace Property Trust Portfolio

Turner Construction Hit With Cyberattack, Hackers Claim Leaks Of Military Info, NDAs

Latest Round Of Fannie Mae Senior Staff Layoffs Has Multifamily Sector Anxious

Why Hines Is Restarting Its Development Engine

Cross Ocean Partners, Fuller Realty Acquire 829K SF Houston Office Campus

How Integrated Infrastructure Can Help AI Data Centers Deploy Faster, Build Smarter

Nvidia Buys Stake In Data Center Power Company

Invesco Cuts Fees, Adds Incentives To Quell Fund Redemption Requests

Investors Anchor Big Capital Into Marinas, Betting On Shallow Supply