A “very small number of associates” chose to voluntarily leave Fidelity Investments rather than abide by the company’s new hybrid work schedule that calls for employees to come into the office two weeks every month.
A spokesperson for the investment giant said that beginning in September Fidelity employees — who number more than 75,000 — will be mandated to come into the office at least two weeks per month — a policy that was announced by memo back in February.
The spokesperson also noted that of the “roughly 1,200” workers who applied for an exception to this hybrid policy, about one-half were approved. Of those who did not receive exception approvals, most have agreed to comply with the hybrid work policy anyway, the spokesperson noted. Moreover, of those who chose to voluntarily separate from the firm, a “select few” were offered severance.
A majority of Fidelity employees are already working a hybrid schedule, the spokesperson said.
According to a notice on Fidelity’s website, most associates are currently required to work at least one assigned week (Monday through Friday) a month in the office. Beginning in September, that requirement will be increased to two assigned weeks.
The Boston-based asset manager has more than 75,000 associates in 11 countries across North America, Europe, Asia and Australia, Also, according to Fidelity’s website. The firm has 216 "investor centers" in the U.S. and 14 regional sites across the globe.
Concerning Fidelity’s decision to change its work policy, the company said in a statement, “We know on-site work allows opportunity to build lasting relationships between people and teams that help to fuel both individual growth and collective success.”
The Fidelity spokesperson also added that “our policies outside the U.S. differ slightly.”
Fidelity has $14.1 trillion in assets under administration, according to the firm's website.
