Nomura doubles minimum work-from-office requirement in Japan
Japanese banks have largely refrained from following global peers that have been accelerating the push to get employees back to the office more frequently
[TOKYO] Nomura Holdings plans to start requiring employees in Japan to spend the equivalent of two days a week in the office – double the current rate – as the country’s largest brokerage moves closer to the post-pandemic norm for many global banks.
The change is scheduled to take effect in spring next year, putting staff in Japan on par with Nomura’s global employees, spokesperson Yoshitaka Otsu said in response to questions from Bloomberg News. The new standard reflects current practice, since workers are already coming to the office more often, he said.
“In many client-facing parts of the business, full attendance at the office is commonplace,” Otsu said. “Interaction with colleagues fosters creativity, enhances productivity, supports the development of the next generation and strengthens risk management.”
Japanese banks have largely refrained from following global peers that have been accelerating the push to get employees back to the office more frequently. A Bloomberg analysis this month found that 15 banks in Canada and the US have set an average of 4.2 days a week as their strictest requirement for some or all of their staff. In Europe, the average is 3.4 days on the same basis.
Nomura’s shift suggests a diverging path among big banks in Japan. Mizuho Financial Group, Sumitomo Mitsui Banking and MUFG Bank have opted not to set any companywide minimum office days, sticking to what they call a hybrid workplace policy.
The plan comes as Nomura prepares to move its headquarters next year into a tower under construction in central Tokyo. The building is part of a redevelopment project near the Bank of Japan and the Tokyo Stock Exchange. Nomura plans to occupy floors 10 to 20, according to its website.
During the pandemic in 2020, Nomura signalled plans to make employees spend at least 40 per cent of hours in the office each month, with departments to have discretion within that limit. The firm imposed that requirement on international staff, while setting a 20 per cent minimum on workers in Japan, or about one day a week.
Nomura’s main domestic competitor, Daiwa Securities Group, maintains a policy introduced in the year ended March 2023 that allows employees to work from home for up to 10 times a month, according to a spokesperson. As part of that policy, Daiwa also requires employees to come to the office at least once a week. BLOOMBERG
Share with us your feedback on BT's products and services
