Back To The Office: Macy's Reportedly Takes A Stand With In-Person Policy

Author: Shivani Kumaresan | April 30, 2024 08:35am

Department store chain Macy’s Inc (NYSE:M) has reportedly implemented a new policy, requiring corporate staff to be present in the office twice weekly or face disciplinary measures. 

This decision was communicated on Monday, with the company planning to enforce the policy from May 13, reported Bloomberg.

The decision impacts approximately one-third of Macy’s corporate workforce, encompassing departments such as merchandising, marketing, and customer and digital teams, the report noted, citing spokesperson Chris Grams.

The employees have been granted a three-month transition period to relocate back to the New York City area. 

Failure to comply with the new policy by the deadline may result in disciplinary actions, potentially leading to termination. Previously, Macy’s remote work policy was less standardized, varying across different teams.

Also See: Could IBM’s Return To Office ‘Or Else’ Be Code For Poor Performance?

This directive from Macy’s aligns with a broader trend in corporate America, where companies are increasingly emphasizing the importance of physical office presence. 

Most white-collar workplaces have opted for hybrid models, combining remote work with in-office attendance. 

Macy’s decision to enforce the mandate comes approximately three months after Tony Spring assumed the position of chief executive officer. 

Macy’s stock gained more than 15% in the last 12 months. Investors can gain exposure to the stock via Invesco S&P MidCap 400 Pure Value ETF (NYSE:RFV) and Vanguard Total Stock Market Index Fund ETF (NYSE:VTI).

Price Action: M shares are trading lower by 0.11% at $18.54 in premarket at the last check Tuesday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Wikimedia Commons

Posted In: M RFV VTI