RICHMOND, Va. (WRIC) — Capital One’s CEO announced on Tuesday that it will use a hybrid work model going forward, meaning many employees will be able to spend some time working from home and some in the office.
The bank had its employees start to work from home in March 2020, due to the coronavirus pandemic. Rich Fairbank, Chairman and CEO of Capital One, said this showed remote work allowed associates to balance the demands of their professional and personal lives.
“While a lack of barriers between work and life can be difficult to manage, most of our associates feel productive, effective, and engaged in a virtual work setting,” he said in an email. “In a recent survey, 96% of Capital One associates want to incorporate virtual work into their regular schedules.”
Fairbank added the office environment has its own benefits, such as in-person collaboration, as well as spontaneous socializing with coworkers, that just isn’t possible virtually.
“We are compelled by both perspectives, and that is why we are declaring our future as a hybrid work company,” he said.
Initially, the company plans to keep Mondays and Fridays as virtual workdays and have its offices fully open from Tuesday-Thursday. While coming into the office will be strongly encouraged, Capital One said it will not be mandatory.
The company said it plans on reopening on Sept. 7, but will share more information about these plans over the summer.
Fairbank said in his email some associates may want to work from home full-time. He said there will be some exceptions made, but they will be subject to senior executive approval.