BlackRock joins the growing list of companies scaling back remote work options introduced during the Covid-19 pandemic, as they now mandate employees to be present in the office for a minimum of four days per week.

In an internal memo, the New York-based asset manager with a workforce of approximately 20,000 across over 30 countries announced that starting September 11, employees would have the option to work remotely for only one day per week.

“We encourage you to transition into this model by increasing your in-office days, as your schedule permits, over the next few months,” said the memo signed by Rob Goldstein, chief operating officer, and Caroline Heller, head of human resources, according to Financial Times. 

In line with a broader trend among corporations, BlackRock, the largest asset manager globally with over $9 trillion in assets under management, is encouraging employees to increase their in-office presence. Following suit, JPMorgan Chase announced in April that managing directors would be required to resume five-day-a-week office attendance.

Most recently, Elon Musk, the CEO of Tesla, SpaceX, and newly-acquired Twitter, shared his views on remote work, deeming it a matter of morality. Musk voiced his preference for employees to be physically present in the office, regardless of whether it means working less than the standard 40-hour work week.

“I am a big believer that people are more productive when they are in person. It’s a bit like the fake Marie Anotoinette quote ‘let them eat cake’. Really, you’re gonna work from home? And you’re gonna make everyone else who made your car come work at the factory? The people who make your food that gets delivered, they can’t work from home? The people who fix your house, they can’t work from home but you can? Does that seem morally right? It’s messed up”,” Musk said during an interview with CNBC.

BlackRock's decision will bring some relief to office owners and nearby businesses that have faced challenges due to the ongoing work-from-home trend. In New York City, office occupancy remains slightly below 50 per cent, aligning with the national average, as reported by Kastle Systems, the provider of security systems for numerous buildings.

BlackRock relocated to its new headquarters in Manhattan's Hudson Yards development at the start of 2023 and moved its employees from the old Midtown office in the first quarter of the year. The company had signed a lease for the 970,000-square-foot space seven years prior to the move.

“We have felt the energy generated by being together, in our larger offices, our newer spaces . . . this energy, and the horizontal collaboration it powers, are what make BlackRock so special,” the memo said, revealed the same report by FT. 

To ensure compliance, employees will be required to "consistently adhere to the requirements" of being present in the office for four days per week. However, they will still have the flexibility to work remotely for up to two weeks annually, during a designated "relevant" period, such as the summer.